Cloudflare (NYSE:NET) Upgraded at Morgan Stanley

Morgan Stanley upgraded shares of Cloudflare (NYSE:NET) from an equal weight rating to an overweight rating in a research report sent to investors on Monday, MarketBeat reports. They currently have $130.00 target price on the stock, up from their prior target price of $92.00.

A number of other analysts also recently issued reports on the company. Piper Sandler lifted their price target on Cloudflare from $83.00 to $92.00 and gave the stock a “neutral” rating in a report on Friday, November 8th. Susquehanna lifted their price target on Cloudflare from $80.00 to $85.00 and gave the stock a “neutral” rating in a report on Monday, August 5th. Wells Fargo & Company lifted their price target on Cloudflare from $105.00 to $110.00 and gave the stock an “overweight” rating in a report on Friday, November 8th. BNP Paribas started coverage on Cloudflare in a report on Tuesday, October 8th. They set an “underperform” rating and a $65.00 price target for the company. Finally, Mizuho lifted their price target on Cloudflare from $92.00 to $105.00 and gave the stock a “neutral” rating in a report on Thursday, October 17th. Four analysts have rated the stock with a sell rating, eleven have issued a hold rating and eleven have issued a buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $94.40.

Cloudflare Trading Up 5.5 %

NET opened at $110.72 on Monday. Cloudflare has a 12 month low of $66.24 and a 12 month high of $116.00. The stock has a market capitalization of $38.00 billion, a price-to-earnings ratio of -425.85 and a beta of 1.10. 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 business has a fifty day moving average price of $91.57 and a 200 day moving average price of $83.14.

Cloudflare (NYSE:NET) last released 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 firm had revenue of $430.08 million during the quarter, compared to analysts’ expectations of $423.65 million. Sell-side analysts expect that Cloudflare will post -0.11 earnings per share for the current fiscal year.

Insider Activity at Cloudflare

In other Cloudflare news, CFO Thomas J. Seifert sold 28,635 shares of the stock in a transaction on Tuesday, November 19th. The stock was sold at an average price of $95.03, for a total transaction of $2,721,184.05. Following the transaction, the chief financial officer now owns 252,869 shares of the company’s stock, valued at $24,030,141.07. This represents a 10.17 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, COO Michelle Zatlyn sold 25,640 shares of the stock in a transaction on Wednesday, November 27th. The stock was sold at an average price of $100.44, for a total value of $2,575,281.60. Following the completion of the transaction, the chief operating officer now directly owns 172,959 shares in the company, valued at $17,372,001.96. This trade represents a 12.91 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 536,568 shares of company stock valued at $47,573,767. 12.83% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several large investors have recently made changes to their positions in the company. Baillie Gifford & Co. grew its stake in shares of Cloudflare by 8.5% during the second quarter. Baillie Gifford & Co. now owns 32,722,670 shares of the company’s stock valued at $2,710,419,000 after acquiring an additional 2,575,396 shares in the last quarter. Marshall Wace LLP grew its stake in shares of Cloudflare by 123.4% during the second quarter. Marshall Wace LLP now owns 1,548,535 shares of the company’s stock valued at $128,265,000 after acquiring an additional 855,334 shares in the last quarter. WIM INVESTMENT MANAGEMENT Ltd acquired a new stake in shares of Cloudflare during the third quarter valued at about $25,588,000. American Century Companies Inc. grew its stake in shares of Cloudflare by 24.8% during the second quarter. American Century Companies Inc. now owns 1,394,732 shares of the company’s stock valued at $115,526,000 after acquiring an additional 277,228 shares in the last quarter. Finally, Glynn Capital Management LLC acquired a new stake in shares of Cloudflare during the second quarter valued at about $16,765,000. 82.68% of the stock is owned by hedge funds and other 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.