Cloudflare (NYSE:NET) Reaches New 12-Month High Following Analyst Upgrade

Cloudflare, Inc. (NYSE:NET - Get Free Report)'s stock price reached a new 52-week high during mid-day trading on Monday after Wells Fargo & Company raised their price target on the stock from $200.00 to $225.00. Wells Fargo & Company currently has an overweight rating on the stock. Cloudflare traded as high as $200.77 and last traded at $198.62, with a volume of 1136942 shares traded. The stock had previously closed at $197.35.

NET has been the topic of several other research reports. Susquehanna reduced their price objective on shares of Cloudflare from $170.00 to $140.00 and set a "neutral" rating on the stock in a research note on Monday, May 12th. KeyCorp started coverage on shares of Cloudflare in a research report on Friday, June 6th. They set an "overweight" rating and a $210.00 price objective on the stock. Jefferies Financial Group cut their price target on shares of Cloudflare from $170.00 to $150.00 and set a "hold" rating on the stock in a report on Friday, May 9th. Piper Sandler reaffirmed a "neutral" rating and set a $151.00 target price (up previously from $112.00) on shares of Cloudflare in a research note on Friday, May 9th. Finally, Cowen reiterated a "buy" rating on shares of Cloudflare in a report on Monday, June 16th. Three research analysts have rated the stock with a sell rating, nine have given a hold rating, fifteen have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $155.32.

Insider Transactions at Cloudflare

In other Cloudflare news, insider Michelle Zatlyn sold 35,098 shares of Cloudflare stock in a transaction dated Tuesday, May 20th. The stock was sold at an average price of $156.83, for a total value of $5,504,419.34. Following the completion of the sale, the insider owned 6,390 shares in the company, valued at $1,002,143.70. The trade was a 84.60% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CFO Thomas J. Seifert sold 41,556 shares of the business's stock in a transaction dated Tuesday, May 20th. The stock was sold at an average price of $156.78, for a total value of $6,515,149.68. Following the sale, the chief financial officer owned 241,550 shares of the company's stock, valued at $37,870,209. The trade was a 14.68% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 581,062 shares of company stock worth $99,070,153. Insiders own 10.89% of the company's stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of the business. Hilltop National Bank bought a new position in Cloudflare in the 2nd quarter worth approximately $36,000. Mather Group LLC. raised its position in shares of Cloudflare by 1,188.2% during 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 stake in Cloudflare in the first quarter valued at about $27,000. GPS Wealth Strategies Group LLC increased its holdings 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 purchasing an additional 175 shares during the last quarter. Finally, MassMutual Private Wealth & Trust FSB grew its stake in Cloudflare by 115.4% in the first quarter. MassMutual Private Wealth & Trust FSB now owns 265 shares of the company's stock valued at $30,000 after acquiring an additional 142 shares during the period. 82.68% of the stock is owned by institutional investors and hedge funds.

Cloudflare Trading Up 0.2%

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 stock has a market capitalization of $68.56 billion, a price-to-earnings ratio of -860.06 and a beta of 1.85. The business has a 50 day simple moving average of $175.86 and a 200-day simple moving average of $143.68.

Cloudflare (NYSE:NET - Get Free Report) last announced its earnings results on Thursday, May 8th. The company reported $0.16 earnings per share for the quarter, missing analysts' consensus estimates of $0.17 by ($0.01). The firm had revenue of $479.09 million for the quarter, compared to the consensus estimate of $469.49 million. Cloudflare had a negative return on equity of 6.31% and a negative net margin of 4.62%. Cloudflare's revenue for the quarter was up 26.5% on a year-over-year basis. During the same quarter last year, the business posted $0.16 EPS. As a group, equities analysts expect that Cloudflare, Inc. will post -0.11 earnings per share for the current year.

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.

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