Wells Fargo & Company Forecasts Strong Price Appreciation for Cloudflare (NYSE:NET) Stock

Cloudflare (NYSE:NET) had its price objective boosted by Wells Fargo & Company from $105.00 to $110.00 in a note issued to investors on Friday,Benzinga reports. The brokerage currently has an “overweight” rating on the stock. Wells Fargo & Company‘s target price would suggest a potential upside of 20.55% from the stock’s previous close.

Other analysts also recently issued reports about the company. Royal Bank of Canada upped their target price on Cloudflare from $90.00 to $99.00 and gave the company an “outperform” rating in a research report on Friday, August 2nd. Robert W. Baird increased their target price on shares of Cloudflare from $94.00 to $100.00 and gave the stock an “outperform” rating in a research note on Friday, August 2nd. Needham & Company LLC reaffirmed a “buy” rating and set a $135.00 target price on shares of Cloudflare in a research report on Friday, August 2nd. Piper Sandler lifted their target price on shares of Cloudflare from $83.00 to $92.00 and gave the stock a “neutral” rating in a research report on Friday. Finally, Susquehanna increased their price objective on Cloudflare from $80.00 to $85.00 and gave the company a “neutral” rating in a report on Monday, August 5th. Four investment analysts have rated the stock with a sell rating, twelve have given a hold rating and ten have issued a buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $92.88.

Cloudflare Stock Performance

NYSE NET opened at $91.25 on Friday. The company has a 50 day moving average of $84.77 and a 200-day moving average of $80.69. The firm has a market cap of $31.18 billion, a price-to-earnings ratio of -350.96 and a beta of 1.10. The company has a current ratio of 3.51, a quick ratio of 3.51 and a debt-to-equity ratio of 1.46. Cloudflare has a 1-year low of $61.34 and a 1-year high of $116.00.

Cloudflare (NYSE:NET) last issued its quarterly earnings data on Thursday, November 7th. The company reported ($0.03) EPS for the quarter, hitting analysts’ consensus estimates of ($0.03). The business had revenue of $430.08 million for the quarter, compared to analyst estimates of $423.65 million. Cloudflare had a negative net margin of 6.90% and a negative return on equity of 8.54%. On average, equities analysts forecast that Cloudflare will post -0.13 earnings per share for the current fiscal year.

Insider Transactions at Cloudflare

In other news, Director Maria S. Eitel sold 6,875 shares of the stock in a transaction that occurred on Friday, November 1st. The shares were sold at an average price of $88.00, for a total value of $605,000.00. Following the completion of the sale, the director now owns 5,927 shares of the company’s stock, valued at $521,576. This represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. In related news, Director Maria S. Eitel sold 6,875 shares of the business’s stock in a transaction that occurred on Friday, November 1st. The stock was sold at an average price of $88.00, for a total transaction of $605,000.00. Following the completion of the sale, the director now owns 5,927 shares in the company, valued at $521,576. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Thomas J. Seifert sold 15,000 shares of the firm’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 transaction, the chief financial officer now owns 281,403 shares in the company, valued at $24,422,966.37. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 477,043 shares of company stock valued at $39,737,342 over the last 90 days. Corporate insiders own 12.83% of the company’s stock.

Institutional Trading of Cloudflare

A number of hedge funds have recently bought and sold shares of the company. National Pension Service lifted its position in Cloudflare by 0.9% during the 3rd quarter. National Pension Service now owns 471,923 shares of the company’s stock worth $38,174,000 after acquiring an additional 4,062 shares in the last quarter. Susquehanna Fundamental Investments LLC bought a new position in Cloudflare during the second quarter worth $7,319,000. Price T Rowe Associates Inc. MD grew its holdings in shares of Cloudflare by 20.7% during the first quarter. Price T Rowe Associates Inc. MD now owns 875,183 shares of the company’s stock valued at $84,745,000 after purchasing an additional 149,866 shares during the last quarter. Swiss National Bank grew its position in shares of Cloudflare by 2.0% during the first quarter. Swiss National Bank now owns 886,900 shares of the company’s stock worth $85,879,000 after acquiring an additional 17,700 shares during the last quarter. Finally, Comerica Bank increased its stake in shares of Cloudflare by 19.9% in the first quarter. Comerica Bank now owns 28,556 shares of the company’s stock valued at $2,765,000 after purchasing an additional 4,733 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.