Royal Bank of Canada Increases Cloudflare (NYSE:NET) Price Target to $123.00

Cloudflare (NYSE:NET) had its price target boosted by Royal Bank of Canada from $99.00 to $123.00 in a research report report published on Friday, Marketbeat.com reports. They currently have an outperform rating on the stock.

Other equities research analysts have also issued research reports about the company. Piper Sandler upped their target price on Cloudflare from $83.00 to $92.00 and gave the company a “neutral” rating in a research note on Friday, November 8th. Mizuho upped their price objective on Cloudflare from $102.00 to $125.00 and gave the company a “neutral” rating in a research report on Friday, December 13th. Scotiabank lifted their price objective on Cloudflare from $85.00 to $87.00 and gave the stock a “sector perform” rating in a research report on Friday, November 8th. Wells Fargo & Company boosted their target price on shares of Cloudflare from $105.00 to $110.00 and gave the company an “overweight” rating in a research note on Friday, November 8th. Finally, Jefferies Financial Group raised their price target on shares of Cloudflare from $100.00 to $125.00 and gave the stock a “hold” rating in a research note on Thursday, December 19th. Three research analysts have rated the stock with a sell rating, twelve have given a hold rating and thirteen have issued a buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $101.37.

Cloudflare Trading Up 1.9 %

Shares of NET stock opened at $114.73 on Friday. Cloudflare has a fifty-two week low of $66.24 and a fifty-two week high of $119.42. The company has a quick ratio of 3.37, a current ratio of 3.37 and a debt-to-equity ratio of 1.32. The business has a fifty day simple moving average of $102.82 and a 200-day simple moving average of $89.16. The stock has a market cap of $39.37 billion, a P/E ratio of -441.27 and a beta of 1.10.

Cloudflare (NYSE:NET) last posted its earnings results on Thursday, November 7th. The company reported ($0.03) earnings per share for the quarter, meeting the consensus estimate of ($0.03). Cloudflare had a negative net margin of 5.97% and a negative return on equity of 7.18%. The firm had revenue of $430.08 million during the quarter, compared to the consensus estimate of $423.65 million. On average, analysts forecast that Cloudflare will post -0.1 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, CEO Matthew Prince sold 52,384 shares of the stock in a transaction dated Tuesday, October 15th. The stock was sold at an average price of $93.95, for a total value of $4,921,476.80. Following the completion of the sale, the chief executive officer now owns 10,761 shares in the company, valued at approximately $1,010,995.95. This trade represents a 82.96 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, COO Michelle Zatlyn sold 25,640 shares of the stock in a transaction that occurred on Wednesday, October 9th. The shares were sold at an average price of $82.60, for a total transaction of $2,117,864.00. Following the completion of the sale, the chief operating officer now directly owns 192,177 shares of the company’s stock, valued at $15,873,820.20. This trade represents a 11.77 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 550,492 shares of company stock worth $54,916,040 over the last ninety days. 12.83% of the stock is owned by company insiders.

Hedge Funds Weigh In On Cloudflare

Institutional investors have recently made changes to their positions in the business. Everence Capital Management Inc. acquired a new stake in Cloudflare in the fourth quarter valued at $803,000. GAMMA Investing LLC grew its position in shares of Cloudflare by 59.0% in the 4th quarter. GAMMA Investing LLC now owns 585 shares of the company’s stock worth $63,000 after acquiring an additional 217 shares in the last quarter. Versant Capital Management Inc increased its holdings in shares of Cloudflare by 44.9% in the 4th quarter. Versant Capital Management Inc now owns 549 shares of the company’s stock valued at $59,000 after acquiring an additional 170 shares during the last quarter. Tidal Investments LLC raised its position in shares of Cloudflare by 18.0% during the 3rd quarter. Tidal Investments LLC now owns 23,238 shares of the company’s stock valued at $1,880,000 after acquiring an additional 3,550 shares in the last quarter. Finally, Wilmington Savings Fund Society FSB bought a new position in Cloudflare during the third quarter worth $204,000. 82.68% of the stock is owned by institutional investors and hedge funds.

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.