Wells Fargo & Company Raises Cloudflare (NYSE:NET) Price Target to $125.00

Cloudflare (NYSE:NETFree Report) had its target price hoisted by Wells Fargo & Company from $95.00 to $125.00 in a report issued on Friday morning, Benzinga reports. Wells Fargo & Company currently has an overweight rating on the stock.

A number of other research firms also recently issued reports on NET. Morgan Stanley lifted their price objective on shares of Cloudflare from $55.00 to $60.00 and gave the company an equal weight rating in a report on Tuesday, November 7th. KeyCorp boosted their target price on Cloudflare from $70.00 to $94.00 and gave the stock an overweight rating in a research note on Thursday, January 18th. Piper Sandler reduced their target price on Cloudflare from $64.00 to $60.00 and set a neutral rating on the stock in a report on Friday, November 3rd. Capital One Financial initiated coverage on Cloudflare in a research report on Wednesday, January 17th. They set an equal weight rating and a $83.00 target price on the stock. Finally, Sanford C. Bernstein began coverage on Cloudflare in a research report on Thursday, January 18th. They issued a market perform rating and a $85.00 price target for the company. Four analysts have rated the stock with a sell rating, nine have given a hold rating and ten have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of Hold and an average target price of $85.13.

Read Our Latest Stock Analysis on NET

Cloudflare Stock Up 19.5 %

NYSE NET opened at $107.92 on Friday. The company has a debt-to-equity ratio of 1.83, a quick ratio of 3.89 and a current ratio of 3.89. Cloudflare has a 52 week low of $39.90 and a 52 week high of $116.00. The stock has a fifty day moving average of $81.90 and a 200-day moving average of $70.28. The stock has a market capitalization of $36.24 billion, a P/E ratio of -196.21 and a beta of 1.10.

Insider Buying and Selling at Cloudflare

In related news, CFO Thomas J. Seifert sold 16,901 shares of the firm’s stock in a transaction dated Friday, November 17th. The stock was sold at an average price of $72.13, for a total transaction of $1,219,069.13. Following the transaction, the chief financial officer now owns 243,495 shares of the company’s stock, valued at $17,563,294.35. The transaction was disclosed in a filing with the SEC, which is accessible through this link. In other Cloudflare news, insider Douglas James Kramer sold 3,000 shares of Cloudflare stock in a transaction that occurred on Thursday, February 1st. The shares were sold at an average price of $79.60, for a total value of $238,800.00. Following the completion of the sale, the insider now directly owns 216,114 shares of the company’s stock, valued at approximately $17,202,674.40. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Thomas J. Seifert sold 16,901 shares of the business’s stock in a transaction on Friday, November 17th. The shares were sold at an average price of $72.13, for a total transaction of $1,219,069.13. Following the sale, the chief financial officer now directly owns 243,495 shares of the company’s stock, valued at $17,563,294.35. The disclosure for this sale can be found here. Insiders have sold a total of 889,020 shares of company stock worth $68,637,610 over the last ninety days. Corporate insiders own 14.80% of the company’s stock.

Institutional Trading of Cloudflare

A number of institutional investors have recently added to or reduced their stakes in the business. PNC Financial Services Group Inc. lifted its holdings in Cloudflare by 48.6% in the 1st quarter. PNC Financial Services Group Inc. now owns 8,903 shares of the company’s stock worth $1,066,000 after buying an additional 2,912 shares in the last quarter. MetLife Investment Management LLC acquired a new stake in shares of Cloudflare in the 1st quarter valued at about $1,950,000. Synovus Financial Corp acquired a new stake in shares of Cloudflare in the 1st quarter valued at about $439,000. Cibc World Market Inc. raised its stake in shares of Cloudflare by 16.8% in the 1st quarter. Cibc World Market Inc. now owns 21,811 shares of the company’s stock valued at $2,611,000 after purchasing an additional 3,140 shares in the last quarter. Finally, Dimensional Fund Advisors LP raised its stake in shares of Cloudflare by 10.8% in the 1st quarter. Dimensional Fund Advisors LP now owns 181,514 shares of the company’s stock valued at $21,732,000 after purchasing an additional 17,681 shares in the last quarter. 73.14% of the stock is owned by hedge funds and other institutional investors.

About Cloudflare

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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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