Robert W. Baird Increases Cloudflare (NYSE:NET) Price Target to $100.00

Cloudflare (NYSE:NET) had its price objective lifted by Robert W. Baird from $94.00 to $100.00 in a research report released on Friday morning, Benzinga reports. The firm currently has an outperform rating on the stock.

A number of other brokerages have also issued reports on NET. Wolfe Research initiated coverage on Cloudflare in a research report on Tuesday, July 16th. They issued a peer perform rating on the stock. Mizuho increased their price objective on Cloudflare from $88.00 to $92.00 and gave the company a neutral rating in a research note on Tuesday, July 16th. The Goldman Sachs Group lowered their target price on Cloudflare from $77.00 to $68.00 and set a sell rating for the company in a research note on Tuesday, June 4th. Citigroup decreased their price objective on Cloudflare from $95.00 to $90.00 and set a neutral rating for the company in a research note on Thursday, May 9th. Finally, Susquehanna reduced their target price on shares of Cloudflare from $115.00 to $80.00 and set a neutral rating on the stock in a report on Monday, May 6th. Three equities research analysts have rated the stock with a sell rating, twelve have given a hold rating and ten have issued a buy rating to the stock. According to data from MarketBeat.com, Cloudflare presently has an average rating of Hold and an average target price of $92.29.

Cloudflare Price Performance

Shares of Cloudflare stock traded down $0.13 on Friday, hitting $77.57. 1,439,797 shares of the company were exchanged, compared to its average volume of 3,591,129. The company has a 50-day moving average price of $77.83 and a 200 day moving average price of $85.28. The stock has a market capitalization of $26.36 billion, a price-to-earnings ratio of -146.47 and a beta of 1.10. 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 1-year low of $53.88 and a 1-year high of $116.00.

Cloudflare (NYSE:NET) last announced its quarterly earnings results on Thursday, August 1st. The company reported $0.20 earnings per share for the quarter, beating the consensus estimate of $0.14 by $0.06. Cloudflare had a negative net margin of 6.90% and a negative return on equity of 8.90%. The firm had revenue of $401.00 million for the quarter, compared to analysts’ expectations of $394.11 million. During the same quarter in the previous year, the company posted ($0.12) EPS. The company’s revenue was up 30.0% compared to the same quarter last year. As a group, sell-side analysts predict that Cloudflare will post -0.19 earnings per share for the current fiscal year.

Insider Buying and Selling at Cloudflare

In related news, CFO Thomas J. Seifert sold 15,000 shares of the business’s stock in a transaction that occurred on Friday, August 2nd. The stock was sold at an average price of $78.71, for a total transaction of $1,180,650.00. Following the sale, the chief financial officer now owns 309,937 shares of the company’s stock, valued at $24,395,141.27. The sale was disclosed in a filing with the SEC, which is available through the SEC website. In other Cloudflare news, CEO Matthew Prince sold 52,384 shares of the stock in a transaction on Wednesday, May 8th. The shares were sold at an average price of $72.51, for a total transaction of $3,798,363.84. Following the transaction, the chief executive officer now directly owns 230,612 shares of the company’s stock, valued at $16,721,676.12. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CFO Thomas J. Seifert sold 15,000 shares of the company’s stock in a transaction dated Friday, August 2nd. The stock was sold at an average price of $78.71, for a total value of $1,180,650.00. Following the sale, the chief financial officer now owns 309,937 shares of the company’s stock, valued at approximately $24,395,141.27. The disclosure for this sale can be found here. Insiders sold a total of 653,826 shares of company stock worth $50,848,018 over the last 90 days. Insiders own 12.83% of the company’s stock.

Institutional Trading of Cloudflare

Several hedge funds have recently added to or reduced their stakes in the business. Cigna Investments Inc. New boosted its stake in Cloudflare by 4.2% during the first quarter. Cigna Investments Inc. New now owns 3,178 shares of the company’s stock worth $307,000 after buying an additional 129 shares in the last quarter. Yousif Capital Management LLC grew its stake in shares of Cloudflare by 4.0% in the 4th quarter. Yousif Capital Management LLC now owns 3,399 shares of the company’s stock valued at $283,000 after purchasing an additional 130 shares during the period. Forum Financial Management LP raised its holdings in shares of Cloudflare by 6.1% in the 2nd quarter. Forum Financial Management LP now owns 2,823 shares of the company’s stock worth $234,000 after buying an additional 162 shares in the last quarter. Soltis Investment Advisors LLC raised its position in Cloudflare by 0.5% in the 1st quarter. Soltis Investment Advisors LLC now owns 31,403 shares of the company’s stock worth $3,041,000 after purchasing an additional 168 shares during the last quarter. Finally, GAMMA Investing LLC boosted its position in Cloudflare by 34.4% in the 1st quarter. GAMMA Investing LLC now owns 668 shares of the company’s stock valued at $65,000 after buying an additional 171 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.