Cloudflare (NYSE:NET) PT Lowered to $80.00 at JPMorgan Chase & Co.

Cloudflare (NYSE:NET) had its price objective reduced by JPMorgan Chase & Co. from $90.00 to $80.00 in a research report sent to investors on Friday morning, Benzinga reports. They currently have a neutral rating on the stock.

A number of other research firms also recently commented on NET. DZ Bank downgraded shares of Cloudflare from a buy rating to a hold rating and set a $110.00 price objective on the stock. in a report on Tuesday, February 13th. Cantor Fitzgerald cut their target price on shares of Cloudflare from $100.00 to $80.00 and set a neutral rating for the company in a research report on Friday. Piper Sandler restated a neutral rating and set a $81.00 target price (down previously from $110.00) on shares of Cloudflare in a research report on Friday. KeyCorp lifted their target price on shares of Cloudflare from $94.00 to $132.00 and gave the stock an overweight rating in a research report on Friday, February 9th. Finally, Needham & Company LLC restated a buy rating and set a $135.00 target price on shares of Cloudflare in a research report on Friday. Four investment analysts have rated the stock with a sell rating, ten have issued a hold rating and nine have issued a buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of Hold and a consensus target price of $90.13.

Cloudflare Trading Down 0.1 %

Shares of NYSE:NET opened at $74.29 on Friday. Cloudflare has a fifty-two week low of $44.60 and a fifty-two week high of $116.00. The firm’s 50-day simple moving average is $93.17 and its 200-day simple moving average is $83.83. The company has a quick ratio of 3.51, a current ratio of 3.51 and a debt-to-equity ratio of 1.61.

Cloudflare (NYSE:NET) last released its quarterly earnings data on Thursday, February 8th. The company reported ($0.06) EPS for the quarter, topping analysts’ consensus estimates of ($0.07) by $0.01. The firm had revenue of $362.47 million for the quarter, compared to the consensus estimate of $352.70 million. Cloudflare had a negative net margin of 13.10% and a negative return on equity of 12.78%. As a group, equities analysts predict that Cloudflare will post -0.2 EPS for the current year.

Insiders Place Their Bets

In other Cloudflare news, COO Michelle Zatlyn sold 277,376 shares of the business’s stock in a transaction that occurred on Thursday, February 15th. The shares were sold at an average price of $101.17, for a total transaction of $28,062,129.92. Following the completion of the sale, the chief operating officer now directly owns 38,545 shares in the company, valued at $3,899,597.65. The transaction was disclosed in a legal filing with the SEC, which is available through this link. In related news, Director Carl Ledbetter sold 7,962 shares of the firm’s stock in a transaction on Wednesday, February 7th. The shares were sold at an average price of $81.42, for a total transaction of $648,266.04. Following the completion of the sale, the director now directly owns 1,446,957 shares of the company’s stock, valued at approximately $117,811,238.94. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, COO Michelle Zatlyn sold 277,376 shares of the firm’s stock in a transaction on Thursday, February 15th. The shares were sold at an average price of $101.17, for a total transaction of $28,062,129.92. Following the sale, the chief operating officer now directly owns 38,545 shares of the company’s stock, valued at $3,899,597.65. The disclosure for this sale can be found here. Insiders sold a total of 1,044,347 shares of company stock worth $101,703,776 over the last ninety days. 12.83% of the stock is owned by company insiders.

Institutional Investors Weigh In On Cloudflare

A number of large investors have recently added to or reduced their stakes in the company. Vanguard Group Inc. boosted its stake in Cloudflare by 2.7% during the 4th quarter. Vanguard Group Inc. now owns 28,159,189 shares of the company’s stock valued at $2,344,534,000 after acquiring an additional 740,914 shares during the last quarter. Capital World Investors lifted its position in Cloudflare by 1.8% in the 4th quarter. Capital World Investors now owns 27,543,956 shares of the company’s stock valued at $2,293,310,000 after purchasing an additional 487,308 shares during the last quarter. 1832 Asset Management L.P. lifted its position in Cloudflare by 121.2% in the 4th quarter. 1832 Asset Management L.P. now owns 2,916,600 shares of the company’s stock valued at $242,836,000 after purchasing an additional 1,597,900 shares during the last quarter. Norges Bank acquired a new position in Cloudflare during the 4th quarter valued at about $221,858,000. Finally, Sumitomo Mitsui Trust Holdings Inc. increased its stake in Cloudflare by 0.9% during the 3rd quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 1,736,212 shares of the company’s stock valued at $109,451,000 after buying an additional 14,984 shares during the period. 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.