Oppenheimer Reaffirms Outperform Rating for Cloudflare (NYSE:NET)

Cloudflare (NYSE:NET - Get Free Report)'s stock had its "outperform" rating reaffirmed by research analysts at Oppenheimer in a note issued to investors on Thursday,Benzinga reports. They presently have a $200.00 target price on the stock, up from their prior target price of $165.00. Oppenheimer's target price would indicate a potential upside of 11.02% from the company's previous close.

Several other equities research analysts have also issued reports on the company. JPMorgan Chase & Co. upped their price target on Cloudflare from $110.00 to $115.00 and gave the company a "neutral" rating in a research report on Friday, February 7th. Stifel Nicolaus increased their price target on Cloudflare from $136.00 to $175.00 and gave the stock a "buy" rating in a research report on Friday, February 7th. Cantor Fitzgerald increased their price target on Cloudflare from $111.00 to $149.00 and gave the stock a "neutral" rating in a research report on Friday, February 7th. Morgan Stanley increased their price target on Cloudflare from $144.00 to $150.00 and gave the stock an "overweight" rating in a research report on Friday, May 9th. Finally, The Goldman Sachs Group dropped their price target on Cloudflare from $183.00 to $161.00 and set a "buy" rating on the stock in a research report on Friday, March 14th. Three equities research analysts have rated the stock with a sell rating, ten have assigned a hold rating, fourteen have issued a buy rating and one has assigned a strong buy rating to the company's stock. According to data from MarketBeat.com, the stock currently has an average rating of "Hold" and a consensus price target of $145.92.

Cloudflare Stock Up 2.2%

NYSE NET traded up $3.81 on Thursday, reaching $180.14. The company had a trading volume of 468,256 shares, compared to its average volume of 3,121,020. The company has a debt-to-equity ratio of 1.32, a current ratio of 3.37 and a quick ratio of 3.37. Cloudflare has a 1 year low of $69.26 and a 1 year high of $181.64. The firm has a 50-day moving average of $131.14 and a 200-day moving average of $126.74. The firm has a market capitalization of $62.44 billion, a PE ratio of -814.91 and a beta of 1.78.

Cloudflare (NYSE:NET - Get Free Report) last released its quarterly 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 5.52% and a negative net margin of 4.72%. The business had revenue of $479.09 million during the quarter, compared to analyst estimates of $469.49 million. During the same quarter last year, the firm posted $0.16 EPS. The company's revenue was up 26.5% compared to the same quarter last year. On average, equities research analysts anticipate that Cloudflare will post -0.11 EPS for the current fiscal year.

Insider Transactions at Cloudflare

In other Cloudflare news, CEO Matthew Prince sold 52,384 shares of the business's stock in a transaction dated Wednesday, March 19th. The stock was sold at an average price of $117.32, for a total value of $6,145,690.88. Following the completion of the sale, the chief executive officer now owns 413,413 shares of the company's stock, valued at $48,501,613.16. The trade was a 11.25% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Thomas J. Seifert sold 10,000 shares of the business's stock in a transaction dated Thursday, March 20th. The stock was sold at an average price of $120.00, for a total value of $1,200,000.00. Following the completion of the sale, the chief financial officer now directly owns 293,582 shares of the company's stock, valued at $35,229,840. This represents a 3.29% decrease in their position. The disclosure for this sale can be found here. Insiders sold 504,085 shares of company stock valued at $65,810,967 in the last three months. Corporate insiders own 12.83% of the company's stock.

Institutional Trading of Cloudflare

Institutional investors and hedge funds have recently made changes to their positions in the stock. Mather Group LLC. lifted its position 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 buying an additional 202 shares during the last quarter. NBC Securities Inc. bought a new position in shares of Cloudflare in the first quarter worth about $27,000. GPS Wealth Strategies Group LLC grew its holdings in Cloudflare by 213.4% in the 1st 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 during the last quarter. MassMutual Private Wealth & Trust FSB grew its holdings in Cloudflare by 115.4% in the 1st quarter. MassMutual Private Wealth & Trust FSB now owns 265 shares of the company's stock valued at $30,000 after buying an additional 142 shares during the last quarter. Finally, Global Financial Private Client LLC grew its holdings in Cloudflare by 38,100.0% in the 1st quarter. Global Financial Private Client LLC now owns 382 shares of the company's stock valued at $43,000 after buying an additional 381 shares during the last quarter. Institutional investors and hedge funds 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.