Cloudflare (NYSE:NET) Sets New 52-Week High – Here’s Why

Cloudflare, Inc. (NYSE:NET) hit a new 52-week high during trading on Thursday . The company traded as high as $123.13 and last traded at $123.03, with a volume of 2523164 shares changing hands. The stock had previously closed at $119.85.

Wall Street Analyst Weigh In

A number of brokerages have recently commented on NET. BNP Paribas began coverage on Cloudflare in a report on Tuesday, October 8th. They set an “underperform” rating and a $65.00 price objective on the stock. Citigroup upgraded Cloudflare from a “neutral” rating to a “buy” rating and increased their target price for the company from $95.00 to $145.00 in a research note on Friday, January 17th. The Goldman Sachs Group upgraded Cloudflare from a “sell” rating to a “buy” rating and increased their target price for the company from $77.00 to $140.00 in a research note on Thursday, January 2nd. Jefferies Financial Group increased their target price on Cloudflare from $100.00 to $125.00 and gave the company a “hold” rating in a research note on Thursday, December 19th. Finally, Mizuho increased their target price on Cloudflare from $102.00 to $125.00 and gave the company a “neutral” rating in a research note on Friday, December 13th. Three equities research analysts have rated the stock with a sell rating, nine have given a hold rating and fourteen have issued a buy rating to the company. According to MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $108.32.

Cloudflare Price Performance

The company has a debt-to-equity ratio of 1.32, a quick ratio of 3.37 and a current ratio of 3.37. The firm has a market cap of $42.96 billion, a P/E ratio of -481.49 and a beta of 1.10. The company has a 50-day moving average of $110.70 and a 200 day moving average of $92.72.

Cloudflare (NYSE:NET) last posted its earnings results on Thursday, November 7th. The company reported ($0.03) EPS for the quarter, hitting the consensus estimate of ($0.03). Cloudflare had a negative return on equity of 7.18% and a negative net margin of 5.97%. The business had revenue of $430.08 million during the quarter, compared to the consensus estimate of $423.65 million. On average, sell-side analysts anticipate that Cloudflare, Inc. will post -0.1 EPS for the current year.

Insider Activity at Cloudflare

In related news, insider Douglas James Kramer sold 3,000 shares of the firm’s stock in a transaction on Friday, November 1st. The stock was sold at an average price of $88.60, for a total transaction of $265,800.00. Following the completion of the sale, the insider now directly owns 185,386 shares of the company’s stock, valued at $16,425,199.60. This trade represents a 1.59 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CFO Thomas J. Seifert sold 15,000 shares of Cloudflare stock in a transaction on Monday, November 4th. The shares were sold at an average price of $86.79, for a total value of $1,301,850.00. Following the completion of the sale, the chief financial officer now directly owns 281,403 shares of the company’s stock, valued at $24,422,966.37. This trade represents a 5.06 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 641,132 shares of company stock valued at $69,429,058 in the last three months. Corporate insiders own 12.83% of the company’s stock.

Institutional Investors Weigh In On Cloudflare

Institutional investors and hedge funds have recently made changes to their positions in the company. CVA Family Office LLC raised its position in shares of Cloudflare by 121.3% during the third quarter. CVA Family Office LLC now owns 312 shares of the company’s stock worth $25,000 after acquiring an additional 171 shares during the last quarter. Quarry LP raised its position in shares of Cloudflare by 73.4% during the second quarter. Quarry LP now owns 345 shares of the company’s stock worth $29,000 after acquiring an additional 146 shares during the last quarter. Capital Performance Advisors LLP bought a new stake in shares of Cloudflare during the third quarter worth $38,000. Quest Partners LLC bought a new stake in shares of Cloudflare during the third quarter worth $54,000. Finally, Versant Capital Management Inc raised its position in shares of Cloudflare by 44.9% during the fourth quarter. Versant Capital Management Inc now owns 549 shares of the company’s stock worth $59,000 after acquiring an additional 170 shares during 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.