Cloudflare (NYSE:NET) Stock Price Expected to Rise, Scotiabank Analyst Says

Cloudflare (NYSE:NET) had its target price increased by research analysts at Scotiabank from $87.00 to $110.00 in a research report issued to clients and investors on Tuesday,Benzinga reports. The firm presently has a “sector perform” rating on the stock. Scotiabank’s price objective would suggest a potential downside of 8.26% from the company’s current price.

A number of other research firms have also weighed in on NET. The Goldman Sachs Group raised Cloudflare from a “sell” rating to a “buy” rating and boosted their target price for the company from $77.00 to $140.00 in a research note on Thursday, January 2nd. Jefferies Financial Group upped their price target on Cloudflare from $100.00 to $125.00 and gave the company a “hold” rating in a research report on Thursday, December 19th. Cantor Fitzgerald started coverage on Cloudflare in a research report on Friday. They set a “neutral” rating and a $111.00 price target for the company. UBS Group upped their price target on Cloudflare from $88.00 to $95.00 and gave the company a “neutral” rating in a research report on Friday, November 8th. Finally, Stifel Nicolaus raised Cloudflare from a “hold” rating to a “buy” rating and upped their price target for the company from $95.00 to $136.00 in a research report on Tuesday, December 17th. Three analysts have rated the stock with a sell rating, nine have assigned a hold rating and fourteen have issued a buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $108.32.

Cloudflare Trading Up 2.3 %

Shares of NYSE NET traded up $2.74 during midday trading on Tuesday, reaching $119.90. The company had a trading volume of 1,446,944 shares, compared to its average volume of 2,644,751. Cloudflare has a one year low of $66.24 and a one year high of $121.02. The company has a quick ratio of 3.37, a current ratio of 3.37 and a debt-to-equity ratio of 1.32. The firm’s fifty day moving average price is $108.20 and its 200-day moving average price is $91.77. The stock has a market cap of $41.15 billion, a PE ratio of -461.46 and a beta of 1.10.

Cloudflare (NYSE:NET) last released its earnings results on Thursday, November 7th. The company reported ($0.03) earnings per share for the quarter, meeting analysts’ consensus estimates of ($0.03). Cloudflare had a negative return on equity of 7.18% and a negative net margin of 5.97%. The company had revenue of $430.08 million during the quarter, compared to analyst estimates of $423.65 million. On average, equities research analysts anticipate that Cloudflare will post -0.1 earnings per share for the current year.

Insider Buying and Selling

In related news, CFO Thomas J. Seifert sold 15,000 shares of the company’s stock in a transaction that occurred on Monday, November 4th. The stock was sold at an average price of $86.79, for a total value of $1,301,850.00. Following the sale, the chief financial officer now owns 281,403 shares in the company, valued at $24,422,966.37. This represents a 5.06 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, insider Douglas James Kramer sold 3,000 shares of the stock in a transaction on Friday, November 1st. The shares were sold at an average price of $88.60, for a total value of $265,800.00. Following the sale, the insider now owns 185,386 shares in the company, valued at approximately $16,425,199.60. This represents a 1.59 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 524,852 shares of company stock worth $55,386,256 in the last 90 days. Insiders own 12.83% of the company’s stock.

Institutional Trading of Cloudflare

A number of institutional investors and hedge funds have recently modified their holdings of NET. Marshall Wace LLP increased its holdings in shares of Cloudflare by 123.4% in the 2nd quarter. Marshall Wace LLP now owns 1,548,535 shares of the company’s stock worth $128,265,000 after purchasing an additional 855,334 shares in the last quarter. WIM INVESTMENT MANAGEMENT Ltd bought a new stake in shares of Cloudflare in the 3rd quarter worth $25,588,000. International Assets Investment Management LLC bought a new stake in shares of Cloudflare in the 3rd quarter worth $147,160,000. Parnassus Investments LLC increased its holdings in shares of Cloudflare by 1,851.9% in the 3rd quarter. Parnassus Investments LLC now owns 138,410 shares of the company’s stock worth $11,196,000 after purchasing an additional 131,319 shares in the last quarter. Finally, Geode Capital Management LLC increased its holdings in shares of Cloudflare by 2.6% in the 3rd quarter. Geode Capital Management LLC now owns 4,834,558 shares of the company’s stock worth $390,130,000 after purchasing an additional 121,810 shares in the last quarter. Institutional investors own 82.68% of the company’s stock.

Cloudflare Company Profile

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.