Brokerages Set Cloudflare, Inc. (NYSE:NET) Target Price at $141.79

Cloudflare, Inc. (NYSE:NET - Get Free Report) has earned an average recommendation of "Hold" from the twenty-seven brokerages that are presently covering the stock, Marketbeat reports. Three analysts have rated the stock with a sell rating, ten have given a hold rating, thirteen have given a buy rating and one has issued a strong buy rating on the company. The average 1-year target price among brokers that have issued ratings on the stock in the last year is $141.79.

NET has been the topic of a number of research reports. Jefferies Financial Group cut their price objective on Cloudflare from $170.00 to $150.00 and set a "hold" rating on the stock in a report on Friday, May 9th. Scotiabank raised their price objective on Cloudflare from $87.00 to $110.00 and gave the stock a "sector perform" rating in a report on Tuesday, January 21st. Truist Financial increased their price objective on shares of Cloudflare from $120.00 to $140.00 and gave the stock a "buy" rating in a research report on Tuesday, January 28th. Needham & Company LLC increased their price objective on shares of Cloudflare from $145.00 to $160.00 and gave the stock a "buy" rating in a research report on Friday, May 9th. Finally, CICC Research raised shares of Cloudflare from a "market perform" rating to an "outperform" rating and set a $154.00 price objective for the company in a research report on Monday, May 12th.

Cloudflare Price Performance

Shares of NET traded down $0.26 during trading hours on Monday, reaching $157.26. The company had a trading volume of 2,705,000 shares, compared to its average volume of 3,152,581. The firm has a 50 day simple moving average of $120.03 and a 200-day simple moving average of $120.89. 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 capitalization of $54.27 billion, a price-to-earnings ratio of -714.82 and a beta of 1.78. Cloudflare has a 12-month low of $66.24 and a 12-month high of $177.37.

Cloudflare (NYSE:NET - Get Free Report) last released its quarterly earnings data on Thursday, May 8th. The company reported $0.16 EPS for the quarter, missing the consensus estimate of $0.17 by ($0.01). Cloudflare had a negative return on equity of 5.52% and a negative net margin of 4.72%. The business had revenue of $479.09 million during the quarter, compared to analysts' expectations of $469.49 million. During the same quarter in the prior year, the firm earned $0.16 earnings per share. Cloudflare's quarterly revenue was up 26.5% on a year-over-year basis. Research analysts expect that Cloudflare will post -0.11 earnings per share for the current year.

Insider Activity at Cloudflare

In other Cloudflare news, CFO Thomas J. Seifert sold 28,635 shares of the business's stock in a transaction that occurred on Wednesday, February 19th. The stock was sold at an average price of $162.07, for a total value of $4,640,874.45. Following the transaction, the chief financial officer now directly owns 293,582 shares of the company's stock, valued at approximately $47,580,834.74. The trade was a 8.89% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Matthew Prince sold 52,384 shares of Cloudflare stock in a transaction on Tuesday, April 8th. The shares were sold at an average price of $100.88, for a total transaction of $5,284,497.92. The disclosure for this sale can be found here. Insiders have sold 592,933 shares of company stock worth $78,827,827 over the last ninety days. Insiders own 12.83% of the company's stock.

Institutional Trading of Cloudflare

Several institutional investors have recently made changes to their positions in the company. Brookstone Capital Management purchased a new stake in shares of Cloudflare during the 4th quarter worth approximately $304,000. Assenagon Asset Management S.A. grew its stake in shares of Cloudflare by 38.4% during the 4th quarter. Assenagon Asset Management S.A. now owns 4,781 shares of the company's stock worth $515,000 after acquiring an additional 1,326 shares during the period. Hennion & Walsh Asset Management Inc. grew its stake in shares of Cloudflare by 28.3% during the 4th quarter. Hennion & Walsh Asset Management Inc. now owns 6,308 shares of the company's stock worth $679,000 after acquiring an additional 1,390 shares during the period. Premier Path Wealth Partners LLC bought a new position in shares of Cloudflare during the 4th quarter worth $217,000. Finally, Aaron Wealth Advisors LLC bought a new position in shares of Cloudflare during the 4th quarter worth $213,000. Institutional investors own 82.68% of the company's stock.

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.