Piper Sandler Increases Cloudflare (NYSE:NET) Price Target to $83.00

Cloudflare (NYSE:NET) had its target price hoisted by Piper Sandler from $82.00 to $83.00 in a research note published on Friday morning, Benzinga reports. They currently have a neutral rating on the stock.

Several other brokerages also recently weighed in on NET. Morgan Stanley restated an equal weight rating and set a $92.00 price target on shares of Cloudflare in a report on Monday, June 17th. Needham & Company LLC reiterated a buy rating and issued a $135.00 price objective on shares of Cloudflare in a report on Friday. UBS Group upgraded Cloudflare from a sell rating to a neutral rating and increased their price objective for the company from $76.00 to $82.00 in a report on Tuesday, June 25th. Robert W. Baird dropped their price objective on Cloudflare from $100.00 to $94.00 and set an outperform rating on the stock in a report on Friday, May 3rd. Finally, JMP Securities reiterated a market outperform rating and issued a $120.00 price objective on shares of Cloudflare in a report on Tuesday, May 14th. Three 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’s stock. According to data from MarketBeat, the stock presently has a consensus rating of Hold and an average price target of $92.08.

Cloudflare Stock Up 6.8 %

NYSE NET traded up $5.06 during trading hours on Friday, hitting $79.46. 10,348,642 shares of the company were exchanged, compared to its average volume of 2,542,594. The company has a 50 day moving average of $77.83 and a two-hundred day moving average of $85.17. The company has a quick ratio of 3.51, a current ratio of 3.51 and a debt-to-equity ratio of 1.61. Cloudflare has a 52-week low of $53.88 and a 52-week high of $116.00. The firm has a market cap of $27.00 billion, a price-to-earnings ratio of -149.94 and a beta of 1.10.

Cloudflare (NYSE:NET) last issued its quarterly earnings results on Thursday, May 2nd. The company reported ($0.03) earnings per share for the quarter, topping the consensus estimate of ($0.05) by $0.02. Cloudflare had a negative return on equity of 8.90% and a negative net margin of 6.90%. The company had revenue of $378.60 million for the quarter, compared to the consensus estimate of $372.93 million. Equities research analysts anticipate that Cloudflare will post -0.19 earnings per share for the current year.

Insider Activity at Cloudflare

In related news, COO Michelle Zatlyn sold 25,640 shares of the company’s stock in a transaction on Wednesday, July 3rd. The stock was sold at an average price of $85.28, for a total value of $2,186,579.20. Following the completion of the transaction, the chief operating officer now directly owns 211,394 shares in the company, valued at $18,027,680.32. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, Director Katrin Suder sold 574 shares of the company’s stock in a transaction on Tuesday, June 4th. The stock was sold at an average price of $67.11, for a total value of $38,521.14. Following the completion of the transaction, the director now directly owns 51,162 shares in the company, valued at $3,433,481.82. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, COO Michelle Zatlyn sold 25,640 shares of the company’s stock in a transaction on Wednesday, July 3rd. The shares were sold at an average price of $85.28, for a total value of $2,186,579.20. Following the completion of the transaction, the chief operating officer now owns 211,394 shares of the company’s stock, valued at $18,027,680.32. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 691,210 shares of company stock worth $53,578,881. 12.83% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Cloudflare

A number of institutional investors have recently added to or reduced their stakes in NET. Riverview Trust Co purchased a new stake in Cloudflare during the first quarter valued at about $27,000. Allspring Global Investments Holdings LLC grew its position in Cloudflare by 595.0% during the first quarter. Allspring Global Investments Holdings LLC now owns 278 shares of the company’s stock valued at $27,000 after acquiring an additional 238 shares during the period. Thurston Springer Miller Herd & Titak Inc. purchased a new stake in Cloudflare during the second quarter valued at about $29,000. ICA Group Wealth Management LLC purchased a new stake in Cloudflare during the fourth quarter valued at about $38,000. Finally, Versant Capital Management Inc grew its position in Cloudflare by 1,202.9% during the second quarter. Versant Capital Management Inc now owns 456 shares of the company’s stock valued at $38,000 after acquiring an additional 421 shares during the period. 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.