Cloudflare (NYSE:NET) Given New $140.00 Price Target at Susquehanna

Cloudflare (NYSE:NET - Free Report) had its price objective cut by Susquehanna from $170.00 to $140.00 in a report issued on Monday,Benzinga reports. They currently have a neutral rating on the stock.

Other equities research analysts have also issued research reports about the company. Scotiabank upped their price objective on Cloudflare from $87.00 to $110.00 and gave the stock a "sector perform" rating in a research report on Tuesday, January 21st. JPMorgan Chase & Co. raised their price target on Cloudflare from $110.00 to $115.00 and gave the stock a "neutral" rating in a research report on Friday, February 7th. Stifel Nicolaus raised their price objective on shares of Cloudflare from $136.00 to $175.00 and gave the company a "buy" rating in a report on Friday, February 7th. Jefferies Financial Group decreased their target price on Cloudflare from $170.00 to $150.00 and set a "hold" rating for the company in a research report on Friday, May 9th. Finally, Wells Fargo & Company increased their price target on shares of Cloudflare from $135.00 to $150.00 and gave the stock an "overweight" rating in a report on Monday, January 27th. Three research analysts have rated the stock with a sell rating, ten have issued a hold rating, thirteen have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of "Hold" and an average target price of $141.79.

Cloudflare Stock Down 1.0%

Shares of NYSE NET traded down $1.57 during mid-day trading on Monday, hitting $152.92. 971,146 shares of the stock traded hands, compared to its average volume of 3,127,286. The company has a market cap of $52.77 billion, a price-to-earnings ratio of -695.35 and a beta of 1.78. The company has a debt-to-equity ratio of 1.32, a quick ratio of 3.37 and a current ratio of 3.37. Cloudflare has a 52 week low of $66.24 and a 52 week high of $177.37. The stock has a fifty day moving average price of $116.93 and a 200-day moving average price of $118.80.

Cloudflare (NYSE:NET - Get Free Report) last posted its quarterly earnings results on Thursday, May 8th. The company reported $0.16 earnings per share 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 the consensus estimate of $469.49 million. Cloudflare had a negative return on equity of 5.52% and a negative net margin of 4.72%. The company's revenue for the quarter was up 26.5% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.16 earnings per share. Research analysts anticipate that Cloudflare will post -0.11 EPS for the current year.

Insiders Place Their Bets

In related news, CEO Matthew Prince sold 2,311 shares of the company's stock in a transaction that occurred on Thursday, April 10th. The stock was sold at an average price of $107.75, for a total value of $249,010.25. Following the transaction, the chief executive officer now directly owns 413,413 shares in the company, valued at approximately $44,545,250.75. This represents a 0.56% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CAO Janel Riley sold 4,327 shares of the stock in a transaction dated Tuesday, February 18th. The stock was sold at an average price of $167.60, for a total transaction of $725,205.20. Following the sale, the chief accounting officer now directly owns 74,698 shares in the company, valued at $12,519,384.80. This represents a 5.48% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 492,492 shares of company stock worth $63,757,685. 12.83% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Cloudflare

Several hedge funds have recently modified their holdings of NET. Magnetar Financial LLC acquired a new position in shares of Cloudflare in the first quarter valued at approximately $601,000. Driehaus Capital Management LLC grew its holdings in Cloudflare by 9.8% in the 1st quarter. Driehaus Capital Management LLC now owns 5,894 shares of the company's stock worth $664,000 after buying an additional 527 shares in the last quarter. Gordian Capital Singapore Pte Ltd increased its position in shares of Cloudflare by 250.0% during the 1st quarter. Gordian Capital Singapore Pte Ltd now owns 1,400 shares of the company's stock valued at $161,000 after purchasing an additional 1,000 shares during the period. Lansforsakringar Fondforvaltning AB publ raised its stake in Cloudflare by 2.7% during the 1st quarter. Lansforsakringar Fondforvaltning AB publ now owns 100,150 shares of the company's stock valued at $11,286,000 after purchasing an additional 2,645 shares during the period. Finally, Truvestments Capital LLC purchased a new stake in shares of Cloudflare during the 1st quarter worth about $261,000. 82.68% of the stock is owned by institutional investors and hedge funds.

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.