Cloudflare (NYSE:NET) Hits New 12-Month High - Time to Buy?

Shares of Cloudflare, Inc. (NYSE:NET - Get Free Report) hit a new 52-week high during mid-day trading on Wednesday . The stock traded as high as $182.59 and last traded at $180.78, with a volume of 3657068 shares trading hands. The stock had previously closed at $179.27.

Analysts Set New Price Targets

Several brokerages have recently commented on NET. Guggenheim boosted their target price on Cloudflare from $68.00 to $70.00 and gave the stock a "sell" rating in a report on Friday, May 9th. UBS Group lifted their price target on shares of Cloudflare from $135.00 to $145.00 and gave the stock a "neutral" rating in a research report on Friday, May 9th. Morgan Stanley upped their price objective on Cloudflare from $144.00 to $150.00 and gave the company an "overweight" rating in a report on Friday, May 9th. Capital One Financial upgraded shares of Cloudflare from a "hold" rating to a "strong-buy" rating in a report on Thursday, May 8th. Finally, KeyCorp started coverage on Cloudflare in a research report on Friday, June 6th. They issued an "overweight" rating and a $210.00 price objective for the company. Three equities research analysts have rated the stock with a sell rating, ten have given a hold rating, fourteen have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the company has a consensus rating of "Hold" and a consensus price target of $145.92.

Cloudflare Trading Up 0.1%

The company has a debt-to-equity ratio of 0.90, a current ratio of 3.20 and a quick ratio of 3.20. The business has a 50-day simple moving average of $142.60 and a two-hundred day simple moving average of $131.18. The stock has a market cap of $62.86 billion, a price-to-earnings ratio of -788.47 and a beta of 1.84.

Cloudflare (NYSE:NET - Get Free Report) last issued its earnings results 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 6.31% and a negative net margin of 4.62%. The business had revenue of $479.09 million for the quarter, compared to the consensus estimate of $469.49 million. During the same quarter in the prior year, the firm posted $0.16 earnings per share. The business's revenue was up 26.5% compared to the same quarter last year. Equities analysts forecast that Cloudflare, Inc. will post -0.11 EPS for the current fiscal year.

Insider Activity

In other Cloudflare news, Director Carl Ledbetter sold 492 shares of the firm's stock in a transaction dated Thursday, June 12th. The shares were sold at an average price of $181.46, for a total value of $89,278.32. Following the transaction, the director now directly owns 1,083,123 shares of the company's stock, valued at $196,543,499.58. This trade represents a 0.05% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Matthew Prince sold 2,311 shares of the business's stock in a transaction that occurred on Thursday, April 10th. The shares were sold at an average price of $107.75, for a total transaction of $249,010.25. Following the completion of the transaction, the chief executive officer now owns 413,413 shares of the company's stock, valued at $44,545,250.75. The trade was a 0.56% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 567,267 shares of company stock valued at $82,930,346 over the last ninety days. 10.89% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in NET. Mather Group LLC. lifted its holdings in shares of Cloudflare by 1,188.2% in the first quarter. Mather Group LLC. now owns 219 shares of the company's stock worth $25,000 after acquiring an additional 202 shares during the last quarter. NBC Securities Inc. bought a new position in Cloudflare in the 1st quarter valued at approximately $27,000. GPS Wealth Strategies Group LLC boosted its position in Cloudflare by 213.4% in the first quarter. GPS Wealth Strategies Group LLC now owns 257 shares of the company's stock valued at $29,000 after buying an additional 175 shares in the last quarter. MassMutual Private Wealth & Trust FSB grew its stake in shares of Cloudflare by 115.4% during the first quarter. MassMutual Private Wealth & Trust FSB now owns 265 shares of the company's stock worth $30,000 after buying an additional 142 shares during the last quarter. Finally, Gordian Capital Singapore Pte Ltd bought a new stake in shares of Cloudflare during the fourth quarter worth $43,000. 82.68% of the stock is owned by institutional investors.

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.