Equities researchers at Moffett Nathanson started coverage on shares of Cloudflare (NYSE:NET – Get Rating) in a report issued on Thursday, The Fly reports. The firm set a "buy" rating and a $114.00 price target on the stock. Moffett Nathanson's price target indicates a potential upside of 109.44% from the stock's current price.
Several other research firms also recently commented on NET. Guggenheim assumed coverage on shares of Cloudflare in a research note on Friday, August 12th. They set a "neutral" rating and a $82.00 price objective for the company. Royal Bank of Canada lifted their price objective on shares of Cloudflare from $62.00 to $74.00 in a research note on Friday, August 5th. Wells Fargo & Company lowered their price objective on shares of Cloudflare from $60.00 to $42.00 and set an "equal weight" rating for the company in a research note on Monday, July 18th. Cantor Fitzgerald assumed coverage on shares of Cloudflare in a research note on Thursday, September 8th. They set a "neutral" rating and a $65.00 price objective for the company. Finally, Evercore ISI lowered their price objective on shares of Cloudflare from $110.00 to $65.00 and set an "outperform" rating for the company in a research note on Tuesday, June 28th. One research analyst has rated the stock with a sell rating, twelve have issued a hold rating and nine have issued a buy rating to the company's stock. Based on data from MarketBeat.com, Cloudflare currently has a consensus rating of "Hold" and an average target price of $112.57.
Get Cloudflare alerts:Cloudflare Price Performance
NYSE NET opened at $54.43 on Thursday. The firm's fifty day simple moving average is $61.88 and its two-hundred day simple moving average is $71.26. The company has a current ratio of 5.45, a quick ratio of 5.45 and a debt-to-equity ratio of 2.47. Cloudflare has a 12-month low of $38.96 and a 12-month high of $221.64. The firm has a market capitalization of $17.76 billion, a P/E ratio of -59.81 and a beta of 1.10.
Cloudflare (NYSE:NET – Get Rating) last released its quarterly earnings results on Thursday, August 4th. The company reported ($0.18) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.11) by ($0.07). Cloudflare had a negative return on equity of 23.62% and a negative net margin of 35.66%. The firm had revenue of $234.52 million during the quarter, compared to analysts' expectations of $227.52 million. Analysts forecast that Cloudflare will post -0.53 EPS for the current fiscal year.Insider Transactions at Cloudflare
In other news, CEO Matthew Prince sold 52,384 shares of the business's stock in a transaction dated Monday, September 12th. The shares were sold at an average price of $65.93, for a total transaction of $3,453,677.12. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. In other news, CAO Paul D. Underwood sold 6,000 shares of the business's stock in a transaction dated Friday, August 5th. The shares were sold at an average price of $70.00, for a total transaction of $420,000.00. Following the completion of the sale, the chief accounting officer now owns 30,030 shares of the company's stock, valued at $2,102,100. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Matthew Prince sold 52,384 shares of the business's stock in a transaction dated Monday, September 12th. The stock was sold at an average price of $65.93, for a total transaction of $3,453,677.12. The disclosure for this sale can be found here. Insiders sold 320,304 shares of company stock valued at $20,817,806 over the last 90 days. Corporate insiders own 15.99% of the company's stock.
Institutional Trading of Cloudflare
A number of institutional investors and hedge funds have recently modified their holdings of the stock. Vanguard Group Inc. grew its stake in Cloudflare by 2.4% during the 1st quarter. Vanguard Group Inc. now owns 23,358,000 shares of the company's stock valued at $2,795,953,000 after acquiring an additional 548,149 shares in the last quarter. Capital World Investors grew its stake in Cloudflare by 50.2% during the 1st quarter. Capital World Investors now owns 17,046,464 shares of the company's stock valued at $2,040,462,000 after acquiring an additional 5,698,601 shares in the last quarter. Sands Capital Management LLC grew its stake in Cloudflare by 15.4% during the 2nd quarter. Sands Capital Management LLC now owns 15,643,953 shares of the company's stock valued at $684,423,000 after acquiring an additional 2,093,425 shares in the last quarter. BlackRock Inc. grew its stake in Cloudflare by 4.2% during the 1st quarter. BlackRock Inc. now owns 15,091,856 shares of the company's stock valued at $1,806,495,000 after acquiring an additional 611,459 shares in the last quarter. Finally, First Trust Advisors LP grew its stake in Cloudflare by 30.4% during the 1st quarter. First Trust Advisors LP now owns 6,448,150 shares of the company's stock valued at $771,844,000 after acquiring an additional 1,503,125 shares in the last quarter. Hedge funds and other institutional investors own 71.69% of the company's stock.
About Cloudflare
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CloudFlare, Inc operates as a cloud services provider that delivers a range of services to businesses worldwide. The company offers 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.
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