Cloudflare (NYSE:NET) PT Lowered to $90.00

Cloudflare (NYSE:NET - Free Report) had its target price lowered by Citigroup from $95.00 to $90.00 in a report released on Thursday, Benzinga reports. The firm currently has a neutral rating on the stock.

Other equities analysts also recently issued research reports about the company. Cantor Fitzgerald dropped their price objective on Cloudflare from $100.00 to $80.00 and set a neutral rating on the stock in a report on Friday, May 3rd. Bank of America increased their price target on Cloudflare from $52.00 to $60.00 and gave the company an underperform rating in a report on Friday, May 3rd. Sanford C. Bernstein began coverage on Cloudflare in a report on Thursday, January 18th. They set a market perform rating and a $85.00 price target on the stock. Wells Fargo & Company lowered their price target on Cloudflare from $125.00 to $105.00 and set an overweight rating on the stock in a report on Friday, May 3rd. Finally, Needham & Company LLC reiterated a buy rating and set a $135.00 price target on shares of Cloudflare in a report on Friday, May 3rd. Four equities research analysts have rated the stock with a sell rating, nine have issued a hold rating and ten have issued a buy rating to the company. According to MarketBeat, the company presently has a consensus rating of Hold and a consensus target price of $90.57.

Cloudflare Stock Up 1.2 %

NYSE:NET traded up $0.89 during mid-day trading on Thursday, reaching $73.34. The stock had a trading volume of 2,500,061 shares, compared to its average volume of 3,938,248. The business's 50 day moving average is $91.68 and its 200 day moving average is $83.78. Cloudflare has a fifty-two week low of $47.79 and a fifty-two week high of $116.00. The stock has a market cap of $24.76 billion, a P/E ratio of -138.38 and a beta of 1.15. The company has a debt-to-equity ratio of 1.61, a current ratio of 3.51 and a quick ratio of 3.51.

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

Insider Buying and Selling

In related news, CEO Matthew Prince sold 52,384 shares of the firm's stock in a transaction on Wednesday, May 8th. The stock was sold at an average price of $72.51, for a total value of $3,798,363.84. Following the completion of the transaction, the chief executive officer now directly owns 230,612 shares of the company's stock, valued at $16,721,676.12. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In other Cloudflare news, Director Carl Ledbetter sold 30,145 shares of Cloudflare stock in a transaction on Wednesday, May 8th. The stock was sold at an average price of $72.86, for a total transaction of $2,196,364.70. Following the completion of the transaction, the director now directly owns 1,166,648 shares of the company's stock, valued at $85,001,973.28. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Matthew Prince sold 52,384 shares of Cloudflare stock in a transaction on Wednesday, May 8th. The shares were sold at an average price of $72.51, for a total value of $3,798,363.84. Following the transaction, the chief executive officer now directly owns 230,612 shares of the company's stock, valued at $16,721,676.12. The disclosure for this sale can be found here. Insiders sold a total of 1,171,298 shares of company stock valued at $110,961,752 over the last ninety days. 12.83% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Mitsubishi UFJ Asset Management Co. Ltd. lifted its holdings in shares of Cloudflare by 3.1% during the first quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 256,984 shares of the company's stock valued at $24,884,000 after acquiring an additional 7,842 shares during the period. Motley Fool Asset Management LLC increased its stake in shares of Cloudflare by 286.3% in the first quarter. Motley Fool Asset Management LLC now owns 21,024 shares of the company's stock valued at $2,036,000 after buying an additional 15,582 shares in the last quarter. Bleakley Financial Group LLC increased its stake in shares of Cloudflare by 5.6% in the first quarter. Bleakley Financial Group LLC now owns 3,329 shares of the company's stock valued at $322,000 after buying an additional 178 shares in the last quarter. Avantax Advisory Services Inc. acquired a new stake in shares of Cloudflare in the first quarter valued at $676,000. Finally, Russell Investments Group Ltd. increased its stake in shares of Cloudflare by 8.9% in the first quarter. Russell Investments Group Ltd. now owns 82,392 shares of the company's stock valued at $7,968,000 after buying an additional 6,714 shares in the last quarter. 82.68% of the stock is owned by institutional investors.

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.