Cloudflare (NYSE:NET) Price Target Raised to $183.00 at The Goldman Sachs Group

Cloudflare (NYSE:NET) had its price objective raised by equities researchers at The Goldman Sachs Group from $140.00 to $183.00 in a research report issued on Friday,Benzinga reports. The brokerage presently has a “buy” rating on the stock. The Goldman Sachs Group’s target price suggests a potential upside of 8.30% from the stock’s current price.

A number of other analysts have also issued reports on NET. Oppenheimer lowered shares of Cloudflare from an “outperform” rating to a “market perform” rating in a research note on Friday. Baird R W cut Cloudflare from a “strong-buy” rating to a “hold” rating in a research note on Monday. Needham & Company LLC increased their price objective on Cloudflare from $110.00 to $160.00 and gave the stock a “buy” rating in a research report on Monday. Citigroup raised Cloudflare from a “neutral” rating to a “buy” rating and upped their target price for the company from $95.00 to $145.00 in a report on Friday, January 17th. Finally, Morgan Stanley upped their target price on Cloudflare from $130.00 to $140.00 and gave the company an “overweight” rating in a report on Tuesday, January 21st. Three equities research analysts have rated the stock with a sell rating, twelve have given a hold rating and twelve have given a buy rating to the stock. According to data from MarketBeat.com, Cloudflare currently has an average rating of “Hold” and a consensus price target of $125.20.

Cloudflare Price Performance

NET traded up $27.46 during trading on Friday, reaching $168.98. The company’s stock had a trading volume of 10,930,483 shares, compared to its average volume of 3,627,885. The company has a quick ratio of 3.37, a current ratio of 3.37 and a debt-to-equity ratio of 1.32. The firm has a fifty day simple moving average of $116.71 and a two-hundred day simple moving average of $95.92. Cloudflare has a 1 year low of $66.24 and a 1 year high of $171.38. The company has a market cap of $57.99 billion, a price-to-earnings ratio of -649.38 and a beta of 1.12.

Cloudflare (NYSE:NET) last released its earnings results 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, analysts anticipate that Cloudflare will post -0.1 EPS for the current year.

Insider Activity

In other Cloudflare news, CEO Matthew Prince sold 52,384 shares of the business’s stock in a transaction that occurred on Wednesday, November 13th. The stock was 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 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 sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Douglas James Kramer sold 2,481 shares of the business’s stock in a transaction that occurred on 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 directly owns 175,688 shares in the company, valued at approximately $23,131,082.08. This trade represents a 1.39 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 633,738 shares of company stock valued at $69,632,506. Company insiders own 12.83% of the company’s stock.

Institutional Investors Weigh In On Cloudflare

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Stratos Wealth Partners LTD. grew its holdings in Cloudflare by 1.2% during the 4th quarter. Stratos Wealth Partners LTD. now owns 6,583 shares of the company’s stock worth $709,000 after acquiring an additional 77 shares during the period. Atomi Financial Group Inc. lifted its position in shares of Cloudflare by 3.3% during the 4th quarter. Atomi Financial Group Inc. now owns 2,966 shares of the company’s stock worth $319,000 after buying an additional 94 shares in the last quarter. Chicago Partners Investment Group LLC increased its stake in shares of Cloudflare by 4.3% during the 4th quarter. Chicago Partners Investment Group LLC now owns 2,529 shares of the company’s stock worth $293,000 after purchasing an additional 105 shares during the last quarter. D.A. Davidson & CO. grew its stake in Cloudflare by 0.5% in the 4th quarter. D.A. Davidson & CO. now owns 21,075 shares of the company’s stock valued at $2,269,000 after buying an additional 106 shares in the last quarter. Finally, Amalgamated Bank grew its stake in Cloudflare by 0.5% in the 4th quarter. Amalgamated Bank now owns 20,002 shares of the company’s stock valued at $2,154,000 after buying an additional 107 shares in the last quarter. 82.68% of the stock is currently owned by 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.