Cloudflare (NYSE:NET) Given New $170.00 Price Target at Royal Bank of Canada

Cloudflare (NYSE:NET) had its target price hoisted by Royal Bank of Canada from $123.00 to $170.00 in a research report released on Friday morning,Benzinga reports. They currently have an outperform rating on the stock.

A number of other research firms have also weighed in on NET. Wells Fargo & Company increased their target price on shares of Cloudflare from $135.00 to $150.00 and gave the stock an “overweight” rating in a report on Monday, January 27th. Citigroup upgraded Cloudflare from a “neutral” rating to a “buy” rating and lifted their price objective for the stock from $95.00 to $145.00 in a research report on Friday, January 17th. Scotiabank upped their target price on Cloudflare from $87.00 to $110.00 and gave the company a “sector perform” rating in a report on Tuesday, January 21st. Baird R W cut shares of Cloudflare from a “strong-buy” rating to a “hold” rating in a report on Monday, February 3rd. Finally, Robert W. Baird restated a “neutral” rating and issued a $140.00 price objective (up from $125.00) on shares of Cloudflare in a report on Monday, February 3rd. Three analysts have rated the stock with a sell rating, twelve have issued a hold rating and twelve have given a buy rating to the company’s stock. Based on data from MarketBeat, Cloudflare has an average rating of “Hold” and a consensus target price of $128.48.

Cloudflare Stock Up 17.9 %

NET opened at $166.88 on Friday. The company has a debt-to-equity ratio of 1.32, a quick ratio of 3.37 and a current ratio of 3.37. Cloudflare has a 1 year low of $66.24 and a 1 year high of $171.38. The stock’s 50 day simple moving average is $117.55 and its 200 day simple moving average is $96.24.

Cloudflare (NYSE:NET) last issued its earnings results on Thursday, February 6th. The company reported ($0.03) EPS for the quarter, missing the consensus estimate of $0.18 by ($0.21). Cloudflare had a negative return on equity of 5.52% and a negative net margin of 4.72%. As a group, sell-side analysts anticipate that Cloudflare will post -0.04 EPS for the current fiscal year.

Insider Buying and Selling

In other news, CEO Matthew Prince sold 52,384 shares of the business’s stock in a transaction on Friday, November 15th. The stock was sold at an average price of $89.06, for a total value of $4,665,319.04. Following the completion of the transaction, the chief executive officer now owns 192,177 shares in the company, valued at $17,115,283.62. The trade was a 21.42 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 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 transaction, the insider now directly owns 175,688 shares in the company, valued at approximately $23,131,082.08. The trade was a 1.39 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 633,738 shares of company stock worth $69,632,506 in the last three months. Insiders own 12.83% of the company’s stock.

Institutional Trading of Cloudflare

A number of large investors have recently made changes to their positions in NET. CVA Family Office LLC boosted its holdings in Cloudflare by 121.3% in the third quarter. CVA Family Office LLC now owns 312 shares of the company’s stock worth $25,000 after purchasing an additional 171 shares during the last quarter. Capital Performance Advisors LLP bought a new position in shares of Cloudflare during the 3rd quarter valued at $38,000. Quarry LP boosted its stake in shares of Cloudflare by 38.6% in the 3rd quarter. Quarry LP now owns 478 shares of the company’s stock worth $39,000 after buying an additional 133 shares during the last quarter. Larson Financial Group LLC increased its position in Cloudflare by 1,988.5% during the fourth quarter. Larson Financial Group LLC now owns 543 shares of the company’s stock valued at $58,000 after acquiring an additional 517 shares during the last quarter. Finally, Versant Capital Management Inc lifted its holdings in Cloudflare by 44.9% in the fourth quarter. Versant Capital Management Inc now owns 549 shares of the company’s stock valued at $59,000 after acquiring an additional 170 shares during the period. 82.68% of the stock is currently owned by 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.