Cloudflare (NYSE:NET) Given New $161.00 Price Target at The Goldman Sachs Group

Cloudflare (NYSE:NET) had its price objective reduced by The Goldman Sachs Group from $183.00 to $161.00 in a report issued on Friday morning,Benzinga reports. The Goldman Sachs Group currently has a buy rating on the stock.

A number of other equities analysts also recently commented on the company. Truist Financial lifted their target price on Cloudflare from $120.00 to $140.00 and gave the company a “buy” rating in a research note on Tuesday, January 28th. UBS Group reduced their price objective on Cloudflare from $165.00 to $135.00 and set a “neutral” rating for the company in a research report on Thursday. Wells Fargo & Company boosted their price objective on Cloudflare from $135.00 to $150.00 and gave the stock an “overweight” rating in a research report on Monday, January 27th. Baird R W downgraded Cloudflare from a “strong-buy” rating to a “hold” rating in a research report on Monday, February 3rd. Finally, Citigroup upgraded Cloudflare from a “neutral” rating to a “buy” rating and boosted their price objective for the stock from $95.00 to $145.00 in a research report on Friday, January 17th. Four equities research analysts have rated the stock with a sell rating, twelve have issued a hold rating and eleven have issued a buy rating to the company. According to MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $130.04.

Cloudflare Stock Performance

Shares of NET stock opened at $115.83 on Friday. 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 business has a 50 day moving average of $136.45 and a two-hundred day moving average of $108.31. Cloudflare has a 52 week low of $66.24 and a 52 week high of $177.37. The company has a market cap of $39.97 billion, a P/E ratio of -526.50 and a beta of 1.27.

Cloudflare (NYSE:NET) last issued its earnings results on Thursday, February 6th. The company reported ($0.03) EPS for the quarter, missing analysts’ consensus estimates of $0.18 by ($0.21). Cloudflare had a negative net margin of 4.72% and a negative return on equity of 5.52%. As a group, analysts anticipate that Cloudflare will post -0.11 EPS for the current year.

Insider Buying and Selling at Cloudflare

In other Cloudflare news, CEO Matthew Prince sold 52,384 shares of the company’s stock in a transaction on Thursday, February 27th. The stock was sold at an average price of $145.04, for a total value of $7,597,775.36. Following the transaction, the chief executive officer now owns 413,413 shares of the company’s stock, valued at approximately $59,961,421.52. This represents a 11.25 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Douglas James Kramer sold 2,481 shares of the company’s stock in a transaction on Monday, February 3rd. The shares were sold at an average price of $131.66, for a total value of $326,648.46. Following the completion of the transaction, the insider now directly owns 175,688 shares in the company, valued at $23,131,082.08. This represents a 1.39 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 571,766 shares of company stock valued at $73,804,307. Corporate insiders own 12.83% of the company’s stock.

Institutional Trading of Cloudflare

Large investors have recently added to or reduced their stakes in the company. WIM INVESTMENT MANAGEMENT Ltd acquired a new stake in Cloudflare during the 3rd quarter valued at $25,588,000. Hartline Investment Corp raised its stake in Cloudflare by 1.5% during the 4th quarter. Hartline Investment Corp now owns 264,336 shares of the company’s stock valued at $28,464,000 after purchasing an additional 3,957 shares during the period. Charles Schwab Investment Management Inc. raised its stake in Cloudflare by 2.7% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,157,815 shares of the company’s stock valued at $93,656,000 after purchasing an additional 29,960 shares during the period. Birchcreek Wealth Management LLC acquired a new stake in Cloudflare during the 4th quarter valued at $215,000. Finally, Strategic Blueprint LLC acquired a new stake in Cloudflare during the 4th quarter valued at $265,000. 82.68% of the stock is owned by institutional investors and hedge funds.

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.