KeyCorp Boosts Cloudflare (NYSE:NET) Price Target to $235.00

Key Points

• KeyCorp has raised its price target for Cloudflare (NYSE:NET) from $210.00 to $235.00, indicating a potential upside of 21.16% from the current price.
• Despite the positive outlook from KeyCorp, Cloudflare's stock is currently down 6.6% and has a moderate buy rating with a consensus target price of $172.44.
• Recent insider trading shows significant sales of shares by executives, including CFO Thomas J. Seifert and co-founder Michelle Zatlyn, reflecting a decrease in their ownership positions.

Cloudflare (NYSE:NET - Get Free Report) had its target price upped by equities researchers at KeyCorp from $210.00 to $235.00 in a research report issued to clients and investors on Friday,Benzinga reports. The firm currently has an "overweight" rating on the stock. KeyCorp's price target points to a potential upside of 21.16% from the stock's current price.

NET has been the topic of several other research reports. Cowen reaffirmed a "buy" rating on shares of Cloudflare in a report on Monday, June 16th. Mizuho upped their price objective on Cloudflare from $155.00 to $220.00 and gave the stock an "outperform" rating in a report on Wednesday, July 16th. Morgan Stanley upped their price objective on Cloudflare from $225.00 to $235.00 and gave the stock an "overweight" rating in a report on Friday. JMP Securities upped their price objective on Cloudflare from $180.00 to $225.00 and gave the stock a "market outperform" rating in a report on Monday. Finally, Jefferies Financial Group dropped their target price on shares of Cloudflare from $170.00 to $150.00 and set a "hold" rating for the company in a research report on Friday, May 9th. Three investment analysts have rated the stock with a sell rating, nine have given a hold rating, fifteen have issued a buy rating and one has issued a strong buy rating to the company's stock. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $172.44.

Cloudflare Stock Down 6.6%

NYSE:NET opened at $193.95 on Friday. The stock's fifty day moving average price is $182.66 and its two-hundred day moving average price is $147.77. Cloudflare has a 52-week low of $69.26 and a 52-week high of $210.98. The company has a debt-to-equity ratio of 0.90, a quick ratio of 3.20 and a current ratio of 3.20. The company has a market cap of $67.23 billion, a price-to-earnings ratio of -849.90 and a beta of 1.85.

Cloudflare (NYSE:NET - Get Free Report) last posted its quarterly earnings data on Thursday, July 31st. The company reported $0.21 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.18 by $0.03. Cloudflare had a negative return on equity of 6.31% and a negative net margin of 4.62%. The firm had revenue of $512.32 million for the quarter, compared to the consensus estimate of $501.58 million. During the same quarter in the prior year, the business earned $0.20 EPS. The business's revenue for the quarter was up 27.8% compared to the same quarter last year. On average, analysts anticipate that Cloudflare will post -0.11 EPS for the current year.

Insider Buying and Selling

In other news, CFO Thomas J. Seifert sold 34,270 shares of the business's stock in a transaction dated Monday, July 21st. The stock was sold at an average price of $200.17, for a total value of $6,859,825.90. Following the sale, the chief financial officer directly owned 241,550 shares in the company, valued at $48,351,063.50. The trade was a 12.42% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider Michelle Zatlyn sold 25,641 shares of the business's stock in a transaction dated Thursday, July 17th. The shares were sold at an average price of $190.68, for a total value of $4,889,225.88. Following the completion of the sale, the insider owned 6,390 shares in the company, valued at approximately $1,218,445.20. This trade represents a 80.05% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 688,062 shares of company stock valued at $121,498,887. Corporate insiders own 10.89% of the company's stock.

Institutional Trading of Cloudflare

Institutional investors have recently modified their holdings of the company. GAMMA Investing LLC raised its holdings in Cloudflare by 86.8% during the first quarter. GAMMA Investing LLC now owns 1,093 shares of the company's stock worth $123,000 after acquiring an additional 508 shares in the last quarter. Crossmark Global Holdings Inc. raised its holdings in Cloudflare by 9.6% during the first quarter. Crossmark Global Holdings Inc. now owns 2,635 shares of the company's stock worth $297,000 after acquiring an additional 230 shares in the last quarter. Amalgamated Bank raised its holdings in Cloudflare by 7.0% during the first quarter. Amalgamated Bank now owns 21,402 shares of the company's stock worth $2,412,000 after acquiring an additional 1,400 shares in the last quarter. Wellington Management Group LLP raised its holdings in Cloudflare by 47.0% during the fourth quarter. Wellington Management Group LLP now owns 5,930 shares of the company's stock worth $639,000 after acquiring an additional 1,896 shares in the last quarter. Finally, Yousif Capital Management LLC raised its holdings in Cloudflare by 2.5% during the first quarter. Yousif Capital Management LLC now owns 3,969 shares of the company's stock worth $447,000 after acquiring an additional 98 shares in the last quarter. 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.

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