Jefferies Financial Group Cuts Cloudflare (NYSE:NET) Price Target to $150.00

Cloudflare (NYSE:NET) had its price objective lowered by investment analysts at Jefferies Financial Group from $170.00 to $150.00 in a research report issued to clients and investors on Friday,Benzinga reports. The firm presently has a “hold” rating on the stock. Jefferies Financial Group’s target price would indicate a potential upside of 13.28% from the company’s current price.

A number of other brokerages have also issued reports on NET. The Goldman Sachs Group dropped their price objective on shares of Cloudflare from $183.00 to $161.00 and set a “buy” rating for the company in a report on Friday, March 14th. Oppenheimer began coverage on shares of Cloudflare in a report on Thursday, March 20th. They set an “outperform” rating and a $150.00 price target on the stock. Citigroup upgraded Cloudflare from a “neutral” rating to a “buy” rating and increased their price objective for the company from $95.00 to $145.00 in a report on Friday, January 17th. Royal Bank of Canada lowered their target price on Cloudflare from $170.00 to $148.00 and set an “outperform” rating for the company in a research report on Thursday, March 13th. Finally, Piper Sandler reduced their price target on Cloudflare from $131.00 to $112.00 and set a “neutral” rating on the stock in a research report on Tuesday, April 8th. Three research analysts have rated the stock with a sell rating, ten have given a hold rating, twelve have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $142.57.

Cloudflare Trading Up 6.5 %

Shares of NET opened at $132.42 on Friday. The company has a debt-to-equity ratio of 1.32, a quick ratio of 3.37 and a current ratio of 3.37. Cloudflare has a 52-week low of $66.24 and a 52-week high of $177.37. The firm has a market cap of $45.69 billion, a price-to-earnings ratio of -601.91 and a beta of 1.78. The business’s fifty day moving average is $116.02 and its 200-day moving average is $117.76.

Cloudflare (NYSE:NET) last issued its earnings results on Thursday, May 8th. The company reported $0.16 earnings per share for the quarter, missing analysts’ consensus estimates of $0.17 by ($0.01). Cloudflare had a negative net margin of 4.72% and a negative return on equity of 5.52%. The company had revenue of $479.09 million during the quarter, compared to analyst estimates of $469.49 million. During the same quarter in the prior year, the business earned $0.16 EPS. The business’s quarterly revenue was up 26.5% on a year-over-year basis. Equities analysts anticipate that Cloudflare will post -0.11 EPS for the current fiscal year.

Insider Buying and Selling at Cloudflare

In other news, CEO Matthew Prince sold 52,384 shares of the company’s stock in a transaction that occurred on Tuesday, February 25th. The stock was sold at an average price of $143.39, for a total value of $7,511,341.76. Following the completion of the transaction, the chief executive officer now directly owns 413,413 shares of the company’s stock, valued at $59,279,290.07. This represents a 11.25 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, insider Michelle Zatlyn sold 25,640 shares of Cloudflare stock in a transaction on Tuesday, April 15th. The stock was sold at an average price of $107.29, for a total value of $2,750,915.60. Following the sale, the insider now owns 413,413 shares in the company, valued at $44,355,080.77. This trade represents a 5.84 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 492,492 shares of company stock worth $63,757,685. Insiders own 12.83% of the company’s stock.

Hedge Funds Weigh In On Cloudflare

Several institutional investors have recently added to or reduced their stakes in the stock. Hartline Investment Corp boosted its stake in Cloudflare by 1.5% in the fourth quarter. Hartline Investment Corp now owns 264,336 shares of the company’s stock valued at $28,464,000 after acquiring an additional 3,957 shares during the last quarter. Birchcreek Wealth Management LLC bought a new stake in shares of Cloudflare in the 4th quarter worth approximately $215,000. Strategic Blueprint LLC purchased a new position in Cloudflare in the fourth quarter valued at approximately $265,000. Clarendon Private LLC bought a new position in Cloudflare during the fourth quarter valued at $293,000. Finally, Savant Capital LLC purchased a new stake in Cloudflare in the fourth quarter worth $237,000. Institutional investors 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.