Cloudflare (NYSE:NET) Price Target Raised to $183.00

Cloudflare (NYSE:NET) had its price target boosted by The Goldman Sachs Group from $140.00 to $183.00 in a report published on Friday,Benzinga reports. They currently have a buy rating on the stock.

Several other research analysts also recently weighed in on NET. Guggenheim lifted their target price on Cloudflare from $57.00 to $68.00 and gave the company a “sell” rating in a research note on Friday. Scotiabank upped their price objective on shares of Cloudflare from $87.00 to $110.00 and gave the stock a “sector perform” rating in a research report on Tuesday, January 21st. JMP Securities lifted their target price on shares of Cloudflare from $135.00 to $180.00 and gave the company a “market outperform” rating in a report on Friday. Truist Financial increased their price target on shares of Cloudflare from $120.00 to $140.00 and gave the stock a “buy” rating in a report on Tuesday, January 28th. Finally, Cantor Fitzgerald boosted their target price on Cloudflare from $111.00 to $149.00 and gave the stock a “neutral” rating in a research report on Friday. Three investment analysts have rated the stock with a sell rating, twelve have given a hold rating and twelve have given a buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $128.48.

Cloudflare Stock Performance

Shares of NET opened at $166.88 on Friday. The company’s 50 day simple moving average is $118.89 and its 200-day simple moving average is $97.11. The firm has a market cap of $57.27 billion, a PE ratio of -758.52 and a beta of 1.12. Cloudflare has a 12-month low of $66.24 and a 12-month high of $171.38. The company has a current ratio of 3.37, a quick ratio of 3.37 and a debt-to-equity ratio of 1.32.

Cloudflare (NYSE:NET) last issued its quarterly earnings data on Thursday, February 6th. The company reported ($0.03) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.18 by ($0.21). Cloudflare had a negative return on equity of 5.52% and a negative net margin of 4.72%. As a group, equities analysts predict that Cloudflare will post -0.04 EPS for the current year.

Insider Activity

In other news, CEO Matthew Prince sold 52,384 shares of Cloudflare stock in a transaction on Friday, November 15th. The stock was sold at an average price of $89.06, for a total value of $4,665,319.04. Following the completion of the sale, the chief executive officer now owns 192,177 shares of the company’s stock, valued at $17,115,283.62. The trade was a 21.42 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Douglas James Kramer sold 2,481 shares of the stock in a transaction dated Monday, February 3rd. The stock was sold at an average price of $131.66, for a total value of $326,648.46. Following the transaction, the insider now owns 175,688 shares in the company, valued at $23,131,082.08. This trade represents a 1.39 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 633,738 shares of company stock worth $69,632,506 over the last three months. 12.83% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the stock. CVA Family Office LLC boosted 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 during the last quarter. Capital Performance Advisors LLP acquired a new position in shares of Cloudflare in the 3rd quarter valued at $38,000. Quarry LP grew its stake in shares of Cloudflare by 38.6% during the 3rd quarter. Quarry LP now owns 478 shares of the company’s stock valued at $39,000 after buying an additional 133 shares during the period. Quest Partners LLC acquired a new stake in shares of Cloudflare during the 3rd quarter worth $54,000. Finally, Larson Financial Group LLC raised its position in shares of Cloudflare by 1,988.5% in the 4th quarter. Larson Financial Group LLC now owns 543 shares of the company’s stock worth $58,000 after buying an additional 517 shares during the period. 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.