Cloudflare (NYSE:NET) Sets New 52-Week High - Here's What Happened

Cloudflare, Inc. (NYSE:NET - Get Free Report) reached a new 52-week high on Monday . The company traded as high as $196.10 and last traded at $194.92, with a volume of 182913 shares traded. The stock had previously closed at $194.05.

Analyst Ratings Changes

NET has been the subject of a number of recent research reports. Bank of America raised Cloudflare from an "underperform" rating to a "buy" rating and raised their target price for the stock from $60.00 to $160.00 in a research note on Tuesday, March 25th. Morgan Stanley increased their target price on Cloudflare from $144.00 to $150.00 and gave the stock an "overweight" rating in a research note on Friday, May 9th. Needham & Company LLC raised their price target on shares of Cloudflare from $145.00 to $160.00 and gave the company a "buy" rating in a research report on Friday, May 9th. KeyCorp began coverage on shares of Cloudflare in a research note on Friday, June 6th. They set an "overweight" rating and a $210.00 target price on the stock. Finally, Capital One Financial upgraded Cloudflare from a "hold" rating to a "strong-buy" rating in a research note on Thursday, May 8th. Three equities research analysts have rated the stock with a sell rating, ten have issued a hold rating, fifteen have issued a buy rating and one has given a strong buy rating to the company's stock. According to data from MarketBeat, the stock presently has an average rating of "Hold" and an average price target of $145.92.

Cloudflare Price Performance

The company has a debt-to-equity ratio of 0.90, a quick ratio of 3.20 and a current ratio of 3.20. The company has a market cap of $64.43 billion, a price-to-earnings ratio of -808.25 and a beta of 1.84. The company has a 50-day simple moving average of $156.92 and a 200-day simple moving average of $136.10.

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 analysts' consensus estimates of $0.17 by ($0.01). Cloudflare had a negative return on equity of 6.31% and a negative net margin of 4.62%. The company had revenue of $479.09 million for the quarter, compared to analysts' expectations of $469.49 million. During the same period in the prior year, the firm posted $0.16 EPS. The firm's quarterly revenue was up 26.5% on a year-over-year basis. As a group, research analysts predict that Cloudflare, Inc. will post -0.11 earnings per share for the current year.

Insider Buying and Selling

In related news, Director Carl Ledbetter sold 10,050 shares of the stock in a transaction dated Tuesday, June 17th. The shares were sold at an average price of $181.57, for a total value of $1,824,778.50. Following the sale, the director directly owned 1,073,073 shares of the company's stock, valued at approximately $194,837,864.61. This represents a 0.93% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Thomas J. Seifert sold 10,000 shares of the firm's stock in a transaction that occurred on Friday, June 20th. The stock was sold at an average price of $180.76, for a total transaction of $1,807,600.00. Following the transaction, the chief financial officer directly owned 241,550 shares of the company's stock, valued at approximately $43,662,578. This trade represents a 3.98% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 506,987 shares of company stock valued at $76,158,884 in the last three months. 10.89% of the stock is owned by insiders.

Institutional Investors Weigh In On Cloudflare

Several hedge funds have recently modified their holdings of NET. Jones Financial Companies Lllp lifted its stake in shares of Cloudflare by 164.7% during the fourth quarter. Jones Financial Companies Lllp now owns 5,024 shares of the company's stock valued at $541,000 after buying an additional 3,126 shares during the period. LPL Financial LLC raised its holdings in Cloudflare by 3.4% in the 4th quarter. LPL Financial LLC now owns 122,171 shares of the company's stock valued at $13,155,000 after acquiring an additional 3,989 shares during the last quarter. Wellington Management Group LLP lifted its stake in shares of Cloudflare by 47.0% during the 4th quarter. Wellington Management Group LLP now owns 5,930 shares of the company's stock worth $639,000 after purchasing an additional 1,896 shares during the period. Yousif Capital Management LLC lifted its stake in shares of Cloudflare by 2.5% during the 1st quarter. Yousif Capital Management LLC now owns 3,969 shares of the company's stock worth $447,000 after purchasing an additional 98 shares during the period. Finally, NBC Securities Inc. purchased a new stake in shares of Cloudflare in the first quarter valued at $27,000. 82.68% of the stock is owned by institutional investors and hedge funds.

Cloudflare Company Profile

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.