Cloudflare, Inc. (NYSE:NET) Receives Average Recommendation of "Buy" from Brokerages

Last updated on Thursday, June 24, 2021 | 2021 MarketBeat

Cloudflare, Inc. (NYSE:NET) has received a consensus recommendation of "Buy" from the twenty ratings firms that are covering the stock, MarketBeat Ratings reports. One investment analyst has rated the stock with a sell rating, four have given a hold rating and fifteen have assigned a buy rating to the company. The average 12 month price objective among brokerages that have updated their coverage on the stock in the last year is $80.47.

Several equities analysts have recently issued reports on the company. Zacks Investment Research lowered Cloudflare from a "hold" rating to a "sell" rating in a report on Wednesday, May 19th. Cowen began coverage on Cloudflare in a research note on Wednesday, May 26th. They issued an "outperform" rating and a $100.00 price objective for the company. Truist Financial upgraded Cloudflare from a "hold" rating to a "buy" rating in a research note on Tuesday, March 23rd. Truist Securities upgraded shares of Cloudflare from a "hold" rating to a "buy" rating and increased their price target for the company from $75.00 to $110.00 in a research report on Wednesday, March 24th. Finally, Jefferies Financial Group lowered their price objective on shares of Cloudflare from $100.00 to $85.00 and set a "buy" rating on the stock in a research report on Tuesday, May 18th. They noted that the move was a valuation call.

NET opened at $103.74 on Thursday. Cloudflare has a 1 year low of $32.69 and a 1 year high of $104.17. The company has a quick ratio of 6.78, a current ratio of 6.78 and a debt-to-equity ratio of 0.49. The stock has a market cap of $32.22 billion, a P/E ratio of -247.00 and a beta of 0.03. The business's fifty day moving average price is $82.33.

Cloudflare (NYSE:NET) last released its quarterly earnings results on Thursday, May 6th. The company reported ($0.11) earnings per share for the quarter, missing analysts' consensus estimates of ($0.10) by ($0.01). Cloudflare had a negative net margin of 26.49% and a negative return on equity of 11.84%. The firm had revenue of $138.06 million for the quarter, compared to the consensus estimate of $131.26 million. As a group, sell-side analysts forecast that Cloudflare will post -0.44 EPS for the current fiscal year.

In other news, General Counsel Douglas James Kramer sold 40,000 shares of the stock in a transaction dated Thursday, April 1st. The shares were sold at an average price of $70.74, for a total value of $2,829,600.00. Also, Director Katrin Suder sold 7,500 shares of the firm's stock in a transaction that occurred on Monday, May 17th. The shares were sold at an average price of $69.83, for a total transaction of $523,725.00. Following the completion of the transaction, the director now owns 14,122 shares of the company's stock, valued at $986,139.26. The disclosure for this sale can be found here. Over the last quarter, insiders sold 901,933 shares of company stock valued at $72,538,271. 20.69% of the stock is owned by company insiders.

Several institutional investors and hedge funds have recently added to or reduced their stakes in NET. Credit Agricole S A purchased a new position in Cloudflare during the first quarter worth about $26,000. Baldwin Brothers Inc. MA purchased a new stake in Cloudflare in the first quarter valued at approximately $32,000. Captrust Financial Advisors bought a new stake in Cloudflare during the fourth quarter valued at approximately $33,000. Eudaimonia Partners LLC purchased a new position in Cloudflare in the 4th quarter worth approximately $38,000. Finally, Invictus RG bought a new position in shares of Cloudflare in the 4th quarter worth $42,000. Hedge funds and other institutional investors own 61.67% of the company's stock.

Cloudflare Company Profile

CloudFlare, Inc operates a cloud platform that delivers a range of network 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 Internet of Things (IoT) devices.

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Analyst Recommendations for Cloudflare (NYSE:NET)

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