Cloudflare (NYSE:NET) Hits New 1-Year High - What's Next?

Cloudflare, Inc. (NYSE:NET - Get Free Report) hit a new 52-week high during trading on Tuesday . The stock traded as high as $184.93 and last traded at $183.97, with a volume of 3405869 shares. The stock had previously closed at $179.30.

Analysts Set New Price Targets

Several equities research analysts have issued reports on NET shares. Jefferies Financial Group cut their price target on Cloudflare from $170.00 to $150.00 and set a "hold" rating for the company in a report on Friday, May 9th. Bank of America raised shares of Cloudflare from an "underperform" rating to a "buy" rating and increased their target price for the stock from $60.00 to $160.00 in a report on Tuesday, March 25th. UBS Group upped their price target on Cloudflare from $135.00 to $145.00 and gave the company a "neutral" rating in a research report on Friday, May 9th. KeyCorp began coverage on Cloudflare in a report on Friday, June 6th. They set an "overweight" rating and a $210.00 price target on the stock. Finally, Guggenheim boosted their target price on shares of Cloudflare from $68.00 to $70.00 and gave the stock a "sell" rating in a research report on Friday, May 9th. Three investment analysts have rated the stock with a sell rating, ten have assigned a hold rating, fifteen have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, Cloudflare currently has an average rating of "Hold" and a consensus target price of $145.92.

Cloudflare Stock Performance

The company's fifty day simple moving average is $148.49 and its 200 day simple moving average is $133.37. The company has a current ratio of 3.20, a quick ratio of 3.20 and a debt-to-equity ratio of 0.90. The stock has a market capitalization of $64.69 billion, a P/E ratio of -811.45 and a beta of 1.84.

Cloudflare (NYSE:NET - Get Free Report) last issued its quarterly earnings results 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 during the quarter, compared to the consensus estimate of $469.49 million. During the same period in the previous year, the company earned $0.16 EPS. Cloudflare's quarterly revenue was up 26.5% on a year-over-year basis. As a group, sell-side analysts forecast that Cloudflare, Inc. will post -0.11 earnings per share for the current fiscal year.

Insider Activity

In other Cloudflare news, CFO Thomas J. Seifert sold 10,000 shares of the firm's stock in a transaction dated Friday, June 20th. The shares were sold at an average price of $180.76, for a total value of $1,807,600.00. Following the completion of the sale, the chief financial officer now directly owns 241,550 shares in the company, valued at $43,662,578. This trade represents a 3.98% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. Also, CEO Matthew Prince sold 52,384 shares of Cloudflare stock in a transaction that occurred on Tuesday, April 8th. The shares were sold at an average price of $100.88, for a total value of $5,284,497.92. The disclosure for this sale can be found here. In the last quarter, insiders sold 541,627 shares of company stock valued at $80,182,952. Insiders own 10.89% of the company's stock.

Institutional Investors Weigh In On Cloudflare

Hedge funds have recently bought and sold shares of the business. Atria Wealth Solutions Inc. increased its position in Cloudflare by 26.2% during the 4th quarter. Atria Wealth Solutions Inc. now owns 7,502 shares of the company's stock valued at $808,000 after buying an additional 1,559 shares in the last quarter. Howard Capital Management Inc. bought a new position in shares of Cloudflare during the fourth quarter valued at $221,000. Birchcreek Wealth Management LLC purchased a new position in shares of Cloudflare in the 4th quarter worth about $215,000. RPG Investment Advisory LLC increased its stake in Cloudflare by 0.5% during the 4th quarter. RPG Investment Advisory LLC now owns 167,855 shares of the company's stock valued at $18,075,000 after purchasing an additional 838 shares in the last quarter. Finally, Bank of New York Mellon Corp raised its holdings in Cloudflare by 1.9% in the fourth quarter. Bank of New York Mellon Corp now owns 1,286,372 shares of the company's stock worth $138,516,000 after buying an additional 23,641 shares during the last quarter. 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.