Cloudflare (NYSE:NET) Price Target Cut to $77.00

Cloudflare (NYSE:NET) had its price target reduced by analysts at The Goldman Sachs Group from $89.00 to $77.00 in a research report issued to clients and investors on Monday, Benzinga reports. The brokerage currently has a “sell” rating on the stock. The Goldman Sachs Group’s price objective suggests a potential upside of 3.89% from the company’s current price.

Several other brokerages have also recently commented on NET. Mizuho dropped their price target on shares of Cloudflare from $95.00 to $88.00 and set a “neutral” rating on the stock in a research report on Friday, May 3rd. JMP Securities boosted their target price on shares of Cloudflare from $75.00 to $90.00 and gave the stock a “market outperform” rating in a report on Wednesday, January 31st. Royal Bank of Canada raised their target price on shares of Cloudflare from $95.00 to $108.00 and gave the stock an “outperform” rating in a report on Friday, February 9th. KeyCorp decreased their price target on shares of Cloudflare from $132.00 to $94.00 and set an “overweight” rating on the stock in a research report on Friday, May 3rd. Finally, Morgan Stanley raised their price objective on Cloudflare from $66.00 to $92.00 and gave the stock an “equal weight” rating in a research note on Monday, February 12th. Four equities research analysts have rated the stock with a sell rating, nine have issued a hold rating and ten have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $89.48.

Cloudflare Stock Down 0.2 %

NET stock opened at $74.12 on Monday. The firm’s 50-day moving average is $92.69 and its two-hundred day moving average is $83.93. The company has a current ratio of 3.51, a quick ratio of 3.51 and a debt-to-equity ratio of 1.61. The company has a market capitalization of $25.03 billion, a price-to-earnings ratio of -139.85 and a beta of 1.15. Cloudflare has a 52 week low of $44.60 and a 52 week high of $116.00.

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

Insider Transactions at Cloudflare

In related news, CFO Thomas J. Seifert sold 15,000 shares of Cloudflare stock in a transaction on Friday, May 3rd. The stock was sold at an average price of $73.97, for a total transaction of $1,109,550.00. Following the completion of the sale, the chief financial officer now owns 338,469 shares of the company’s stock, valued at $25,036,551.93. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. In other news, 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 transaction, the chief operating officer now owns 38,545 shares in the company, valued at approximately $3,899,597.65. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Thomas J. Seifert sold 15,000 shares of the company’s stock in a transaction on Friday, May 3rd. The stock was sold at an average price of $73.97, for a total transaction of $1,109,550.00. Following the completion of the sale, the chief financial officer now owns 338,469 shares of the company’s stock, valued at $25,036,551.93. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 1,036,385 shares of company stock valued at $101,055,510. 12.83% of the stock is owned by insiders.

Institutional Trading of Cloudflare

Institutional investors and hedge funds have recently made changes to their positions in the stock. Commonwealth Equity Services LLC raised its stake in shares of Cloudflare by 9.0% in the 3rd quarter. Commonwealth Equity Services LLC now owns 56,921 shares of the company’s stock valued at $3,588,000 after acquiring an additional 4,685 shares in the last quarter. Raymond James Financial Services Advisors Inc. raised its position in shares of Cloudflare by 27.0% in the third quarter. Raymond James Financial Services Advisors Inc. now owns 15,709 shares of the company’s stock valued at $990,000 after purchasing an additional 3,337 shares during the period. Stratos Wealth Partners LTD. acquired a new stake in shares of Cloudflare in the third quarter worth $372,000. J.W. Cole Advisors Inc. bought a new stake in shares of Cloudflare during the 3rd quarter worth $255,000. Finally, Forsta AP Fonden grew its stake in Cloudflare by 0.7% in the 3rd quarter. Forsta AP Fonden now owns 57,500 shares of the company’s stock valued at $3,625,000 after buying an additional 400 shares during the last quarter. Institutional investors and hedge funds 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.