Cloudflare (NYSE:NET) Sets New 52-Week High – Here’s Why

Cloudflare, Inc. (NYSE:NET) shares hit a new 52-week high during mid-day trading on Friday . The stock traded as high as $119.69 and last traded at $119.03, with a volume of 22889 shares changing hands. The stock had previously closed at $114.82.

Analysts Set New Price Targets

Several brokerages have issued reports on NET. Piper Sandler boosted their price target on Cloudflare from $83.00 to $92.00 and gave the company a “neutral” rating in a research note on Friday, November 8th. Jefferies Financial Group upped their target price on Cloudflare from $100.00 to $125.00 and gave the stock a “hold” rating in a research report on Thursday, December 19th. Wells Fargo & Company increased their target price on Cloudflare from $110.00 to $135.00 and gave the stock an “overweight” rating in a report on Tuesday, January 7th. UBS Group increased their target price on Cloudflare from $88.00 to $95.00 and gave the stock a “neutral” rating in a report on Friday, November 8th. Finally, BNP Paribas started coverage on Cloudflare in a research report on Tuesday, October 8th. They issued an “underperform” rating and a $65.00 price target for the company. Three equities research analysts have rated the stock with a sell rating, eleven have assigned a hold rating and fourteen have given a buy rating to the stock. According to MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $105.30.

Cloudflare Price Performance

The firm has a 50-day moving average of $107.20 and a 200-day moving average of $91.22. The stock has a market cap of $40.91 billion, a PE ratio of -458.46 and a beta of 1.10. The company has a debt-to-equity ratio of 1.32, a current ratio of 3.37 and a quick ratio of 3.37.

Cloudflare (NYSE:NET) last announced its quarterly earnings results on Thursday, November 7th. The company reported ($0.03) EPS for the quarter, meeting analysts’ consensus estimates of ($0.03). Cloudflare had a negative return on equity of 7.18% and a negative net margin of 5.97%. The company had revenue of $430.08 million during the quarter, compared to analyst estimates of $423.65 million. Research analysts predict that Cloudflare, Inc. will post -0.1 EPS for the current year.

Insider Activity at Cloudflare

In other news, CEO Matthew Prince sold 52,384 shares of the firm’s stock in a transaction on Monday, January 6th. The stock was sold at an average price of $113.98, for a total value of $5,970,728.32. Following the completion of the sale, the chief executive officer now owns 10,762 shares of the company’s stock, valued at $1,226,652.76. This trade represents a 82.96 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Douglas James Kramer sold 3,000 shares of the firm’s stock in a transaction on Friday, November 1st. The stock was sold at an average price of $88.60, for a total value of $265,800.00. Following the completion of the sale, the insider now directly owns 185,386 shares of the company’s stock, valued at $16,425,199.60. The trade was a 1.59 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 524,852 shares of company stock valued at $55,386,256. Insiders own 12.83% of the company’s stock.

Institutional Trading of Cloudflare

Institutional investors have recently made changes to their positions in the business. MCF Advisors LLC acquired a new stake in Cloudflare during the 4th quarter worth about $123,000. Atomi Financial Group Inc. lifted its holdings in shares of Cloudflare by 3.3% in the 4th quarter. Atomi Financial Group Inc. now owns 2,966 shares of the company’s stock valued at $319,000 after buying an additional 94 shares during the period. Crossmark Global Holdings Inc. acquired a new position in shares of Cloudflare in the 4th quarter valued at about $259,000. Wealth Management Partners LLC lifted its holdings in shares of Cloudflare by 3.3% in the 4th quarter. Wealth Management Partners LLC now owns 3,549 shares of the company’s stock valued at $382,000 after buying an additional 114 shares during the period. Finally, Diversify Wealth Management LLC acquired a new position in shares of Cloudflare in the 4th quarter valued at about $287,000. Institutional investors and hedge funds 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.