Cloudflare (NYSE:NET) Now Covered by Analysts at Scotiabank

Scotiabank started coverage on shares of Cloudflare (NYSE:NET) in a report released on Monday, Marketbeat.com reports. The brokerage issued a sector perform rating and a $85.00 price target on the stock.

A number of other brokerages also recently commented on NET. Guggenheim reiterated a sell rating and issued a $50.00 target price on shares of Cloudflare in a report on Tuesday, June 25th. DZ Bank upgraded shares of Cloudflare from a hold rating to a buy rating and set a $95.00 target price for the company in a report on Tuesday, May 7th. Wells Fargo & Company reduced their target price on shares of Cloudflare from $125.00 to $105.00 and set an overweight rating for the company in a report on Friday, May 3rd. Citigroup reduced their target price on shares of Cloudflare from $95.00 to $90.00 and set a neutral rating for the company in a report on Thursday, May 9th. Finally, Needham & Company LLC reiterated a buy rating and issued a $135.00 target price on shares of Cloudflare in a report on Friday, May 31st. Three analysts have rated the stock with a sell rating, eleven have assigned a hold rating and ten have assigned a buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of Hold and an average price target of $90.71.

Cloudflare Stock Down 0.3 %

NYSE:NET opened at $82.36 on Monday. Cloudflare has a 1-year low of $53.88 and a 1-year high of $116.00. The company has a 50-day moving average of $76.39 and a 200 day moving average of $85.43. The firm has a market cap of $27.99 billion, a PE ratio of -155.40 and a beta of 1.10. The company has a debt-to-equity ratio of 1.61, a current ratio of 3.51 and a quick ratio of 3.51.

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

Insider Activity at Cloudflare

In related news, COO Michelle Zatlyn sold 25,640 shares of the company’s stock in a transaction that occurred on Tuesday, April 16th. The stock was sold at an average price of $89.69, for a total value of $2,299,651.60. Following the sale, the chief operating officer now owns 19,615 shares in the company, valued at $1,759,269.35. The sale was disclosed in a legal filing with the SEC, which is available through this link. In other Cloudflare news, COO Michelle Zatlyn sold 25,640 shares of the company’s stock in a transaction that occurred on Tuesday, April 16th. The stock was sold at an average price of $89.69, for a total value of $2,299,651.60. Following the sale, the chief operating officer now owns 19,615 shares in the company, valued at approximately $1,759,269.35. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, Director Carl Ledbetter sold 8,029 shares of the company’s stock in a transaction that occurred on Wednesday, April 17th. The stock was sold at an average price of $90.39, for a total value of $725,741.31. Following the completion of the sale, the director now owns 1,214,830 shares in the company, valued at approximately $109,808,483.70. The disclosure for this sale can be found here. Insiders have sold a total of 672,103 shares of company stock worth $52,437,456 over the last quarter. Insiders own 12.83% of the company’s stock.

Institutional Investors Weigh In On Cloudflare

Hedge funds have recently bought and sold shares of the stock. Riverview Trust Co purchased a new stake in Cloudflare in the 1st quarter worth approximately $27,000. Allspring Global Investments Holdings LLC lifted its position in shares of Cloudflare by 595.0% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 278 shares of the company’s stock valued at $27,000 after buying an additional 238 shares in the last quarter. Thurston Springer Miller Herd & Titak Inc. purchased a new position in shares of Cloudflare during the 2nd quarter valued at approximately $29,000. ICA Group Wealth Management LLC purchased a new position in shares of Cloudflare during the 4th quarter valued at approximately $38,000. Finally, Versant Capital Management Inc lifted its position in shares of Cloudflare by 1,202.9% during the 2nd quarter. Versant Capital Management Inc now owns 456 shares of the company’s stock valued at $38,000 after buying an additional 421 shares in the last quarter. Hedge funds and other 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.