Cloudflare (NYSE:NET) Shares Gap Up to $46.16

Financial News Live · Jan 26, 2023 11:51

Shares of Cloudflare, Inc. (NYSE:NET – Get Rating) gapped up before the market opened on Thursday . The stock had previously closed at $46.16, but opened at $48.00. Cloudflare shares last traded at $48.23, with a volume of 519,464 shares traded.

Wall Street Analyst Weigh In

A number of analysts recently commented on the stock. JPMorgan Chase & Co. upgraded shares of Cloudflare from an "underweight" rating to a "neutral" rating and set a $42.00 target price on the stock in a report on Monday, November 28th. Piper Sandler decreased their target price on shares of Cloudflare from $58.00 to $46.00 in a research report on Tuesday, January 17th. Guggenheim cut shares of Cloudflare from a "neutral" rating to a "sell" rating and set a $36.00 price objective for the company. in a research note on Tuesday, January 17th. KeyCorp reduced their price objective on shares of Cloudflare from $98.00 to $59.00 and set an "overweight" rating for the company in a research note on Friday, November 4th. Finally, Cantor Fitzgerald upped their target price on shares of Cloudflare from $55.00 to $65.00 in a research note on Friday, November 4th. One investment analyst has rated the stock with a sell rating, nine have given a hold rating and nine have given a buy rating to the stock. According to MarketBeat, Cloudflare currently has an average rating of "Hold" and an average price target of $75.13.

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Cloudflare Price Performance

The company has a debt-to-equity ratio of 2.42, a quick ratio of 5.35 and a current ratio of 5.35. The business has a 50 day moving average of $45.52 and a 200 day moving average of $53.16.

Cloudflare (NYSE:NET – Get Rating) last posted its quarterly earnings data on Thursday, November 3rd. The company reported ($0.11) earnings per share for the quarter, topping analysts' consensus estimates of ($0.13) by $0.02. The firm had revenue of $253.86 million during the quarter, compared to analysts' expectations of $250.20 million. Cloudflare had a negative return on equity of 27.82% and a negative net margin of 25.16%. Research analysts predict that Cloudflare, Inc. will post -0.4 earnings per share for the current year.

Insider Transactions at Cloudflare

In related news, CEO Matthew Prince sold 74,710 shares of the firm's stock in a transaction on Friday, January 6th. The stock was sold at an average price of $39.90, for a total value of $2,980,929.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, CEO Matthew Prince sold 74,710 shares of the firm's stock in a transaction on Friday, January 6th. The stock was sold at an average price of $39.90, for a total value of $2,980,929.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Thomas J. Seifert sold 50,000 shares of the firm's stock in a transaction on Friday, November 11th. The stock was sold at an average price of $50.15, for a total value of $2,507,500.00. Following the completion of the transaction, the chief financial officer now owns 88,415 shares of the company's stock, valued at approximately $4,434,012.25. The disclosure for this sale can be found here. Insiders sold 495,785 shares of company stock valued at $22,885,776 in the last quarter. 15.99% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Cloudflare

Institutional investors have recently modified their holdings of the stock. Zurcher Kantonalbank Zurich Cantonalbank raised its stake in shares of Cloudflare by 7.3% during the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 103,249 shares of the company's stock valued at $4,517,000 after buying an additional 7,016 shares during the last quarter. Independent Advisor Alliance grew its position in shares of Cloudflare by 5.4% during the 3rd quarter. Independent Advisor Alliance now owns 13,682 shares of the company's stock valued at $757,000 after acquiring an additional 696 shares during the period. Ellevest Inc. grew its position in shares of Cloudflare by 461.3% during the 3rd quarter. Ellevest Inc. now owns 2,032 shares of the company's stock valued at $112,000 after acquiring an additional 1,670 shares during the period. Sumitomo Mitsui Trust Holdings Inc. grew its position in shares of Cloudflare by 0.7% during the 3rd quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 1,482,780 shares of the company's stock valued at $82,013,000 after acquiring an additional 10,202 shares during the period. Finally, Lake Street Advisors Group LLC acquired a new stake in shares of Cloudflare during the 2nd quarter valued at about $890,000. Hedge funds and other institutional investors own 69.97% of the company's stock.

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.