Cloudflare (NYSE:NET) Earns Outperform Rating from Analysts at Oppenheimer

Oppenheimer started coverage on shares of Cloudflare (NYSE:NET) in a report issued on Thursday. The firm set an “outperform” rating and a $150.00 price target on the stock. Oppenheimer’s price target suggests a potential upside of 26.65% from the stock’s previous close.

Several other research analysts have also recently issued reports on NET. Cantor Fitzgerald increased their price objective on Cloudflare from $111.00 to $149.00 and gave the stock a “neutral” rating in a research report on Friday, February 7th. Guggenheim raised their price objective on shares of Cloudflare from $57.00 to $68.00 and gave the company a “sell” rating in a research note on Friday, February 7th. JPMorgan Chase & Co. upped their target price on shares of Cloudflare from $110.00 to $115.00 and gave the stock a “neutral” rating in a research report on Friday, February 7th. Susquehanna boosted their price target on Cloudflare from $95.00 to $170.00 and gave the stock a “neutral” rating in a research note on Monday, February 10th. Finally, JMP Securities raised their price objective on Cloudflare from $135.00 to $180.00 and gave the company a “market outperform” rating in a research note on Friday, February 7th. Four investment analysts have rated the stock with a sell rating, eleven have given a hold rating and twelve have assigned a buy rating to the stock. According to data from MarketBeat.com, Cloudflare has a consensus rating of “Hold” and an average price target of $131.64.

Cloudflare Stock Performance

Shares of NET stock traded up $0.86 during mid-day trading on Thursday, hitting $118.44. The stock had a trading volume of 145,948 shares, compared to its average volume of 4,013,533. Cloudflare has a fifty-two week low of $66.24 and a fifty-two week high of $177.37. 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 company’s 50-day simple moving average is $136.54 and its 200-day simple moving average is $109.42. The firm has a market cap of $40.87 billion, a PE ratio of -537.83 and a beta of 1.27.

Cloudflare (NYSE:NET) last announced its quarterly earnings data on Thursday, February 6th. The company reported ($0.03) EPS for the quarter, missing analysts’ consensus estimates of $0.18 by ($0.21). Cloudflare had a negative net margin of 4.72% and a negative return on equity of 5.52%. Sell-side analysts anticipate that Cloudflare will post -0.11 earnings per share for the current year.

Insider Activity

In related news, CEO Matthew Prince sold 52,384 shares of Cloudflare stock in a transaction on Wednesday, March 19th. The stock was sold at an average price of $117.32, for a total value of $6,145,690.88. Following the transaction, the chief executive officer now owns 413,413 shares in the company, valued at approximately $48,501,613.16. This trade represents a 11.25 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Douglas James Kramer sold 2,481 shares of the company’s stock in a transaction dated Monday, February 3rd. The stock was sold at an average price of $131.66, for a total value of $326,648.46. Following the sale, the insider now owns 175,688 shares of the company’s stock, valued at $23,131,082.08. This represents a 1.39 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 609,150 shares of company stock valued at $78,440,970 in the last 90 days. 12.83% of the stock is currently owned by insiders.

Institutional Trading of Cloudflare

A number of institutional investors have recently modified their holdings of NET. Quarry LP raised its holdings in Cloudflare by 38.6% in the third quarter. Quarry LP now owns 478 shares of the company’s stock valued at $39,000 after buying an additional 133 shares during the period. Gordian Capital Singapore Pte Ltd acquired a new stake in shares of Cloudflare in the fourth quarter worth $43,000. Quest Partners LLC purchased a new position in shares of Cloudflare in the 3rd quarter valued at $54,000. Park Square Financial Group LLC acquired a new position in shares of Cloudflare during the 4th quarter valued at $56,000. Finally, Larson Financial Group LLC boosted its position in Cloudflare by 1,988.5% during the 4th quarter. Larson Financial Group LLC now owns 543 shares of the company’s stock worth $58,000 after purchasing an additional 517 shares during the period. Hedge funds and other institutional investors own 82.68% of the company’s stock.

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.