KeyCorp Increases Cloudflare (NYSE:NET) Price Target to $94.00

Cloudflare (NYSE:NETGet Free Report) had its price objective raised by investment analysts at KeyCorp from $70.00 to $94.00 in a note issued to investors on Thursday, Benzinga reports. The firm currently has an “overweight” rating on the stock. KeyCorp’s price target indicates a potential upside of 22.01% from the company’s previous close.

Other equities research analysts also recently issued research reports about the company. Morgan Stanley raised their price target on Cloudflare from $55.00 to $60.00 and gave the company an “equal weight” rating in a report on Tuesday, November 7th. Oppenheimer raised Cloudflare from a “market perform” rating to an “outperform” rating in a report on Tuesday, November 21st. Capital One Financial initiated coverage on Cloudflare in a research report on Wednesday. They set an “equal weight” rating and a $83.00 price objective on the stock. Piper Sandler lowered their price objective on Cloudflare from $64.00 to $60.00 and set a “neutral” rating on the stock in a research report on Friday, November 3rd. Finally, Royal Bank of Canada lowered their price objective on Cloudflare from $70.00 to $65.00 and set an “outperform” rating on the stock in a research report on Friday, November 3rd. Four research analysts have rated the stock with a sell rating, eight have issued a hold rating and nine have assigned a buy rating to the company. According to MarketBeat, Cloudflare currently has an average rating of “Hold” and a consensus price target of $68.43.

Read Our Latest Stock Analysis on NET

Cloudflare Trading Down 1.8 %

NYSE NET opened at $77.04 on Thursday. The company has a market cap of $25.87 billion, a PE ratio of -126.29 and a beta of 1.10. The company has a current ratio of 3.89, a quick ratio of 3.89 and a debt-to-equity ratio of 1.83. Cloudflare has a 12 month low of $39.90 and a 12 month high of $86.91. The stock has a 50 day moving average of $77.89 and a 200-day moving average of $68.24.

Cloudflare (NYSE:NETGet Free Report) last released its quarterly earnings data on Thursday, November 2nd. The company reported ($0.05) EPS for the quarter, beating the consensus estimate of ($0.08) by $0.03. Cloudflare had a negative return on equity of 17.71% and a negative net margin of 16.71%. The company had revenue of $335.60 million during the quarter, compared to the consensus estimate of $330.45 million. On average, equities research analysts anticipate that Cloudflare will post -0.28 EPS for the current fiscal year.

Insider Activity

In related news, Director Carl Ledbetter sold 8,039 shares of Cloudflare stock in a transaction that occurred on Wednesday, November 1st. The stock was sold at an average price of $55.99, for a total value of $450,103.61. Following the transaction, the director now directly owns 1,717,384 shares of the company’s stock, valued at $96,156,330.16. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. In related news, Director Carl Ledbetter sold 8,039 shares of Cloudflare stock in a transaction that occurred on Wednesday, November 1st. The stock was sold at an average price of $55.99, for a total value of $450,103.61. Following the transaction, the director now directly owns 1,717,384 shares of the company’s stock, valued at $96,156,330.16. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CEO Matthew Prince sold 52,384 shares of Cloudflare stock in a transaction that occurred on Monday, January 8th. The stock was sold at an average price of $78.78, for a total value of $4,126,811.52. Following the completion of the transaction, the chief executive officer now directly owns 249,830 shares in the company, valued at $19,681,607.40. The disclosure for this sale can be found here. Over the last three months, insiders have sold 856,757 shares of company stock valued at $63,458,222. 14.80% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Cloudflare

Hedge funds have recently added to or reduced their stakes in the business. Sunbelt Securities Inc. bought a new stake in Cloudflare in the first quarter worth approximately $29,000. Massmutual Trust Co. FSB ADV increased its holdings in Cloudflare by 1,976.9% in the fourth quarter. Massmutual Trust Co. FSB ADV now owns 540 shares of the company’s stock worth $45,000 after purchasing an additional 514 shares in the last quarter. Alta Advisers Ltd bought a new stake in Cloudflare in the second quarter worth approximately $39,000. JTC Employer Solutions Trustee Ltd bought a new stake in Cloudflare in the third quarter worth approximately $38,000. Finally, Richard W. Paul & Associates LLC increased its holdings in shares of Cloudflare by 172.1% during the second quarter. Richard W. Paul & Associates LLC now owns 721 shares of the company’s stock valued at $47,000 after acquiring an additional 456 shares in the last quarter. 73.14% of the stock is currently owned by institutional investors.

About Cloudflare

(Get Free Report)

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, secure origin connection, and rate limiting products.

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