Cloudflare (NYSE:NET) Price Target Raised to $140.00

Cloudflare (NYSE:NET) had its price target hoisted by investment analysts at Truist Financial from $120.00 to $140.00 in a research report issued to clients and investors on Tuesday,Benzinga reports. The firm currently has a “buy” rating on the stock. Truist Financial’s price target would suggest a potential upside of 10.60% from the stock’s current price.

A number of other equities research analysts have also issued reports on the company. Piper Sandler raised their price target on Cloudflare from $83.00 to $92.00 and gave the stock a “neutral” rating in a research note on Friday, November 8th. Scotiabank boosted their price objective on shares of Cloudflare from $87.00 to $110.00 and gave the company a “sector perform” rating in a research report on Tuesday, January 21st. The Goldman Sachs Group raised shares of Cloudflare from a “sell” rating to a “buy” rating and raised their target price for the stock from $77.00 to $140.00 in a research report on Thursday, January 2nd. Wells Fargo & Company boosted their price target on Cloudflare from $135.00 to $150.00 and gave the company an “overweight” rating in a report on Monday. Finally, Citigroup upgraded Cloudflare from a “neutral” rating to a “buy” rating and raised their price objective for the stock from $95.00 to $145.00 in a report on Friday, January 17th. Three research analysts have rated the stock with a sell rating, nine have issued a hold rating and fourteen have issued a buy rating to the company. According to data from MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $109.72.

Cloudflare Trading Up 1.2 %

Shares of NET stock opened at $126.58 on Tuesday. The company has a market cap of $43.44 billion, a PE ratio of -486.86 and a beta of 1.10. Cloudflare has a 1 year low of $66.24 and a 1 year high of $130.65. The stock’s 50 day simple moving average is $111.39 and its two-hundred day simple moving average is $93.18. 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 (NYSE:NET) last announced its earnings results on Thursday, November 7th. The company reported ($0.03) earnings per share for the quarter, meeting the consensus estimate of ($0.03). Cloudflare had a negative net margin of 5.97% and a negative return on equity of 7.18%. The business had revenue of $430.08 million for the quarter, compared to the consensus estimate of $423.65 million. Research analysts predict that Cloudflare will post -0.1 earnings per share for the current year.

Insider Transactions at Cloudflare

In other news, CEO Matthew Prince sold 52,384 shares of the company’s stock in a transaction dated Wednesday, November 13th. The shares were sold at an average price of $95.59, for a total transaction of $5,007,386.56. Following the transaction, the chief executive officer now owns 192,177 shares in the company, valued at $18,370,199.43. This represents a 21.42 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, COO Michelle Zatlyn sold 35,118 shares of Cloudflare stock in a transaction on Monday, November 25th. The stock was sold at an average price of $105.30, for a total transaction of $3,697,925.40. Following the sale, the chief operating officer now owns 172,959 shares of the company’s stock, valued at $18,212,582.70. The trade was a 16.88 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 641,132 shares of company stock valued at $69,429,058 in the last quarter. 12.83% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Cloudflare

A number of institutional investors and hedge funds have recently modified their holdings of NET. WIM INVESTMENT MANAGEMENT Ltd purchased a new position in shares of Cloudflare during the third quarter worth $25,588,000. International Assets Investment Management LLC acquired a new position in shares of Cloudflare in the 3rd quarter valued at about $147,160,000. Parnassus Investments LLC grew its holdings in Cloudflare by 1,851.9% during the third quarter. Parnassus Investments LLC now owns 138,410 shares of the company’s stock worth $11,196,000 after acquiring an additional 131,319 shares during the period. Geode Capital Management LLC raised its position in Cloudflare by 2.6% during the third quarter. Geode Capital Management LLC now owns 4,834,558 shares of the company’s stock valued at $390,130,000 after acquiring an additional 121,810 shares in the last quarter. Finally, Los Angeles Capital Management LLC lifted its holdings in Cloudflare by 70.5% in the third quarter. Los Angeles Capital Management LLC now owns 280,826 shares of the company’s stock valued at $22,716,000 after acquiring an additional 116,130 shares during the period. Institutional investors and hedge funds 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.