Cloudflare (NYSE:NET) Price Target Raised to $140.00

Cloudflare (NYSE:NET) had its price objective upped by Truist Financial from $120.00 to $140.00 in a research report report published on Tuesday,Benzinga reports. Truist Financial currently has a buy rating on the stock.

A number of other equities research analysts also recently weighed in on the company. Piper Sandler lifted their target price on Cloudflare from $83.00 to $92.00 and gave the stock a “neutral” rating in a report on Friday, November 8th. Wells Fargo & Company lifted their price objective on shares of Cloudflare from $135.00 to $150.00 and gave the stock an “overweight” rating in a research note on Monday. Morgan Stanley increased their target price on shares of Cloudflare from $130.00 to $140.00 and gave the stock an “overweight” rating in a research report on Tuesday, January 21st. Stifel Nicolaus upgraded shares of Cloudflare from a “hold” rating to a “buy” rating and lifted their price target for the company from $95.00 to $136.00 in a research report on Tuesday, December 17th. Finally, UBS Group increased their price target on Cloudflare from $88.00 to $95.00 and gave the stock a “neutral” rating in a research report on Friday, November 8th. Three investment analysts have rated the stock with a sell rating, nine have issued a hold rating and fourteen have given a buy rating to the stock. According to data from MarketBeat, the company has an average rating of “Hold” and an average target price of $109.72.

Cloudflare Stock Performance

Shares of NET opened at $137.20 on Tuesday. The company has a market cap of $47.09 billion, a PE ratio of -527.70 and a beta of 1.10. The firm has a 50-day moving average of $113.71 and a 200-day moving average of $94.18. Cloudflare has a one year low of $66.24 and a one year high of $140.25. 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 posted its quarterly earnings results on Thursday, November 7th. The company reported ($0.03) EPS for the quarter, hitting 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 business had revenue of $430.08 million during the quarter, compared to analysts’ expectations of $423.65 million. As a group, equities analysts forecast that Cloudflare will post -0.1 earnings per share for the current year.

Insider Activity

In other Cloudflare news, COO Michelle Zatlyn sold 25,640 shares of Cloudflare stock in a transaction dated Friday, January 24th. The stock was sold at an average price of $123.75, for a total transaction of $3,172,950.00. Following the transaction, the chief operating officer now directly owns 172,959 shares of the company’s stock, valued at approximately $21,403,676.25. The trade was a 12.91 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Matthew Prince sold 52,384 shares of the stock in a transaction dated Wednesday, November 13th. The shares were sold at an average price of $95.59, for a total value of $5,007,386.56. Following the completion of the sale, the chief executive officer now directly owns 192,177 shares of the company’s stock, valued at approximately $18,370,199.43. The trade was a 21.42 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 631,257 shares of company stock valued at $68,558,258. 12.83% of the stock is currently owned by corporate insiders.

Institutional Trading of Cloudflare

Institutional investors have recently added to or reduced their stakes in the stock. Hartline Investment Corp lifted its position in shares of Cloudflare by 7.6% in the 3rd quarter. Hartline Investment Corp now owns 260,379 shares of the company’s stock worth $21,062,000 after purchasing an additional 18,426 shares during the period. WIM INVESTMENT MANAGEMENT Ltd bought a new stake in Cloudflare during the third quarter valued at $25,588,000. Charles Schwab Investment Management Inc. grew its holdings in Cloudflare by 2.7% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,157,815 shares of the company’s stock worth $93,656,000 after acquiring an additional 29,960 shares during the period. National Pension Service raised its position in shares of Cloudflare by 0.9% in the 3rd quarter. National Pension Service now owns 471,923 shares of the company’s stock worth $38,174,000 after acquiring an additional 4,062 shares in the last quarter. Finally, Banque Cantonale Vaudoise lifted its stake in shares of Cloudflare by 20.8% in the 3rd quarter. Banque Cantonale Vaudoise now owns 36,753 shares of the company’s stock valued at $2,973,000 after purchasing an additional 6,326 shares during the period. 82.68% of the stock is currently owned by institutional investors.

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.