Piper Sandler Issues Positive Forecast for Cloudflare (NYSE:NET) Stock Price

Cloudflare (NYSE:NET) had its price target boosted by analysts at Piper Sandler from $92.00 to $153.00 in a research report issued on Friday,Benzinga reports. The brokerage currently has a “neutral” rating on the stock. Piper Sandler’s price objective points to a potential downside of 5.17% from the company’s current price.

Other equities analysts have also recently issued research reports about the stock. Robert W. Baird reiterated a “neutral” rating and issued a $140.00 price objective (up previously from $125.00) on shares of Cloudflare in a research note on Monday. Truist Financial increased their price objective on shares of Cloudflare from $120.00 to $140.00 and gave the company a “buy” rating in a report on Tuesday, January 28th. Wells Fargo & Company boosted their target price on shares of Cloudflare from $135.00 to $150.00 and gave the stock an “overweight” rating in a report on Monday, January 27th. Jefferies Financial Group lifted their price objective on Cloudflare from $100.00 to $125.00 and gave the stock a “hold” rating in a research note on Thursday, December 19th. Finally, Baird R W downgraded shares of Cloudflare from a “strong-buy” rating to a “hold” rating in a research note on Monday. Three analysts have rated the stock with a sell rating, twelve have issued a hold rating and twelve have issued a buy rating to the company. According to MarketBeat, the company has an average rating of “Hold” and a consensus target price of $114.76.

Cloudflare Stock Performance

NYSE:NET traded up $19.82 on Friday, reaching $161.34. 1,955,367 shares of the company’s stock were exchanged, compared to its average volume of 3,278,121. The stock has a fifty day simple moving average of $116.71 and a 200-day simple moving average of $95.92. The company has a debt-to-equity ratio of 1.32, a current ratio of 3.37 and a quick ratio of 3.37. Cloudflare has a 52 week low of $66.24 and a 52 week high of $161.34. The firm has a market cap of $55.37 billion, a price-to-earnings ratio of -621.14 and a beta of 1.12.

Cloudflare (NYSE:NET) last issued its quarterly earnings data on Thursday, February 6th. The company reported ($0.03) earnings per share 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%. As a group, sell-side analysts predict that Cloudflare will post -0.1 earnings per share for the current year.

Insider Buying and Selling

In other news, COO Michelle Zatlyn sold 35,118 shares of the stock in a transaction on Monday, November 25th. The stock was sold at an average price of $105.30, for a total value of $3,697,925.40. Following the transaction, the chief operating officer now owns 172,959 shares of the company’s stock, valued at $18,212,582.70. This represents a 16.88 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Douglas James Kramer sold 2,481 shares of Cloudflare stock in a transaction dated Monday, February 3rd. The stock was sold at an average price of $131.66, for a total value of $326,648.46. Following the transaction, the insider now owns 175,688 shares in the company, valued at approximately $23,131,082.08. This represents a 1.39 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 633,738 shares of company stock valued at $69,632,506 over the last three months. 12.83% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in NET. Geode Capital Management LLC lifted its holdings in Cloudflare by 2.6% during the 3rd quarter. Geode Capital Management LLC now owns 4,834,558 shares of the company’s stock valued at $390,130,000 after purchasing an additional 121,810 shares during the last quarter. Bank of New York Mellon Corp raised its position in shares of Cloudflare by 1.9% in the 4th quarter. Bank of New York Mellon Corp now owns 1,286,372 shares of the company’s stock valued at $138,516,000 after buying an additional 23,641 shares in the last quarter. Charles Schwab Investment Management Inc. boosted its position in Cloudflare by 5.5% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,221,760 shares of the company’s stock valued at $131,559,000 after buying an additional 63,945 shares in the last quarter. Swiss National Bank increased its holdings in Cloudflare by 1.1% in the 3rd quarter. Swiss National Bank now owns 893,600 shares of the company’s stock worth $72,283,000 after purchasing an additional 10,100 shares in the last quarter. Finally, Peregrine Capital Management LLC grew its holdings in shares of Cloudflare by 0.4% during the fourth quarter. Peregrine Capital Management LLC now owns 661,682 shares of the company’s stock worth $71,250,000 after purchasing an additional 2,483 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.