Cloudflare (NYSE:NET) Given New $68.00 Price Target at Guggenheim

Cloudflare (NYSE:NET) had its price objective hoisted by stock analysts at Guggenheim from $57.00 to $68.00 in a report released on Friday,Benzinga reports. The brokerage currently has a “sell” rating on the stock. Guggenheim’s price objective would indicate a potential downside of 58.86% from the company’s previous close.

Several other research firms have also issued reports on NET. Baird R W lowered shares of Cloudflare from a “strong-buy” rating to a “hold” rating in a report on Monday. Oppenheimer cut shares of Cloudflare from an “outperform” rating to a “market perform” rating in a research report on Friday. Royal Bank of Canada boosted their price target on shares of Cloudflare from $99.00 to $123.00 and gave the stock an “outperform” rating in a report on Friday, January 3rd. Cantor Fitzgerald started coverage on shares of Cloudflare in a report on Friday, January 17th. They set a “neutral” rating and a $111.00 target price for the company. Finally, Truist Financial raised their price target on shares of Cloudflare from $120.00 to $140.00 and gave the stock a “buy” rating in a research note on Tuesday, January 28th. Three investment analysts have rated the stock with a sell rating, twelve have issued a hold rating and twelve have assigned a buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $119.56.

Cloudflare Price Performance

Shares of NYSE NET traded up $23.77 during mid-day trading on Friday, hitting $165.29. 5,377,988 shares of the company’s stock traded hands, compared to its average volume of 3,382,584. The company has a market capitalization of $56.73 billion, a P/E ratio of -634.87 and a beta of 1.12. Cloudflare has a 1 year low of $66.24 and a 1 year high of $165.00. The company has a debt-to-equity ratio of 1.32, a current ratio of 3.37 and a quick ratio of 3.37. The company’s 50-day moving average is $116.71 and its two-hundred day moving average is $95.92.

Cloudflare (NYSE:NET) last announced its earnings results on Thursday, February 6th. The company reported ($0.03) EPS for the quarter, missing analysts’ consensus estimates of $0.18 by ($0.21). Cloudflare had a negative return on equity of 7.18% and a negative net margin of 5.97%. On average, equities analysts anticipate that Cloudflare will post -0.1 EPS for the current fiscal year.

Insider Buying and Selling at Cloudflare

In other news, CEO Matthew Prince sold 52,384 shares of the business’s stock in a transaction on Friday, November 15th. The shares were sold at an average price of $89.06, for a total value of $4,665,319.04. Following the sale, the chief executive officer now owns 192,177 shares in the company, valued at approximately $17,115,283.62. The trade was a 21.42 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Douglas James Kramer sold 2,481 shares of the stock in a transaction on Monday, February 3rd. The stock was sold at an average price of $131.66, for a total transaction of $326,648.46. Following the completion of the sale, the insider now owns 175,688 shares in the company, valued at approximately $23,131,082.08. This trade represents a 1.39 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 633,738 shares of company stock valued at $69,632,506 over the last quarter. Corporate insiders own 12.83% of the company’s stock.

Hedge Funds Weigh In On Cloudflare

Several hedge funds have recently made changes to their positions in NET. CVA Family Office LLC lifted its stake in Cloudflare by 121.3% in the third quarter. CVA Family Office LLC now owns 312 shares of the company’s stock valued at $25,000 after acquiring an additional 171 shares during the last quarter. Capital Performance Advisors LLP bought a new stake in shares of Cloudflare in the third quarter worth $38,000. Quarry LP raised its position in shares of Cloudflare by 38.6% in the 3rd quarter. Quarry LP now owns 478 shares of the company’s stock worth $39,000 after acquiring an additional 133 shares in the last quarter. Larson Financial Group LLC lifted its stake in shares of Cloudflare by 1,988.5% in the 4th quarter. Larson Financial Group LLC now owns 543 shares of the company’s stock valued at $58,000 after purchasing an additional 517 shares during the period. Finally, Versant Capital Management Inc grew its stake in 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 purchasing an additional 170 shares during the period. 82.68% of the stock is owned by institutional investors.

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.