Cloudflare (NYSE:NET) Downgraded to “Hold” Rating by Baird R W

Baird R W cut shares of Cloudflare (NYSE:NET) from a strong-buy rating to a hold rating in a research note published on Monday morning,Zacks.com reports.

Several other research firms have also recently weighed in on NET. Piper Sandler lifted their target price on Cloudflare from $83.00 to $92.00 and gave the company a “neutral” rating in a research note on Friday, November 8th. Royal Bank of Canada increased their price objective on Cloudflare from $99.00 to $123.00 and gave the stock an “outperform” rating in a report on Friday, January 3rd. Stifel Nicolaus raised shares of Cloudflare from a “hold” rating to a “buy” rating and boosted their target price for the stock from $95.00 to $136.00 in a research report on Tuesday, December 17th. BNP Paribas initiated coverage on Cloudflare in a report on Tuesday, October 8th. They set an “underperform” rating and a $65.00 price objective on the stock. Finally, Robert W. Baird reiterated a “neutral” rating and issued a $140.00 target price (up previously from $125.00) on shares of Cloudflare in a report on Monday. Three analysts have rated the stock with a sell rating, eleven have given a hold rating and thirteen have given a buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Hold” and an average target price of $112.32.

Cloudflare Price Performance

Shares of NYSE NET opened at $136.88 on Monday. The firm has a 50-day moving average of $115.06 and a two-hundred day moving average of $95.15. The company has a market capitalization of $46.98 billion, a price-to-earnings ratio of -526.47 and a beta of 1.12. The company has a current ratio of 3.37, a quick ratio of 3.37 and a debt-to-equity ratio of 1.32. Cloudflare has a twelve month low of $66.24 and a twelve month high of $142.41.

Cloudflare (NYSE:NET) last announced its earnings results on Thursday, November 7th. The company reported ($0.03) EPS for the quarter, meeting the consensus estimate of ($0.03). The business had revenue of $430.08 million during 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, analysts expect that Cloudflare will post -0.1 earnings per share for the current fiscal year.

Insider Transactions at Cloudflare

In related news, CFO Thomas J. Seifert sold 28,635 shares of the firm’s stock in a transaction dated Tuesday, November 19th. The stock was sold at an average price of $95.03, for a total value of $2,721,184.05. Following the transaction, the chief financial officer now owns 252,869 shares in the company, valued at $24,030,141.07. This trade represents a 10.17 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Matthew Prince sold 52,384 shares of the business’s stock in a transaction dated 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 sale, the chief executive officer now directly owns 192,177 shares of the company’s stock, valued at $18,370,199.43. This represents a 21.42 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 616,257 shares of company stock worth $67,256,408. Insiders own 12.83% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of NET. Stratos Wealth Partners LTD. grew its stake in Cloudflare by 1.2% in the fourth quarter. Stratos Wealth Partners LTD. now owns 6,583 shares of the company’s stock valued at $709,000 after acquiring an additional 77 shares during the period. Atomi Financial Group Inc. grew its position 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 purchasing an additional 94 shares during the period. Chicago Partners Investment Group LLC increased its stake in Cloudflare by 4.3% during the 4th quarter. Chicago Partners Investment Group LLC now owns 2,529 shares of the company’s stock worth $293,000 after purchasing an additional 105 shares in the last quarter. D.A. Davidson & CO. raised its holdings in Cloudflare by 0.5% during the 4th quarter. D.A. Davidson & CO. now owns 21,075 shares of the company’s stock worth $2,269,000 after buying an additional 106 shares during the period. Finally, Wealth Management Partners LLC boosted its holdings in shares of Cloudflare by 3.3% in the fourth 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. 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.