Cloudflare (NYSE:NET) Upgraded at Bank of America

Bank of America upgraded shares of Cloudflare (NYSE:NET) from an underperform rating to a buy rating in a research report report published on Tuesday morning, MarketBeat reports. The firm currently has $160.00 target price on the stock, up from their previous target price of $60.00.

NET has been the topic of several other research reports. The Goldman Sachs Group dropped their target price on shares of Cloudflare from $183.00 to $161.00 and set a “buy” rating for the company in a research report on Friday, March 14th. DZ Bank downgraded Cloudflare from a “hold” rating to a “sell” rating and set a $145.00 price objective on the stock. in a research note on Tuesday, February 11th. Jefferies Financial Group increased their target price on Cloudflare from $100.00 to $125.00 and gave the company a “hold” rating in a research report on Thursday, December 19th. Mizuho dropped their price objective on shares of Cloudflare from $160.00 to $140.00 and set a “neutral” rating for the company in a research note on Thursday, March 13th. Finally, Scotiabank increased their price target on shares of Cloudflare from $87.00 to $110.00 and gave the company a “sector perform” rating in a report on Tuesday, January 21st. Three analysts have rated the stock with a sell rating, eleven have issued a hold rating and thirteen have assigned a buy rating to the stock. According to data from MarketBeat, Cloudflare has an average rating of “Hold” and an average target price of $135.64.

Cloudflare Stock Performance

Shares of NET opened at $118.62 on Tuesday. Cloudflare has a 12 month low of $66.24 and a 12 month high of $177.37. The business’s fifty day simple moving average is $137.52 and its two-hundred day simple moving average is $111.05. The company has a current ratio of 3.37, a quick ratio of 3.37 and a debt-to-equity ratio of 1.32. The company has a market cap of $40.93 billion, a price-to-earnings ratio of -539.17 and a beta of 1.27.

Cloudflare (NYSE:NET) last issued 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%. Research analysts anticipate that Cloudflare will post -0.11 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, insider Michelle Zatlyn sold 25,640 shares of the company’s stock in a transaction that occurred on Thursday, March 27th. The stock was sold at an average price of $117.34, for a total value of $3,008,597.60. Following the completion of the sale, the insider now directly owns 413,413 shares in the company, valued at $48,509,881.42. This represents a 5.84 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Douglas James Kramer sold 2,481 shares of the stock in a transaction that occurred on Monday, February 3rd. The shares were sold at an average price of $131.66, for a total value of $326,648.46. Following the completion of the sale, the insider now directly owns 175,688 shares of the company’s stock, valued at approximately $23,131,082.08. This represents a 1.39 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 618,046 shares of company stock worth $80,142,792. 12.83% of the stock is owned by insiders.

Hedge Funds Weigh In On Cloudflare

A number of institutional investors have recently bought and sold shares of NET. Capital World Investors grew its holdings in shares of Cloudflare by 0.7% during the 4th quarter. Capital World Investors now owns 35,409,307 shares of the company’s stock worth $3,812,942,000 after purchasing an additional 260,415 shares during the period. Geode Capital Management LLC lifted its stake in Cloudflare by 1.4% during the fourth quarter. Geode Capital Management LLC now owns 4,903,219 shares of the company’s stock worth $526,986,000 after purchasing an additional 68,661 shares in the last quarter. Groupama Asset Managment purchased a new position in shares of Cloudflare during the fourth quarter worth $269,200,000. Norges Bank purchased a new position in shares of Cloudflare during the fourth quarter worth $249,544,000. Finally, American Century Companies Inc. grew its stake in shares of Cloudflare by 82.0% in the fourth quarter. American Century Companies Inc. now owns 2,257,601 shares of the company’s stock valued at $243,098,000 after buying an additional 1,017,399 shares in the last quarter. 82.68% of the stock is owned by hedge funds and other institutional investors.

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.