Wells Fargo & Company Forecasts Strong Price Appreciation for Cloudflare (NYSE:NET) Stock

Cloudflare (NYSE:NET) had its price objective increased by Wells Fargo & Company from $110.00 to $135.00 in a report issued on Tuesday morning,Benzinga reports. They currently have an overweight rating on the stock.

Several other analysts have also recently commented on NET. The Goldman Sachs Group upgraded shares of Cloudflare from a “sell” rating to a “buy” rating and raised their price objective for the company from $77.00 to $140.00 in a research note on Thursday, January 2nd. Scotiabank boosted their price target on Cloudflare from $85.00 to $87.00 and gave the stock a “sector perform” rating in a research note on Friday, November 8th. Morgan Stanley raised Cloudflare from an “equal weight” rating to an “overweight” rating and raised their price objective for the company from $92.00 to $130.00 in a research note on Monday, December 2nd. Piper Sandler boosted their target price on Cloudflare from $83.00 to $92.00 and gave the stock a “neutral” rating in a research report on Friday, November 8th. Finally, BNP Paribas began coverage on Cloudflare in a research report on Tuesday, October 8th. They issued an “underperform” rating and a $65.00 price target for the company. Three analysts have rated the stock with a sell rating, twelve have given a hold rating and thirteen have issued a buy rating to the stock. According to MarketBeat.com, Cloudflare has an average rating of “Hold” and a consensus price target of $102.30.

Cloudflare Price Performance

Shares of NYSE:NET opened at $113.77 on Tuesday. Cloudflare has a 52 week low of $66.24 and a 52 week high of $119.42. The company has a 50-day moving average price of $103.82 and a 200 day moving average price of $89.73. The company has a market cap of $39.05 billion, a P/E ratio of -437.58 and a beta of 1.10. 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 posted its quarterly earnings results on Thursday, November 7th. The company reported ($0.03) earnings per share for the quarter, meeting analysts’ consensus estimates of ($0.03). The firm had revenue of $430.08 million for the quarter, compared to the consensus estimate of $423.65 million. Cloudflare had a negative return on equity of 7.18% and a negative net margin of 5.97%. 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 business’s stock in a transaction dated Friday, November 1st. The stock was sold at an average price of $88.60, for a total transaction of $265,800.00. Following the completion of the sale, the insider now owns 185,386 shares in the company, valued at approximately $16,425,199.60. The trade was 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 this link. Also, CFO Thomas J. Seifert sold 15,000 shares of the firm’s stock in a transaction that occurred on Friday, January 3rd. The shares were sold at an average price of $113.81, for a total transaction of $1,707,150.00. Following the completion of the transaction, the chief financial officer now owns 252,869 shares in the company, valued at $28,779,020.89. The trade was a 5.60 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 539,852 shares of company stock worth $54,505,326 in the last three months. 12.83% of the stock is currently owned by company insiders.

Institutional Trading of Cloudflare

Large investors have recently added to or reduced their stakes in the stock. Hartline Investment Corp grew its stake in shares of Cloudflare by 7.6% in the third quarter. Hartline Investment Corp now owns 260,379 shares of the company’s stock valued at $21,062,000 after buying an additional 18,426 shares in the last quarter. WIM INVESTMENT MANAGEMENT Ltd purchased a new position in Cloudflare in the 3rd quarter worth approximately $25,588,000. Charles Schwab Investment Management Inc. raised its stake in shares of Cloudflare by 2.7% during the third quarter. Charles Schwab Investment Management Inc. now owns 1,157,815 shares of the company’s stock valued at $93,656,000 after purchasing an additional 29,960 shares during the period. National Pension Service raised its stake in shares of Cloudflare by 0.9% during the third quarter. National Pension Service now owns 471,923 shares of the company’s stock valued at $38,174,000 after purchasing an additional 4,062 shares during the period. Finally, Susquehanna Fundamental Investments LLC purchased a new position in shares of Cloudflare in the second quarter valued at $7,319,000. 82.68% of the stock is currently 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.