Cloudflare (NYSE:NET) Raised to Buy at Stifel Nicolaus

Cloudflare (NYSE:NET) was upgraded by analysts at Stifel Nicolaus from a “hold” rating to a “buy” rating in a report released on Tuesday, Marketbeat reports. The brokerage presently has a $136.00 price objective on the stock, up from their prior price objective of $95.00. Stifel Nicolaus’ price objective would suggest a potential upside of 24.66% from the stock’s current price.

Other analysts have also recently issued research reports about the stock. Morgan Stanley upgraded shares of Cloudflare from an “equal weight” rating to an “overweight” rating and upped their target price for the company from $92.00 to $130.00 in a research report on Monday, December 2nd. Wells Fargo & Company raised their target price on Cloudflare from $105.00 to $110.00 and gave the stock an “overweight” rating in a report on Friday, November 8th. Scotiabank lifted their price objective on shares of Cloudflare from $85.00 to $87.00 and gave the stock a “sector perform” rating in a research note on Friday, November 8th. Piper Sandler upped their target price on shares of Cloudflare from $83.00 to $92.00 and gave the company a “neutral” rating in a research note on Friday, November 8th. Finally, BNP Paribas initiated coverage on shares of Cloudflare in a research report on Tuesday, October 8th. They set an “underperform” rating and a $65.00 price target on the stock. Four research analysts have rated the stock with a sell rating, eleven have assigned a hold rating and twelve have given a buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $96.77.

Cloudflare Trading Down 7.2 %

Shares of NET opened at $109.10 on Tuesday. The stock’s fifty day simple moving average is $97.50 and its 200-day simple moving average is $85.78. The firm has a market capitalization of $37.44 billion, a PE ratio of -419.62 and a beta of 1.10. Cloudflare has a 12-month low of $66.24 and a 12-month high of $119.42. The company has a quick ratio of 3.37, a current ratio of 3.37 and a debt-to-equity ratio of 1.32.

Cloudflare (NYSE:NET) last released its earnings results on Thursday, November 7th. The company reported ($0.03) earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of ($0.03). Cloudflare had a negative net margin of 5.97% and a negative return on equity of 7.18%. The company had revenue of $430.08 million for the quarter, compared to the consensus estimate of $423.65 million. As a group, research analysts predict that Cloudflare will post -0.1 earnings per share for the current year.

Insider Transactions at Cloudflare

In other news, insider Douglas James Kramer sold 3,000 shares of the company’s stock in a transaction dated Friday, November 1st. The shares were sold at an average price of $88.60, for a total value of $265,800.00. Following the sale, the insider now directly owns 185,386 shares of the company’s stock, valued at approximately $16,425,199.60. This represents a 1.59 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Thomas J. Seifert sold 15,000 shares of the firm’s stock in a transaction dated Thursday, October 3rd. The shares were sold at an average price of $79.19, for a total transaction of $1,187,850.00. Following the completion of the sale, the chief financial officer now owns 281,403 shares of the company’s stock, valued at $22,284,303.57. This trade represents a 5.06 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 509,824 shares of company stock worth $47,862,488 in the last 90 days. Corporate insiders own 12.83% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in NET. Tidal Investments LLC boosted its position in Cloudflare by 18.0% during the third quarter. Tidal Investments LLC now owns 23,238 shares of the company’s stock worth $1,880,000 after purchasing an additional 3,550 shares during the period. Wilmington Savings Fund Society FSB acquired a new stake in shares of Cloudflare during the 3rd quarter worth about $204,000. Sanctuary Advisors LLC lifted its stake in shares of Cloudflare by 37.2% during the 3rd quarter. Sanctuary Advisors LLC now owns 14,133 shares of the company’s stock worth $1,143,000 after buying an additional 3,835 shares during the last quarter. Virtu Financial LLC bought a new stake in shares of Cloudflare during the 3rd quarter worth about $1,268,000. Finally, Advisory Resource Group grew its stake in Cloudflare by 1.6% in the 3rd quarter. Advisory Resource Group now owns 12,611 shares of the company’s stock valued at $1,020,000 after buying an additional 195 shares during the last quarter. 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.