Cloudflare (NYSE:NET) Receives “Buy” Rating from Needham & Company LLC

Needham & Company LLC reaffirmed their buy rating on shares of Cloudflare (NYSE:NET) in a research note issued to investors on Tuesday morning,Benzinga reports. Needham & Company LLC currently has a $185.00 target price on the stock.

Other equities research analysts have also recently issued reports about the company. Wells Fargo & Company upped their price target on Cloudflare from $135.00 to $150.00 and gave the company an “overweight” rating in a research report on Monday, January 27th. The Goldman Sachs Group upped their target price on shares of Cloudflare from $140.00 to $183.00 and gave the stock a “buy” rating in a report on Friday, February 7th. Morgan Stanley raised their price target on shares of Cloudflare from $130.00 to $140.00 and gave the company an “overweight” rating in a report on Tuesday, January 21st. Truist Financial upped their price target on shares of Cloudflare from $120.00 to $140.00 and gave the stock a “buy” rating in a report on Tuesday, January 28th. Finally, Baird R W lowered Cloudflare from a “strong-buy” rating to a “hold” rating in a research note on Monday, February 3rd. Four research analysts have rated the stock with a sell rating, twelve have given a hold rating and eleven have assigned a buy rating to the company. According to MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $136.28.

Cloudflare Stock Down 2.5 %

NET opened at $156.52 on Tuesday. Cloudflare has a 12 month low of $66.24 and a 12 month high of $177.37. The company has a market cap of $53.72 billion, a PE ratio of -711.47 and a beta of 1.12. The company has a current ratio of 3.37, a quick ratio of 3.37 and a debt-to-equity ratio of 1.32. The company has a 50 day moving average of $129.34 and a 200 day moving average of $102.57.

Cloudflare (NYSE:NET) last posted its quarterly 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 return on equity of 5.52% and a negative net margin of 4.72%. On average, sell-side analysts expect that Cloudflare will post -0.11 EPS for the current year.

Insider Activity at Cloudflare

In other Cloudflare news, COO Michelle Zatlyn sold 35,118 shares of the business’s stock in a transaction that occurred on Monday, November 25th. The stock was sold at an average price of $105.30, for a total value of $3,697,925.40. Following the completion of the sale, the chief operating officer now owns 172,959 shares in the company, valued at approximately $18,212,582.70. The trade was a 16.88 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CAO Janel Riley sold 4,327 shares of the firm’s stock in a transaction that occurred on Tuesday, February 18th. The stock was sold at an average price of $167.60, for a total transaction of $725,205.20. Following the completion of the transaction, the chief accounting officer now owns 74,698 shares in the company, valued at $12,519,384.80. This represents a 5.48 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 533,297 shares of company stock worth $62,604,696 in the last ninety days. 12.83% of the stock is owned by company insiders.

Hedge Funds Weigh In On Cloudflare

Hedge funds have recently modified their holdings of the company. Creative Planning increased its holdings in Cloudflare by 17.8% during the 3rd quarter. Creative Planning now owns 31,519 shares of the company’s stock valued at $2,550,000 after purchasing an additional 4,756 shares during the period. Bleakley Financial Group LLC grew its position in shares of Cloudflare by 9.5% in the 3rd quarter. Bleakley Financial Group LLC now owns 3,620 shares of the company’s stock worth $293,000 after buying an additional 313 shares during the last quarter. Sumitomo Mitsui DS Asset Management Company Ltd increased its stake in shares of Cloudflare by 17.8% during the third quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 27,942 shares of the company’s stock valued at $2,260,000 after buying an additional 4,230 shares during the period. Blue Trust Inc. raised its holdings in shares of Cloudflare by 224.5% during the third quarter. Blue Trust Inc. now owns 2,447 shares of the company’s stock valued at $203,000 after acquiring an additional 1,693 shares in the last quarter. Finally, Allspring Global Investments Holdings LLC lifted its stake in Cloudflare by 13.7% in the third quarter. Allspring Global Investments Holdings LLC now owns 987 shares of the company’s stock worth $80,000 after acquiring an additional 119 shares during the period. Hedge funds and other institutional investors 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.