Cloudflare's (NET) Buy Rating Reaffirmed at Needham & Company LLC

Cloudflare (NYSE:NET - Get Free Report)'s stock had its "buy" rating reaffirmed by investment analysts at Needham & Company LLC in a research note issued on Friday, Benzinga reports. They currently have a $135.00 target price on the stock. Needham & Company LLC's price target would indicate a potential upside of 81.16% from the stock's current price.

Several other equities analysts have also commented on the stock. JPMorgan Chase & Co. increased their price objective on shares of Cloudflare from $53.00 to $90.00 and gave the company a "neutral" rating in a research report on Friday, February 9th. TD Cowen cut their target price on shares of Cloudflare from $117.00 to $110.00 and set a "buy" rating for the company in a report on Friday. Mizuho dropped their price target on shares of Cloudflare from $95.00 to $88.00 and set a "neutral" rating on the stock in a research note on Friday. Bank of America lifted their target price on shares of Cloudflare from $52.00 to $60.00 and gave the stock an "underperform" rating in a research note on Friday. Finally, Sanford C. Bernstein initiated coverage on shares of Cloudflare in a research note on Thursday, January 18th. They set a "market perform" rating and a $85.00 target price on the stock. Four analysts have rated the stock with a sell rating, ten have assigned a hold rating and nine have given a buy rating to the company. According to MarketBeat, Cloudflare presently has an average rating of "Hold" and an average price target of $90.17.

Cloudflare Price Performance

Shares of NET traded down $14.45 during mid-day trading on Friday, reaching $74.52. The stock had a trading volume of 18,643,020 shares, compared to its average volume of 3,930,820. The firm has a market cap of $25.16 billion, a price-to-earnings ratio of -135.49 and a beta of 1.15. Cloudflare has a 12 month low of $39.90 and a 12 month high of $116.00. The business has a fifty day moving average of $94.15 and a 200 day moving average of $83.39. The company has a debt-to-equity ratio of 1.68, a quick ratio of 3.50 and a current ratio of 3.50.

Cloudflare (NYSE:NET - Get Free Report) last released its quarterly earnings results on Thursday, February 8th. The company reported ($0.06) earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($0.07) by $0.01. The company had revenue of $362.47 million for the quarter, compared to the consensus estimate of $352.70 million. Cloudflare had a negative net margin of 14.19% and a negative return on equity of 15.92%. Equities analysts predict that Cloudflare will post -0.2 EPS for the current year.

Insider Buying and Selling

In related news, insider Douglas James Kramer sold 3,000 shares of the firm's stock in a transaction that occurred on Monday, March 4th. The stock was sold at an average price of $99.64, for a total transaction of $298,920.00. Following the completion of the transaction, the insider now owns 205,238 shares in the company, valued at approximately $20,449,914.32. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In other Cloudflare news, Director Carl Ledbetter sold 7,962 shares of Cloudflare stock in a transaction dated Wednesday, February 7th. The stock was sold at an average price of $81.42, for a total transaction of $648,266.04. Following the transaction, the director now directly owns 1,446,957 shares in the company, valued at $117,811,238.94. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, insider Douglas James Kramer sold 3,000 shares of the business's stock in a transaction dated Monday, March 4th. The shares were sold at an average price of $99.64, for a total value of $298,920.00. Following the completion of the sale, the insider now owns 205,238 shares in the company, valued at $20,449,914.32. The disclosure for this sale can be found here. In the last ninety days, insiders sold 1,029,347 shares of company stock valued at $100,594,226. Corporate insiders own 12.83% of the company's stock.

Hedge Funds Weigh In On Cloudflare

Institutional investors have recently bought and sold shares of the business. Norges Bank bought a new stake in Cloudflare during the fourth quarter worth $221,858,000. 1832 Asset Management L.P. grew its holdings in Cloudflare by 121.2% during the 4th quarter. 1832 Asset Management L.P. now owns 2,916,600 shares of the company's stock worth $242,836,000 after acquiring an additional 1,597,900 shares during the period. Vanguard Group Inc. grew its holdings in Cloudflare by 2.7% during the 4th quarter. Vanguard Group Inc. now owns 28,159,189 shares of the company's stock worth $2,344,534,000 after acquiring an additional 740,914 shares during the period. Capital World Investors grew its holdings in Cloudflare by 1.8% during the 4th quarter. Capital World Investors now owns 27,543,956 shares of the company's stock worth $2,293,310,000 after acquiring an additional 487,308 shares during the period. Finally, SpiderRock Advisors LLC bought a new position in shares of Cloudflare during the 1st quarter worth about $37,740,000. 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.

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