Cloudflare (NYSE:NET) Downgraded by Oppenheimer to Market Perform

Cloudflare (NYSE:NET) was downgraded by research analysts at Oppenheimer from an “outperform” rating to a “market perform” rating in a report issued on Friday,Finviz reports.

Other research analysts have also recently issued research reports about the stock. Jefferies Financial Group raised their target price on shares of Cloudflare from $100.00 to $125.00 and gave the stock a “hold” rating in a report on Thursday, December 19th. 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, January 27th. Scotiabank increased their price objective on Cloudflare from $87.00 to $110.00 and gave the stock a “sector perform” rating in a report on Tuesday, January 21st. Needham & Company LLC boosted their target price on Cloudflare from $110.00 to $160.00 and gave the company a “buy” rating in a research note on Monday. Finally, Mizuho lifted their price target on shares of Cloudflare from $102.00 to $125.00 and gave the company a “neutral” rating in a report on Friday, December 13th. Three equities research analysts have rated the stock with a sell rating, twelve have issued a hold rating and twelve have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $112.32.

Cloudflare Trading Down 2.1 %

Cloudflare stock opened at $141.25 on Friday. The stock has a market cap of $48.47 billion, a P/E ratio of -543.25 and a beta of 1.12. The company has a debt-to-equity ratio of 1.32, a quick ratio of 3.37 and a current ratio of 3.37. The firm’s fifty day moving average price is $116.71 and its 200-day moving average price is $95.92. Cloudflare has a fifty-two week low of $66.24 and a fifty-two week high of $144.30.

Cloudflare (NYSE:NET) last announced its earnings results on Thursday, February 6th. The company reported ($0.03) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.18 by ($0.21). Cloudflare had a negative return on equity of 7.18% and a negative net margin of 5.97%. Equities research analysts forecast that Cloudflare will post -0.1 earnings per share for the current fiscal year.

Insider Buying and Selling at Cloudflare

In other news, CEO Matthew Prince sold 52,384 shares of the stock in a transaction 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 directly owns 192,177 shares of the company’s stock, valued at $18,370,199.43. This represents a 21.42 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CFO Thomas J. Seifert sold 15,000 shares of Cloudflare stock in a transaction on Monday, February 3rd. The stock was sold at an average price of $136.63, for a total value of $2,049,450.00. Following the completion of the sale, the chief financial officer now directly owns 252,869 shares of the company’s stock, valued at $34,549,491.47. The trade was a 5.60 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 633,738 shares of company stock worth $69,632,506. Company insiders own 12.83% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of NET. Geode Capital Management LLC boosted its holdings in shares of Cloudflare by 2.6% in the third quarter. Geode Capital Management LLC now owns 4,834,558 shares of the company’s stock worth $390,130,000 after buying an additional 121,810 shares during the last quarter. Bank of New York Mellon Corp raised its position in Cloudflare by 1.9% in the fourth quarter. Bank of New York Mellon Corp now owns 1,286,372 shares of the company’s stock worth $138,516,000 after acquiring an additional 23,641 shares during the period. Charles Schwab Investment Management Inc. boosted its stake in shares of Cloudflare by 5.5% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,221,760 shares of the company’s stock worth $131,559,000 after acquiring an additional 63,945 shares during the last quarter. Swiss National Bank increased its stake in shares of Cloudflare by 1.1% in the 3rd quarter. Swiss National Bank now owns 893,600 shares of the company’s stock worth $72,283,000 after purchasing an additional 10,100 shares in the last quarter. Finally, Peregrine Capital Management LLC lifted its position in Cloudflare by 0.4% during the fourth quarter. Peregrine Capital Management LLC now owns 661,682 shares of the company’s stock valued at $71,250,000 after purchasing an additional 2,483 shares in the last quarter. 82.68% of the stock is owned by hedge funds and other institutional investors.

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.