Cloudflare (NYSE:NET) Upgraded to Overweight at Morgan Stanley

Cloudflare (NYSE:NET) was upgraded by stock analysts at Morgan Stanley from an “equal weight” rating to an “overweight” rating in a research note issued on Monday,Benzinga reports. The firm presently has a $130.00 price objective on the stock, up from their prior price objective of $92.00. Morgan Stanley’s price objective suggests a potential upside of 30.22% from the stock’s current price.

NET has been the topic of a number of other reports. Piper Sandler lifted their target price on Cloudflare from $83.00 to $92.00 and gave the stock a “neutral” rating in a research note on Friday, November 8th. Mizuho lifted their price objective on shares of Cloudflare from $92.00 to $105.00 and gave the stock a “neutral” rating in a research report on Thursday, October 17th. Scotiabank increased their target price on shares of Cloudflare from $85.00 to $87.00 and gave the company a “sector perform” rating in a research report on Friday, November 8th. UBS Group lifted their price target on shares of Cloudflare from $88.00 to $95.00 and gave the stock a “neutral” rating in a report on Friday, November 8th. Finally, Susquehanna increased their price objective on Cloudflare from $80.00 to $85.00 and gave the company a “neutral” rating in a report on Monday, August 5th. Four analysts have rated the stock with a sell rating, eleven have assigned a hold rating and eleven have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Hold” and an average price target of $94.40.

Cloudflare Stock Up 0.5 %

Cloudflare stock opened at $99.83 on Monday. The company has a debt-to-equity ratio of 1.32, a quick ratio of 3.37 and a current ratio of 3.37. The stock has a market cap of $34.26 billion, a PE ratio of -383.96 and a beta of 1.10. Cloudflare has a fifty-two week low of $66.24 and a fifty-two week high of $116.00. The firm’s 50-day simple moving average is $90.25 and its 200 day simple moving average is $82.52.

Cloudflare (NYSE:NET) last announced its earnings results on Thursday, November 7th. The company reported ($0.03) earnings per share for the quarter, hitting analysts’ consensus estimates of ($0.03). The firm had revenue of $430.08 million for the quarter, compared to the consensus estimate of $423.65 million. Cloudflare had a negative return on equity of 7.18% and a negative net margin of 5.97%. Research analysts predict that Cloudflare will post -0.11 EPS for the current fiscal year.

Insider Activity at Cloudflare

In other news, COO Michelle Zatlyn sold 64,100 shares of the firm’s stock in a transaction on Monday, October 7th. The shares were sold at an average price of $81.60, for a total transaction of $5,230,560.00. Following the sale, the chief operating officer now owns 192,177 shares in the company, valued at approximately $15,681,643.20. This trade represents a 25.01 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, insider Douglas James Kramer sold 3,000 shares of Cloudflare stock in a transaction dated Tuesday, September 3rd. The stock was sold at an average price of $81.53, for a total value of $244,590.00. Following the sale, the insider now directly owns 185,386 shares of the company’s stock, valued at approximately $15,114,520.58. This trade represents a 1.59 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 606,952 shares of company stock valued at $53,078,202. Company insiders own 12.83% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of the business. Baillie Gifford & Co. boosted its stake in shares of Cloudflare by 8.5% in the 2nd quarter. Baillie Gifford & Co. now owns 32,722,670 shares of the company’s stock valued at $2,710,419,000 after purchasing an additional 2,575,396 shares in the last quarter. Marshall Wace LLP grew its position in Cloudflare by 123.4% during the 2nd quarter. Marshall Wace LLP now owns 1,548,535 shares of the company’s stock worth $128,265,000 after acquiring an additional 855,334 shares during the last quarter. WIM INVESTMENT MANAGEMENT Ltd purchased a new position in Cloudflare in the 3rd quarter worth approximately $25,588,000. American Century Companies Inc. lifted its position in Cloudflare by 24.8% in the second quarter. American Century Companies Inc. now owns 1,394,732 shares of the company’s stock valued at $115,526,000 after purchasing an additional 277,228 shares during the last quarter. Finally, Glynn Capital Management LLC purchased a new stake in shares of Cloudflare during the second quarter valued at approximately $16,765,000. 82.68% of the stock is currently owned by institutional investors.

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.