Cloudflare (NYSE:NET) Given Sell Rating at Guggenheim

Guggenheim reaffirmed their sell rating on shares of Cloudflare (NYSE:NET) in a research note released on Tuesday, Benzinga reports. They currently have a $50.00 price target on the stock.

Several other brokerages have also commented on NET. JMP Securities reaffirmed a market outperform rating and issued a $120.00 price objective on shares of Cloudflare in a report on Tuesday, May 14th. JPMorgan Chase & Co. cut their price target on Cloudflare from $90.00 to $80.00 and set a neutral rating for the company in a research note on Friday, May 3rd. Needham & Company LLC reiterated a buy rating and issued a $135.00 price objective on shares of Cloudflare in a research note on Friday, May 31st. UBS Group upgraded shares of Cloudflare from a sell rating to a neutral rating and increased their price target for the stock from $76.00 to $82.00 in a research report on Tuesday. Finally, Susquehanna reduced their price objective on Cloudflare from $115.00 to $80.00 and set a neutral rating for the company in a research note on Monday, May 6th. Three investment analysts have rated the stock with a sell rating, ten have given a hold rating and ten have given a buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of Hold and an average target price of $90.96.

Cloudflare Price Performance

Shares of NET opened at $82.83 on Tuesday. The company has a market capitalization of $28.14 billion, a P/E ratio of -156.28 and a beta of 1.08. Cloudflare has a twelve month low of $53.88 and a twelve month high of $116.00. The company has a quick ratio of 3.51, a current ratio of 3.51 and a debt-to-equity ratio of 1.61. The firm has a 50 day moving average of $76.89 and a 200 day moving average of $85.36.

Cloudflare (NYSE:NET) last announced its quarterly earnings results on Thursday, May 2nd. The company reported ($0.03) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.05) by $0.02. The firm had revenue of $378.60 million for the quarter, compared to the consensus estimate of $372.93 million. Cloudflare had a negative net margin of 13.10% and a negative return on equity of 12.78%. As a group, equities research analysts anticipate that Cloudflare will post -0.19 earnings per share for the current fiscal year.

Insider Buying and Selling at Cloudflare

In other Cloudflare news, Director Carl Ledbetter sold 7,991 shares of the stock in a transaction dated Wednesday, April 3rd. The shares were sold at an average price of $94.05, for a total transaction of $751,553.55. Following the completion of the transaction, the director now owns 1,267,013 shares of the company’s stock, valued at approximately $119,162,572.65. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, COO Michelle Zatlyn sold 12,820 shares of the company’s stock in a transaction on Thursday, June 20th. The shares were sold at an average price of $78.51, for a total transaction of $1,006,498.20. Following the sale, the chief operating officer now owns 211,394 shares of the company’s stock, valued at $16,596,542.94. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Director Carl Ledbetter sold 7,991 shares of Cloudflare stock in a transaction on Wednesday, April 3rd. The stock was sold at an average price of $94.05, for a total transaction of $751,553.55. Following the completion of the transaction, the director now directly owns 1,267,013 shares of the company’s stock, valued at $119,162,572.65. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 700,796 shares of company stock worth $56,919,603. Insiders own 12.83% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the business. DekaBank Deutsche Girozentrale raised its position in Cloudflare by 20.2% during the first quarter. DekaBank Deutsche Girozentrale now owns 54,576 shares of the company’s stock valued at $5,296,000 after purchasing an additional 9,159 shares during the period. Soltis Investment Advisors LLC lifted its position in Cloudflare by 0.5% in the first quarter. Soltis Investment Advisors LLC now owns 31,403 shares of the company’s stock worth $3,041,000 after buying an additional 168 shares during the last quarter. Teachers Retirement System of The State of Kentucky lifted its position in Cloudflare by 8.1% in the first quarter. Teachers Retirement System of The State of Kentucky now owns 169,481 shares of the company’s stock worth $16,411,000 after buying an additional 12,700 shares during the last quarter. Cetera Advisors LLC boosted its stake in Cloudflare by 298.4% during the first quarter. Cetera Advisors LLC now owns 39,200 shares of the company’s stock worth $3,796,000 after buying an additional 29,360 shares during the period. Finally, Cetera Investment Advisers increased its position in Cloudflare by 93.8% during the first quarter. Cetera Investment Advisers now owns 86,487 shares of the company’s stock valued at $8,374,000 after acquiring an additional 41,871 shares during the last quarter. Institutional investors own 82.68% of the company’s stock.

About Cloudflare

Cloudflare, Inc operates as a cloud services provider that delivers a range of services to businesses worldwide. The company provides an integrated cloud-based security solution to secure a range of combination of platforms, including public cloud, private cloud, on-premise, software-as-a-service applications, and IoT devices; and website and application security products comprising web application firewall, bot management, distributed denial of service, API gateways, SSL/TLS encryption, script management, security center, and rate limiting products.