Cloudflare (NYSE:NET) Price Target Increased to $85.00 by Analysts at Susquehanna

Cloudflare (NYSE:NET) had its price objective hoisted by Susquehanna from $80.00 to $85.00 in a research report report published on Monday morning, Benzinga reports. They currently have a neutral rating on the stock.

Several other equities research analysts have also issued reports on the stock. TD Cowen dropped their target price on shares of Cloudflare from $117.00 to $110.00 and set a buy rating for the company in a research report on Friday, May 3rd. Guggenheim increased their target price on Cloudflare from $50.00 to $57.00 and gave the company a sell rating in a research note on Friday, August 2nd. Wells Fargo & Company dropped their price target on Cloudflare from $125.00 to $105.00 and set an overweight rating for the company in a research note on Friday, May 3rd. Needham & Company LLC reiterated a buy rating and set a $135.00 price objective on shares of Cloudflare in a research report on Friday, August 2nd. Finally, Oppenheimer decreased their price objective on Cloudflare from $122.00 to $110.00 and set an outperform rating on the stock in a report on Friday, May 3rd. Three analysts have rated the stock with a sell rating, twelve have issued a hold rating and ten have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of Hold and a consensus price target of $92.29.

Cloudflare Price Performance

Shares of NYSE:NET opened at $76.79 on Monday. The company has a 50 day moving average of $78.14 and a 200 day moving average of $85.12. The company has a current ratio of 3.51, a quick ratio of 3.51 and a debt-to-equity ratio of 1.61. The stock has a market cap of $26.09 billion, a P/E ratio of -144.89 and a beta of 1.10. Cloudflare has a 12 month low of $53.88 and a 12 month high of $116.00.

Cloudflare (NYSE:NET) last released its quarterly earnings results on Thursday, August 1st. The company reported $0.20 EPS for the quarter, beating analysts’ consensus estimates 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 during the quarter, compared to analyst estimates of $394.11 million. During the same period in the previous year, the business earned ($0.12) EPS. The business’s revenue for the quarter was up 30.0% on a year-over-year basis. As a group, sell-side analysts forecast that Cloudflare will post -0.19 EPS for the current fiscal year.

Insider Activity

In related news, COO Michelle Zatlyn sold 25,640 shares of the firm’s stock in a transaction that occurred on Wednesday, July 3rd. The shares were sold at an average price of $85.28, for a total transaction of $2,186,579.20. Following the completion of the sale, the chief operating officer now owns 211,394 shares of the company’s stock, valued at $18,027,680.32. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In related news, Director Carl Ledbetter sold 7,994 shares of the firm’s stock in a transaction that occurred on Wednesday, May 29th. The shares were sold at an average price of $72.79, for a total transaction of $581,883.26. Following the completion of the sale, the director now owns 1,140,665 shares of the company’s stock, valued at $83,029,005.35. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, COO Michelle Zatlyn sold 25,640 shares of Cloudflare stock in a transaction that occurred on Wednesday, July 3rd. The stock was sold at an average price of $85.28, for a total transaction of $2,186,579.20. Following the completion of the sale, the chief operating officer now directly owns 211,394 shares of the company’s stock, valued at approximately $18,027,680.32. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 571,297 shares of company stock worth $44,853,289. Insiders own 12.83% of the company’s stock.

Institutional Investors Weigh In On Cloudflare

A number of large investors have recently added to or reduced their stakes in the stock. Lyell Wealth Management LP grew its position in Cloudflare by 17.5% in the 2nd quarter. Lyell Wealth Management LP now owns 41,320 shares of the company’s stock worth $3,423,000 after purchasing an additional 6,149 shares during the period. J.W. Cole Advisors Inc. bought a new stake in shares of Cloudflare during the 2nd quarter valued at $273,000. Envestnet Asset Management Inc. grew its position in shares of Cloudflare by 2.4% during the 2nd quarter. Envestnet Asset Management Inc. now owns 195,791 shares of the company’s stock valued at $16,217,000 after acquiring an additional 4,682 shares during the period. Allen Investment Management LLC grew its position in shares of Cloudflare by 30.4% during the 2nd quarter. Allen Investment Management LLC now owns 254,947 shares of the company’s stock valued at $21,117,000 after acquiring an additional 59,457 shares during the period. Finally, Executive Wealth Management LLC grew its position in shares of Cloudflare by 10.5% during the 2nd quarter. Executive Wealth Management LLC now owns 34,207 shares of the company’s stock valued at $2,833,000 after acquiring an additional 3,261 shares during the period. 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.