Cloudflare (NYSE:NET) Coverage Initiated at KeyCorp

Investment analysts at KeyCorp assumed coverage on shares of Cloudflare (NYSE:NET - Get Free Report) in a research note issued to investors on Friday,Benzinga reports. The brokerage set an "overweight" rating and a $210.00 price target on the stock. KeyCorp's target price would suggest a potential upside of 15.94% from the stock's current price. KeyCorp also issued estimates for Cloudflare's FY2029 earnings at $1.10 EPS.

NET has been the subject of several other reports. Jefferies Financial Group decreased their price objective on shares of Cloudflare from $170.00 to $150.00 and set a "hold" rating for the company in a report on Friday, May 9th. Capital One Financial raised Cloudflare from a "hold" rating to a "strong-buy" rating in a report on Thursday, May 8th. DZ Bank downgraded shares of Cloudflare from a "hold" rating to a "sell" rating and set a $145.00 price objective for the company. in a research report on Tuesday, February 11th. UBS Group upped their price objective on shares of Cloudflare from $135.00 to $145.00 and gave the company a "neutral" rating in a report on Friday, May 9th. Finally, Morgan Stanley raised their price target on Cloudflare from $144.00 to $150.00 and gave the stock an "overweight" rating in a research note on Friday, May 9th. Three analysts have rated the stock with a sell rating, ten have assigned a hold rating, fourteen have issued a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat, the stock currently has a consensus rating of "Hold" and a consensus price target of $145.92.

Cloudflare Trading Up 2.7%

NYSE NET opened at $181.13 on Friday. Cloudflare has a 12 month low of $69.26 and a 12 month high of $181.12. 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 business's 50-day moving average price is $131.14 and its two-hundred day moving average price is $126.74. The firm has a market capitalization of $62.78 billion, a PE ratio of -810.92 and a beta of 1.78.

Cloudflare (NYSE:NET - Get Free Report) last issued its quarterly earnings results on Thursday, May 8th. The company reported $0.16 earnings per share (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 company had revenue of $479.09 million for the quarter, compared to analysts' expectations of $469.49 million. During the same quarter in the previous year, the business earned $0.16 EPS. The company's revenue for the quarter was up 26.5% on a year-over-year basis. On average, analysts expect that Cloudflare will post -0.11 EPS for the current year.

Insider Activity

In other news, CEO Matthew Prince sold 52,384 shares of the business's stock in a transaction that occurred on Wednesday, March 19th. The shares were sold at an average price of $117.32, for a total value of $6,145,690.88. Following the sale, the chief executive officer now owns 413,413 shares of the company's stock, valued at $48,501,613.16. The trade was a 11.25% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider Douglas James Kramer sold 3,000 shares of the stock in a transaction on Monday, June 2nd. The shares were sold at an average price of $166.00, for a total transaction of $498,000.00. Following the transaction, the insider now directly owns 169,377 shares in the company, valued at approximately $28,116,582. This represents a 1.74% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 504,085 shares of company stock valued at $65,810,967 in the last 90 days. 12.83% of the stock is owned by company insiders.

Institutional Trading of Cloudflare

A number of institutional investors have recently made changes to their positions in the stock. Groupama Asset Managment acquired a new stake in Cloudflare in the 4th quarter valued at $269,200,000. Norges Bank bought a new stake in shares of Cloudflare in the 4th quarter worth approximately $249,544,000. American Century Companies Inc. grew its position in Cloudflare by 82.0% in the fourth quarter. American Century Companies Inc. now owns 2,257,601 shares of the company's stock worth $243,098,000 after acquiring an additional 1,017,399 shares in the last quarter. Fred Alger Management LLC lifted its holdings in shares of Cloudflare by 856.3% during the 4th quarter. Fred Alger Management LLC now owns 934,286 shares of the company's stock worth $100,604,000 after acquiring an additional 836,591 shares during the period. Finally, Invesco Ltd. raised its position in shares of Cloudflare by 292.5% during the fourth quarter. Invesco Ltd. now owns 1,078,921 shares of the company's stock worth $116,178,000 after acquiring an additional 804,059 shares during the last quarter. Hedge funds and other 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.

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