Cloudflare (NYSE:NET) Price Target Increased to $99.00 by Analysts at Royal Bank of Canada

Cloudflare (NYSE:NET) had its price objective lifted by research analysts at Royal Bank of Canada from $90.00 to $99.00 in a note issued to investors on Friday, Benzinga reports. The firm presently has an “outperform” rating on the stock. Royal Bank of Canada’s price objective points to a potential upside of 24.92% from the stock’s previous close.

Several other analysts have also recently weighed in on NET. UBS Group raised shares of Cloudflare from a “sell” rating to a “neutral” rating and boosted their price objective for the stock from $76.00 to $82.00 in a research note on Tuesday, June 25th. Guggenheim reiterated a “sell” rating and issued a $50.00 price objective on shares of Cloudflare in a research note on Tuesday, June 25th. Cantor Fitzgerald increased their price objective on shares of Cloudflare from $80.00 to $85.00 and gave the company a “neutral” rating in a research note on Friday. 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 research report on Thursday, May 9th. Finally, JMP Securities reissued a “market outperform” rating and issued a $120.00 price target on shares of Cloudflare in a report on Tuesday, May 14th. Three equities research analysts have rated the stock with a sell rating, twelve have assigned a hold rating and ten have assigned a buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $92.08.

Cloudflare Stock Up 6.5 %

Shares of NET traded up $4.85 during midday trading on Friday, hitting $79.25. The stock had a trading volume of 7,924,352 shares, compared to its average volume of 3,576,052. The firm has a market cap of $26.93 billion, a price-to-earnings ratio of -149.53 and a beta of 1.10. The company has a 50 day simple moving average of $77.72 and a two-hundred day simple moving average of $85.17. 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 has a twelve month low of $53.88 and a twelve month high of $116.00.

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

Insider Buying and Selling at Cloudflare

In related news, CEO Matthew Prince sold 52,384 shares of Cloudflare stock in a transaction on Monday, May 6th. The shares were sold at an average price of $74.67, for a total transaction of $3,911,513.28. Following the sale, the chief executive officer now owns 230,612 shares of the company’s stock, valued at approximately $17,219,798.04. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. In other news, COO Michelle Zatlyn sold 102,580 shares of the company’s stock in a transaction that occurred on Monday, July 1st. The shares were sold at an average price of $82.52, for a total value of $8,464,901.60. Following the completion of the sale, the chief operating officer now directly owns 211,394 shares of the company’s stock, valued at approximately $17,444,232.88. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Matthew Prince sold 52,384 shares of the company’s stock in a transaction that occurred on Monday, May 6th. The shares were sold at an average price of $74.67, for a total transaction of $3,911,513.28. Following the completion of the sale, the chief executive officer now owns 230,612 shares of the company’s stock, valued at approximately $17,219,798.04. The disclosure for this sale can be found here. Insiders have sold a total of 688,210 shares of company stock worth $53,347,371 in the last quarter. 12.83% of the stock is owned by insiders.

Institutional Investors Weigh In On Cloudflare

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Nomura Asset Management Co. Ltd. boosted its holdings in Cloudflare by 6.6% in the 4th quarter. Nomura Asset Management Co. Ltd. now owns 69,760 shares of the company’s stock valued at $5,808,000 after purchasing an additional 4,300 shares during the period. Truist Financial Corp grew its position in shares of Cloudflare by 1.2% during the 4th quarter. Truist Financial Corp now owns 28,388 shares of the company’s stock worth $2,364,000 after buying an additional 331 shares during the period. Cambridge Investment Research Advisors Inc. grew its holdings in Cloudflare by 5.1% during the fourth quarter. Cambridge Investment Research Advisors Inc. now owns 65,790 shares of the company’s stock valued at $5,478,000 after purchasing an additional 3,164 shares during the period. International Assets Investment Management LLC bought a new position in Cloudflare in the fourth quarter valued at approximately $11,639,000. Finally, Vanguard Group Inc. lifted its stake in Cloudflare by 2.7% in the fourth quarter. Vanguard Group Inc. now owns 28,159,189 shares of the company’s stock valued at $2,344,534,000 after buying an additional 740,914 shares in the last quarter. Hedge funds and other institutional investors own 82.68% of the company’s stock.

Cloudflare Company Profile

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.