Cloudflare (NYSE:NET) Price Target Raised to $160.00

Cloudflare (NYSE:NET) had its price target boosted by Needham & Company LLC from $110.00 to $160.00 in a report issued on Monday,Benzinga reports. Needham & Company LLC currently has a buy rating on the stock.

Several other analysts have also commented on NET. Jefferies Financial Group raised their target price on Cloudflare from $100.00 to $125.00 and gave the stock a “hold” rating in a report on Thursday, December 19th. Mizuho raised their price objective on shares of Cloudflare from $102.00 to $125.00 and gave the stock a “neutral” rating in a research note on Friday, December 13th. BNP Paribas began coverage on shares of Cloudflare in a research note on Tuesday, October 8th. They issued an “underperform” rating and a $65.00 target price for the company. Piper Sandler raised their price target on shares of Cloudflare from $83.00 to $92.00 and gave the company a “neutral” rating in a research report on Friday, November 8th. Finally, UBS Group upped their price objective on shares of Cloudflare from $88.00 to $95.00 and gave the stock a “neutral” rating in a research report on Friday, November 8th. Three analysts have rated the stock with a sell rating, eleven have assigned a hold rating and thirteen have assigned a buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $112.32.

Cloudflare Stock Up 2.9 %

NET stock opened at $144.14 on Monday. The company has a debt-to-equity ratio of 1.32, a current ratio of 3.37 and a quick ratio of 3.37. The firm’s fifty day simple moving average is $116.71 and its 200-day simple moving average is $95.92. Cloudflare has a 12 month low of $66.24 and a 12 month high of $144.30. The company has a market capitalization of $49.47 billion, a P/E ratio of -554.38 and a beta of 1.12.

Cloudflare (NYSE:NET) last announced its quarterly earnings results on Thursday, November 7th. The company reported ($0.03) earnings per share for the quarter, hitting the consensus estimate of ($0.03). The company 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%. As a group, equities research analysts forecast that Cloudflare will post -0.1 earnings per share for the current year.

Insider Activity

In related news, CEO Matthew Prince sold 52,384 shares of the stock in a transaction that occurred on Wednesday, November 13th. The stock was 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 owns 192,177 shares of the company’s stock, valued at approximately $18,370,199.43. This trade represents a 21.42 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Douglas James Kramer sold 2,481 shares of the business’s stock in a transaction on Monday, February 3rd. The stock was sold at an average price of $131.66, for a total value of $326,648.46. Following the transaction, the insider now directly owns 175,688 shares in the company, valued at $23,131,082.08. This trade represents a 1.39 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 633,738 shares of company stock worth $69,632,506 over the last three months. Insiders own 12.83% of the company’s stock.

Hedge Funds Weigh In On Cloudflare

Institutional investors have recently bought and sold shares of the company. CVA Family Office LLC grew its stake in shares of Cloudflare by 121.3% in the 3rd quarter. CVA Family Office LLC now owns 312 shares of the company’s stock valued at $25,000 after buying an additional 171 shares during the period. Quarry LP lifted its holdings in Cloudflare by 73.4% in the second quarter. Quarry LP now owns 345 shares of the company’s stock valued at $29,000 after acquiring an additional 146 shares during the last quarter. Capital Performance Advisors LLP purchased a new position in Cloudflare in the third quarter worth approximately $38,000. Quest Partners LLC acquired a new stake in Cloudflare during the third quarter worth $54,000. Finally, Versant Capital Management Inc raised its position in Cloudflare by 44.9% in the fourth quarter. Versant Capital Management Inc now owns 549 shares of the company’s stock valued at $59,000 after purchasing an additional 170 shares during the period. 82.68% of the stock is owned by hedge funds and other 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.