Cloudflare (NYSE:NET) Raised to "Overweight" at KeyCorp

KeyCorp upgraded shares of Cloudflare (NYSE:NET - Free Report) to an overweight rating in a research note published on Thursday morning, MarketBeat Ratings reports. The firm currently has $210.00 target price on the stock. KeyCorp also issued estimates for Cloudflare's FY2029 earnings at $1.10 EPS.

Several other research firms have also recently issued reports on NET. JPMorgan Chase & Co. boosted their target price on shares of Cloudflare from $110.00 to $115.00 and gave the company a "neutral" rating in a research note on Friday, February 7th. Piper Sandler restated a "neutral" rating and set a $151.00 target price (up from $112.00) on shares of Cloudflare in a research report on Friday, May 9th. Morgan Stanley raised their target price on Cloudflare from $144.00 to $150.00 and gave the company an "overweight" rating in a research report on Friday, May 9th. Capital One Financial upgraded Cloudflare from a "hold" rating to a "strong-buy" rating in a research report on Thursday, May 8th. Finally, DZ Bank cut Cloudflare from a "hold" rating to a "sell" rating and set a $145.00 target price on the stock. in a research report on Tuesday, February 11th. Three research analysts have rated the stock with a sell rating, ten have assigned a hold rating, fourteen have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of "Hold" and an average price target of $145.92.

Cloudflare Stock Down 1.0%

Shares of NET traded down $1.72 during midday trading on Thursday, hitting $177.95. 2,634,261 shares of the company's stock traded hands, compared to its average volume of 3,133,510. Cloudflare has a 1 year low of $69.26 and a 1 year high of $181.81. The firm's fifty day moving average is $133.58 and its 200-day moving average is $128.21. 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 stock has a market capitalization of $61.68 billion, a price-to-earnings ratio of -808.86 and a beta of 1.84.

Cloudflare (NYSE:NET - Get Free Report) last issued its quarterly earnings data on Thursday, May 8th. The company reported $0.16 EPS for the quarter, missing the consensus estimate of $0.17 by ($0.01). The business had revenue of $479.09 million for the quarter, compared to analysts' expectations of $469.49 million. Cloudflare had a negative net margin of 4.72% and a negative return on equity of 5.52%. The business's revenue for the quarter was up 26.5% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.16 EPS. As a group, sell-side analysts anticipate that Cloudflare will post -0.11 earnings per share for the current year.

Insider Buying and Selling

In related news, CEO Matthew Prince sold 52,384 shares of Cloudflare stock in a transaction on Wednesday, March 19th. The stock was sold at an average price of $117.32, for a total transaction of $6,145,690.88. Following the completion of the transaction, the chief executive officer now directly owns 413,413 shares of the company's stock, valued at approximately $48,501,613.16. The trade was a 11.25% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, CFO Thomas J. Seifert sold 10,000 shares of the business's stock in a transaction dated Thursday, March 20th. The shares were sold at an average price of $120.00, for a total transaction of $1,200,000.00. Following the completion of the transaction, the chief financial officer now directly owns 293,582 shares of the company's stock, valued at $35,229,840. The trade was a 3.29% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 555,976 shares of company stock valued at $74,746,733. 12.83% of the stock is owned by insiders.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the stock. Stratos Wealth Partners LTD. boosted its position in Cloudflare by 1.2% during the 4th quarter. Stratos Wealth Partners LTD. now owns 6,583 shares of the company's stock worth $709,000 after acquiring an additional 77 shares during the period. Choreo LLC lifted its holdings in shares of Cloudflare by 3.0% in the fourth quarter. Choreo LLC now owns 4,766 shares of the company's stock valued at $519,000 after buying an additional 137 shares during the period. Bleakley Financial Group LLC lifted its holdings in shares of Cloudflare by 16.0% in the fourth quarter. Bleakley Financial Group LLC now owns 4,199 shares of the company's stock valued at $452,000 after buying an additional 579 shares during the period. Ameliora Wealth Management Ltd. acquired a new stake in shares of Cloudflare in the fourth quarter valued at $141,000. Finally, Generate Investment Management Ltd acquired a new stake in shares of Cloudflare in the fourth quarter valued at $12,946,000. 82.68% of the stock is currently 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.