Cloudflare (NYSE:NET) Price Target Lowered to $77.00 at The Goldman Sachs Group

Cloudflare (NYSE:NET - Free Report) had its target price trimmed by The Goldman Sachs Group from $89.00 to $77.00 in a research note published on Monday morning, Benzinga reports. The firm currently has a sell rating on the stock.

Other analysts have also recently issued reports about the company. Royal Bank of Canada lifted their price target on Cloudflare from $95.00 to $108.00 and gave the stock an outperform rating in a report on Friday, February 9th. Truist Financial increased their target price on Cloudflare from $90.00 to $120.00 and gave the stock a buy rating in a report on Friday, February 9th. Cantor Fitzgerald dropped their price target on Cloudflare from $100.00 to $80.00 and set a neutral rating for the company in a research note on Friday. TD Cowen reduced their price objective on shares of Cloudflare from $117.00 to $110.00 and set a buy rating on the stock in a research note on Friday. Finally, Wells Fargo & Company dropped their target price on shares of Cloudflare from $125.00 to $105.00 and set an overweight rating for the company in a research report on Friday. Four analysts have rated the stock with a sell rating, ten have issued a hold rating and nine have issued a buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of Hold and a consensus target price of $90.13.

Cloudflare Stock Performance

NYSE:NET traded down $0.11 on Monday, hitting $74.29. The company's stock had a trading volume of 6,576,970 shares, compared to its average volume of 3,961,452. The firm has a market capitalization of $25.08 billion, a P/E ratio of -140.17 and a beta of 1.15. The stock has a fifty day moving average of $93.17 and a two-hundred day moving average of $83.83. The company has a current ratio of 3.51, a quick ratio of 3.51 and a debt-to-equity ratio of 1.61. Cloudflare has a one year low of $44.60 and a one year high of $116.00.

Cloudflare (NYSE:NET - Get Free Report) last released its quarterly earnings results on Thursday, February 8th. The company reported ($0.06) earnings per share for the quarter, topping the consensus estimate of ($0.07) by $0.01. The business had revenue of $362.47 million during the quarter, compared to analysts' expectations of $352.70 million. Cloudflare had a negative return on equity of 12.78% and a negative net margin of 13.10%. Research analysts predict that Cloudflare will post -0.2 earnings per share for the current year.

Insider Activity

In other news, COO Michelle Zatlyn sold 277,376 shares of the company's stock in a transaction on Thursday, February 15th. The shares were sold at an average price of $101.17, for a total value of $28,062,129.92. Following the sale, the chief operating officer now directly owns 38,545 shares of the company's stock, valued at approximately $3,899,597.65. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. In other news, CFO Thomas J. Seifert sold 15,000 shares of the stock in a transaction dated Friday, May 3rd. The shares were sold at an average price of $73.97, for a total transaction of $1,109,550.00. Following the transaction, the chief financial officer now owns 338,469 shares of the company's stock, valued at approximately $25,036,551.93. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, COO Michelle Zatlyn sold 277,376 shares of the business's stock in a transaction dated Thursday, February 15th. The shares were sold at an average price of $101.17, for a total value of $28,062,129.92. Following the completion of the sale, the chief operating officer now directly owns 38,545 shares of the company's stock, valued at $3,899,597.65. The disclosure for this sale can be found here. In the last three months, insiders have sold 1,044,347 shares of company stock valued at $101,703,776. 12.83% of the stock is currently owned by insiders.

Institutional Trading of Cloudflare

Hedge funds have recently bought and sold shares of the business. Geneos Wealth Management Inc. grew its holdings in shares of Cloudflare by 13.3% during the first quarter. Geneos Wealth Management Inc. now owns 13,457 shares of the company's stock valued at $1,303,000 after buying an additional 1,583 shares during the last quarter. Csenge Advisory Group acquired a new position in Cloudflare during the 1st quarter valued at about $689,000. Signaturefd LLC increased its holdings in Cloudflare by 6.4% during the 1st quarter. Signaturefd LLC now owns 9,852 shares of the company's stock worth $954,000 after purchasing an additional 591 shares in the last quarter. BI Asset Management Fondsmaeglerselskab A S raised its stake in shares of Cloudflare by 70.5% in the first quarter. BI Asset Management Fondsmaeglerselskab A S now owns 10,241 shares of the company's stock worth $992,000 after purchasing an additional 4,235 shares during the last quarter. Finally, Whittier Trust Co. lifted its holdings in shares of Cloudflare by 27,057.1% in the first quarter. Whittier Trust Co. now owns 1,901 shares of the company's stock valued at $184,000 after purchasing an additional 1,894 shares in 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.