Cloudflare (NYSE:NET) Price Target Cut to $145.00 by Analysts at Needham & Company LLC

Cloudflare (NYSE:NET) had its price target cut by Needham & Company LLC from $185.00 to $145.00 in a report released on Thursday,Benzinga reports. They currently have a buy rating on the stock.

Other equities research analysts also recently issued research reports about the company. Royal Bank of Canada raised their target price on Cloudflare from $123.00 to $170.00 and gave the company an “outperform” rating in a report on Friday, February 7th. Citigroup upgraded shares of Cloudflare from a “neutral” rating to a “buy” rating and raised their price objective for the company from $95.00 to $145.00 in a research note on Friday, January 17th. Stifel Nicolaus upped their target price on shares of Cloudflare from $136.00 to $175.00 and gave the stock a “buy” rating in a research report on Friday, February 7th. Oppenheimer downgraded shares of Cloudflare from an “outperform” rating to a “market perform” rating in a research report on Friday, February 7th. Finally, Truist Financial upped their price target on Cloudflare from $120.00 to $140.00 and gave the stock a “buy” rating in a report on Tuesday, January 28th. Four research analysts have rated the stock with a sell rating, twelve have given a hold rating and eleven have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Hold” and an average price target of $130.92.

Cloudflare Stock Down 5.0 %

Shares of NYSE:NET opened at $113.38 on Thursday. Cloudflare has a fifty-two week low of $66.24 and a fifty-two week high of $177.37. The company has a quick ratio of 3.37, a current ratio of 3.37 and a debt-to-equity ratio of 1.32. The firm’s 50-day simple moving average is $136.44 and its 200-day simple moving average is $108.28. The company has a market cap of $39.12 billion, a price-to-earnings ratio of -515.35 and a beta of 1.27.

Cloudflare (NYSE:NET) last announced its quarterly earnings data on Thursday, February 6th. The company reported ($0.03) earnings per share for the quarter, missing analysts’ consensus estimates of $0.18 by ($0.21). Cloudflare had a negative net margin of 4.72% and a negative return on equity of 5.52%. As a group, equities research analysts predict that Cloudflare will post -0.11 earnings per share for the current year.

Insiders Place Their Bets

In other Cloudflare news, CFO Thomas J. Seifert sold 15,000 shares of the firm’s stock in a transaction dated Wednesday, December 18th. The stock was sold at an average price of $112.72, for a total value of $1,690,800.00. Following the sale, the chief financial officer now directly owns 252,869 shares of the company’s stock, valued at approximately $28,503,393.68. This trade represents a 5.60 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Matthew Prince sold 52,384 shares of Cloudflare stock in a transaction dated Thursday, February 27th. The shares were sold at an average price of $145.04, for a total value of $7,597,775.36. Following the completion of the sale, the chief executive officer now owns 413,413 shares of the company’s stock, valued at $59,961,421.52. This trade represents a 11.25 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 571,766 shares of company stock valued at $73,804,307. Company insiders own 12.83% of the company’s stock.

Institutional Investors Weigh In On Cloudflare

Several hedge funds have recently modified their holdings of the stock. WIM INVESTMENT MANAGEMENT Ltd purchased a new position in Cloudflare during the third quarter worth approximately $25,588,000. Hartline Investment Corp increased its holdings in shares of Cloudflare by 1.5% during the 4th quarter. Hartline Investment Corp now owns 264,336 shares of the company’s stock worth $28,464,000 after buying an additional 3,957 shares during the last quarter. Charles Schwab Investment Management Inc. raised its position in shares of Cloudflare by 2.7% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,157,815 shares of the company’s stock worth $93,656,000 after buying an additional 29,960 shares during the period. Birchcreek Wealth Management LLC acquired a new position in Cloudflare in the fourth quarter valued at $215,000. Finally, Strategic Blueprint LLC purchased a new stake in Cloudflare during the fourth quarter valued at about $265,000. 82.68% of the stock is owned by institutional investors and hedge funds.

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.