Mizuho Forecasts Strong Price Appreciation for Cloudflare (NYSE:NET) Stock

Cloudflare (NYSE:NET - Get Free Report) had its price objective lifted by investment analysts at Mizuho from $155.00 to $220.00 in a research report issued to clients and investors on Wednesday,Benzinga reports. The firm currently has an "outperform" rating on the stock. Mizuho's price target would indicate a potential upside of 12.57% from the stock's current price.

Other analysts have also recently issued research reports about the company. Bank of America raised Cloudflare from an "underperform" rating to a "buy" rating and boosted their price target for the stock from $60.00 to $160.00 in a research report on Tuesday, March 25th. Capital One Financial upgraded Cloudflare from a "hold" rating to a "strong-buy" rating in a research note on Thursday, May 8th. Oppenheimer reissued an "outperform" rating and issued a $200.00 target price (up from $165.00) on shares of Cloudflare in a report on Thursday, June 5th. KeyCorp began coverage on shares of Cloudflare in a research report on Friday, June 6th. They set an "overweight" rating and a $210.00 target price for the company. Finally, Cowen restated a "buy" rating on shares of Cloudflare in a research report on Monday, June 16th. Three analysts have rated the stock with a sell rating, nine have assigned a hold rating, fifteen have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus target price of $152.32.

Cloudflare Price Performance

Shares of NYSE NET traded up $4.18 during mid-day trading on Wednesday, reaching $195.43. The company had a trading volume of 1,747,643 shares, compared to its average volume of 3,169,305. 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 cap of $67.74 billion, a PE ratio of -848.99 and a beta of 1.85. The company has a 50-day moving average price of $174.58 and a two-hundred day moving average price of $142.60. Cloudflare has a 1-year low of $69.26 and a 1-year high of $198.01.

Cloudflare (NYSE:NET - Get Free Report) last issued its 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). The business had revenue of $479.09 million during the quarter, compared to analyst estimates of $469.49 million. Cloudflare had a negative return on equity of 6.31% and a negative net margin of 4.62%. The business's quarterly revenue was up 26.5% on a year-over-year basis. During the same period last year, the business earned $0.16 EPS. On average, equities analysts anticipate that Cloudflare will post -0.11 earnings per share for the current year.

Insider Activity at Cloudflare

In other news, CFO Thomas J. Seifert sold 41,556 shares of the company's stock in a transaction dated Tuesday, May 20th. The shares were sold at an average price of $156.78, for a total transaction of $6,515,149.68. Following the transaction, the chief financial officer owned 241,550 shares in the company, valued at approximately $37,870,209. This represents a 14.68% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Matthew Prince sold 52,384 shares of the stock in a transaction dated Thursday, May 15th. The stock was sold at an average price of $152.68, for a total transaction of $7,997,989.12. Following the transaction, the chief executive officer directly owned 10,426 shares in the company, valued at $1,591,841.68. This trade represents a 83.40% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 581,062 shares of company stock worth $99,070,153 over the last quarter. Company insiders own 10.89% of the company's stock.

Hedge Funds Weigh In On Cloudflare

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. ORG Partners LLC boosted its position in shares of Cloudflare by 11.9% during the 2nd quarter. ORG Partners LLC now owns 498 shares of the company's stock worth $92,000 after purchasing an additional 53 shares in the last quarter. CreativeOne Wealth LLC raised its holdings in shares of Cloudflare by 0.8% in the 4th quarter. CreativeOne Wealth LLC now owns 6,982 shares of the company's stock worth $752,000 after acquiring an additional 58 shares during the last quarter. Smartleaf Asset Management LLC raised its holdings in shares of Cloudflare by 6.2% in the 1st quarter. Smartleaf Asset Management LLC now owns 1,320 shares of the company's stock worth $152,000 after acquiring an additional 77 shares during the last quarter. Gill Capital Partners LLC raised its holdings in shares of Cloudflare by 2.9% in the 1st quarter. Gill Capital Partners LLC now owns 2,761 shares of the company's stock worth $311,000 after acquiring an additional 79 shares during the last quarter. Finally, Spire Wealth Management raised its holdings in shares of Cloudflare by 11.0% in the 1st quarter. Spire Wealth Management now owns 962 shares of the company's stock worth $108,000 after acquiring an additional 95 shares during the last quarter. Institutional investors own 82.68% of the company's stock.

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.