Cloudflare, Inc. (NYSE:NET – Get Rating) gapped down before the market opened on Wednesday after Morgan Stanley lowered their price target on the stock from $52.00 to $47.00. The stock had previously closed at $46.67, but opened at $44.11. Morgan Stanley currently has an equal weight rating on the stock. Cloudflare shares last traded at $43.73, with a volume of 711,294 shares trading hands.
Several other brokerages also recently issued reports on NET. Cowen dropped their target price on shares of Cloudflare from $100.00 to $75.00 in a research note on Friday, November 4th. Robert W. Baird dropped their target price on shares of Cloudflare from $80.00 to $67.00 in a research note on Friday, November 4th. Macquarie started coverage on shares of Cloudflare in a research note on Wednesday, November 2nd. They issued a "neutral" rating and a $60.00 target price on the stock. Royal Bank of Canada dropped their target price on shares of Cloudflare from $74.00 to $60.00 and set an "outperform" rating on the stock in a research note on Friday, November 4th. Finally, Credit Suisse Group dropped their target price on shares of Cloudflare from $125.00 to $95.00 and set an "outperform" rating on the stock in a research note on Friday, November 4th. One equities research analyst has rated the stock with a sell rating, nine have issued a hold rating and nine have issued a buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of "Hold" and an average target price of $75.13.
Get Cloudflare alerts:Insider Buying and Selling at Cloudflare
In other Cloudflare news, CFO Thomas J. Seifert sold 20,000 shares of the company's stock in a transaction that occurred on Monday, November 7th. The shares were sold at an average price of $40.78, for a total transaction of $815,600.00. Following the completion of the sale, the chief financial officer now directly owns 86,433 shares of the company's stock, valued at $3,524,737.74. The sale was disclosed in a filing with the SEC, which can be accessed through this link. In other news, General Counsel Douglas James Kramer sold 4,500 shares of the firm's stock in a transaction on Tuesday, November 15th. The shares were sold at an average price of $55.99, for a total transaction of $251,955.00. Following the sale, the general counsel now directly owns 62,299 shares in the company, valued at approximately $3,488,121.01. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Thomas J. Seifert sold 20,000 shares of the firm's stock in a transaction on Monday, November 7th. The shares were sold at an average price of $40.78, for a total transaction of $815,600.00. Following the sale, the chief financial officer now owns 86,433 shares in the company, valued at $3,524,737.74. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 495,785 shares of company stock valued at $22,885,776. Insiders own 15.99% of the company's stock.
Institutional Trading of Cloudflare
Several institutional investors and hedge funds have recently modified their holdings of the company. Baillie Gifford & Co. raised its position in shares of Cloudflare by 6.5% during the 4th quarter. Baillie Gifford & Co. now owns 26,335,438 shares of the company's stock valued at $1,190,626,000 after purchasing an additional 1,610,191 shares during the period. Vanguard Group Inc. grew its stake in Cloudflare by 5.8% during the third quarter. Vanguard Group Inc. now owns 25,299,971 shares of the company's stock valued at $1,399,341,000 after acquiring an additional 1,398,081 shares in the last quarter. Sands Capital Management LLC grew its stake in Cloudflare by 2.0% during the third quarter. Sands Capital Management LLC now owns 15,956,268 shares of the company's stock valued at $882,541,000 after acquiring an additional 312,315 shares in the last quarter. State Street Corp grew its stake in Cloudflare by 5.3% during the first quarter. State Street Corp now owns 5,552,609 shares of the company's stock valued at $664,647,000 after acquiring an additional 278,422 shares in the last quarter. Finally, Franklin Resources Inc. grew its stake in Cloudflare by 14.1% during the second quarter. Franklin Resources Inc. now owns 2,991,913 shares of the company's stock valued at $130,897,000 after acquiring an additional 369,048 shares in the last quarter. 69.97% of the stock is currently owned by institutional investors.Cloudflare Stock Down 1.1 %
The company has a market capitalization of $15.17 billion, a PE ratio of -65.94 and a beta of 1.03. The company's 50 day moving average is $45.52 and its two-hundred day moving average is $53.16. The company has a quick ratio of 5.35, a current ratio of 5.35 and a debt-to-equity ratio of 2.42.
Cloudflare (NYSE:NET – Get Rating) last issued its quarterly earnings data on Thursday, November 3rd. The company reported ($0.11) EPS for the quarter, topping analysts' consensus estimates of ($0.13) by $0.02. Cloudflare had a negative net margin of 25.16% and a negative return on equity of 27.82%. The business had revenue of $253.86 million during the quarter, compared to analysts' expectations of $250.20 million. On average, analysts anticipate that Cloudflare, Inc. will post -0.4 earnings per share for the current year.
Cloudflare Company Profile
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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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