Cloudflare (NYSE:NET) Price Target Raised to $150.00 at Wells Fargo & Company

Cloudflare (NYSE:NET) had its price objective hoisted by stock analysts at Wells Fargo & Company from $135.00 to $150.00 in a research note issued on Monday,Benzinga reports. The brokerage presently has an “overweight” rating on the stock. Wells Fargo & Company‘s target price would indicate a potential upside of 15.78% from the stock’s current price.

Several other research firms have also recently commented on NET. Royal Bank of Canada upped their price target on Cloudflare from $99.00 to $123.00 and gave the stock an “outperform” rating in a research note on Friday, January 3rd. Citigroup upgraded shares of Cloudflare from a “neutral” rating to a “buy” rating and boosted their price target for the stock from $95.00 to $145.00 in a research note on Friday, January 17th. Stifel Nicolaus raised Cloudflare from a “hold” rating to a “buy” rating and lifted their price objective for the company from $95.00 to $136.00 in a report on Tuesday, December 17th. Scotiabank raised their price target on Cloudflare from $87.00 to $110.00 and gave the company a “sector perform” rating in a report on Tuesday, January 21st. Finally, The Goldman Sachs Group raised Cloudflare from a “sell” rating to a “buy” rating and upped their price objective for the stock from $77.00 to $140.00 in a report on Thursday, January 2nd. Three research analysts have rated the stock with a sell rating, nine have issued a hold rating and fourteen have given a buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $108.92.

Cloudflare Stock Performance

NET traded up $4.44 during trading on Monday, hitting $129.56. 742,385 shares of the stock were exchanged, compared to its average volume of 2,548,849. 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 has a 1-year low of $66.24 and a 1-year high of $128.33. The stock has a fifty day moving average price of $110.70 and a two-hundred day moving average price of $92.86. The firm has a market capitalization of $44.46 billion, a P/E ratio of -495.38 and a beta of 1.10.

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

Insider Transactions at Cloudflare

In other Cloudflare news, insider Douglas James Kramer sold 3,000 shares of the firm’s stock in a transaction dated Friday, November 1st. The stock was 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 trade represents a 1.59 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, COO Michelle Zatlyn sold 25,640 shares of Cloudflare stock in a transaction dated Friday, January 24th. The shares were sold at an average price of $123.75, for a total value of $3,172,950.00. Following the completion of the sale, the chief operating officer now owns 172,959 shares of the company’s stock, valued at $21,403,676.25. This trade represents a 12.91 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 641,132 shares of company stock worth $69,429,058 over the last ninety days. 12.83% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Cloudflare

Hedge funds have recently made changes to their positions in the stock. CVA Family Office LLC increased its position in shares of 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 acquiring an additional 171 shares in the last quarter. Quarry LP boosted its holdings in Cloudflare by 73.4% in the second quarter. Quarry LP now owns 345 shares of the company’s stock valued at $29,000 after purchasing an additional 146 shares during the last quarter. Capital Performance Advisors LLP acquired a new stake in shares of Cloudflare during the third quarter worth approximately $38,000. Versant Capital Management Inc increased its position in shares of Cloudflare by 44.9% in the 4th quarter. Versant Capital Management Inc now owns 549 shares of the company’s stock worth $59,000 after purchasing an additional 170 shares during the last quarter. Finally, GAMMA Investing LLC raised its stake in Cloudflare by 59.0% during the fourth quarter. GAMMA Investing LLC now owns 585 shares of the company’s stock valued at $63,000 after buying an additional 217 shares in the last quarter. Institutional investors and hedge funds own 82.68% of the company’s stock.

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.