Cloudflare (NYSE:NET) Rating Lowered to “Market Perform” at Oppenheimer

Oppenheimer cut shares of Cloudflare (NYSE:NET) from an outperform rating to a market perform rating in a research report sent to investors on Friday, Marketbeat Ratings reports.

A number of other research firms also recently weighed in on NET. Scotiabank boosted their target price on Cloudflare from $87.00 to $110.00 and gave the stock a “sector perform” rating in a research report on Tuesday, January 21st. Royal Bank of Canada boosted their price objective on Cloudflare from $99.00 to $123.00 and gave the stock an “outperform” rating in a report on Friday, January 3rd. Wells Fargo & Company upped their target price on shares of Cloudflare from $135.00 to $150.00 and gave the company an “overweight” rating in a research report on Monday, January 27th. Needham & Company LLC lifted their price target on shares of Cloudflare from $110.00 to $160.00 and gave the stock a “buy” rating in a research report on Monday, February 3rd. Finally, The Goldman Sachs Group upgraded shares of Cloudflare from a “sell” rating to a “buy” rating and increased their price objective for the company from $77.00 to $140.00 in a report on Thursday, January 2nd. Three research analysts have rated the stock with a sell rating, twelve have given a hold rating and twelve have issued a buy rating to the company. According to MarketBeat.com, Cloudflare presently has an average rating of “Hold” and an average price target of $128.48.

Cloudflare Stock Performance

Shares of NYSE NET opened at $166.88 on Friday. The company has a current ratio of 3.37, a quick ratio of 3.37 and a debt-to-equity ratio of 1.32. Cloudflare has a 12-month low of $66.24 and a 12-month high of $171.38. The firm’s 50-day simple moving average is $117.55 and its 200 day simple moving average is $96.24.

Cloudflare (NYSE:NET) last released its quarterly earnings results on Thursday, February 6th. The company reported ($0.03) EPS for the quarter, missing the consensus estimate of $0.18 by ($0.21). Cloudflare had a negative net margin of 4.72% and a negative return on equity of 5.52%. Research analysts predict that Cloudflare will post -0.04 EPS for the current fiscal year.

Insider Buying and Selling at Cloudflare

In other news, COO Michelle Zatlyn sold 35,118 shares of the firm’s stock in a transaction on Monday, November 25th. The shares were sold at an average price of $105.30, for a total transaction of $3,697,925.40. Following the completion of the transaction, the chief operating officer now owns 172,959 shares of the company’s stock, valued at approximately $18,212,582.70. This trade represents a 16.88 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Matthew Prince sold 52,384 shares of the stock in a transaction on Wednesday, November 13th. The shares were sold at an average price of $95.59, for a total value of $5,007,386.56. Following the completion of the sale, the chief executive officer now owns 192,177 shares of the company’s stock, valued at $18,370,199.43. The trade was a 21.42 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 633,738 shares of company stock valued at $69,632,506. 12.83% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Cloudflare

Several institutional investors and hedge funds have recently made changes to their positions in the stock. CVA Family Office LLC increased its position in Cloudflare by 121.3% during the 3rd quarter. CVA Family Office LLC now owns 312 shares of the company’s stock valued at $25,000 after purchasing an additional 171 shares during the period. Capital Performance Advisors LLP bought a new stake in Cloudflare in the third quarter worth approximately $38,000. Quarry LP boosted its stake in Cloudflare by 38.6% during the third 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 raised its holdings in shares of Cloudflare by 1,988.5% during the fourth 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 shares of Cloudflare by 44.9% in the 4th quarter. Versant Capital Management Inc now owns 549 shares of the company’s stock valued at $59,000 after buying an additional 170 shares during the period. Institutional investors and hedge funds own 82.68% of the company’s stock.

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.