Cloudflare (NYSE:NET) Now Covered by Wolfe Research

Equities researchers at Wolfe Research assumed coverage on shares of Cloudflare (NYSE:NET) in a research note issued on Tuesday, MarketBeat.com reports. The brokerage set a “peer perform” rating on the stock.

NET has been the subject of a number of other research reports. Susquehanna decreased their price objective on shares of Cloudflare from $115.00 to $80.00 and set a “neutral” rating for the company in a research report on Monday, May 6th. UBS Group raised Cloudflare from a “sell” rating to a “neutral” rating and boosted their price target for the stock from $76.00 to $82.00 in a research report on Tuesday, June 25th. TD Cowen cut their price objective on Cloudflare from $117.00 to $110.00 and set a “buy” rating for the company in a research report on Friday, May 3rd. Bank of America boosted their target price on Cloudflare from $52.00 to $60.00 and gave the stock an “underperform” rating in a report on Friday, May 3rd. Finally, DZ Bank raised shares of Cloudflare from a “hold” rating to a “buy” rating and set a $95.00 price objective for the company in a research report on Tuesday, May 7th. Three equities research analysts have rated the stock with a sell rating, twelve have given a hold rating and ten have assigned a buy rating to the company. According to data from MarketBeat, the company has a consensus rating of “Hold” and an average price target of $90.92.

Cloudflare Price Performance

Shares of NYSE NET opened at $80.60 on Tuesday. The company has a debt-to-equity ratio of 1.61, a current ratio of 3.51 and a quick ratio of 3.51. The business has a 50-day moving average of $76.94 and a 200-day moving average of $85.35. The stock has a market capitalization of $27.39 billion, a price-to-earnings ratio of -152.08 and a beta of 1.10. Cloudflare has a fifty-two week low of $53.88 and a fifty-two week high of $116.00.

Cloudflare (NYSE:NET) last posted its quarterly earnings results on Thursday, May 2nd. The company reported ($0.03) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.05) by $0.02. Cloudflare had a negative return on equity of 12.78% and a negative net margin of 13.10%. The firm had revenue of $378.60 million during the quarter, compared to the consensus estimate of $372.93 million. As a group, sell-side analysts predict that Cloudflare will post -0.19 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Cloudflare news, CFO Thomas J. Seifert sold 15,000 shares of the business’s stock in a transaction that occurred on Friday, May 3rd. The shares were sold at an average price of $73.97, for a total transaction of $1,109,550.00. Following the completion of the transaction, the chief financial officer now directly owns 338,469 shares in the company, valued at $25,036,551.93. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In other Cloudflare news, CFO Thomas J. Seifert sold 15,000 shares of Cloudflare stock in a transaction dated Friday, May 3rd. The stock was sold at an average price of $73.97, for a total value of $1,109,550.00. Following the transaction, the chief financial officer now owns 338,469 shares in the company, valued at $25,036,551.93. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Carl Ledbetter sold 8,022 shares of the stock in a transaction dated Wednesday, May 1st. The stock was sold at an average price of $87.49, for a total transaction of $701,844.78. Following the completion of the transaction, the director now directly owns 1,196,793 shares of the company’s stock, valued at approximately $104,707,419.57. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 709,247 shares of company stock worth $55,132,713. Corporate insiders own 12.83% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of NET. Riverview Trust Co bought a new stake in Cloudflare during the 1st quarter worth $27,000. Allspring Global Investments Holdings LLC grew its holdings in shares of Cloudflare by 595.0% during the first quarter. Allspring Global Investments Holdings LLC now owns 278 shares of the company’s stock worth $27,000 after purchasing an additional 238 shares during the last quarter. Thurston Springer Miller Herd & Titak Inc. bought a new stake in shares of Cloudflare during the second quarter worth about $29,000. Versant Capital Management Inc raised its holdings in Cloudflare by 1,202.9% in the 2nd quarter. Versant Capital Management Inc now owns 456 shares of the company’s stock valued at $38,000 after buying an additional 421 shares during the last quarter. Finally, ICA Group Wealth Management LLC acquired a new stake in Cloudflare during the 4th quarter worth approximately $38,000. 82.68% of the stock is currently owned by institutional investors and hedge funds.

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.