Wells Fargo & Company Issues Positive Forecast for Cloudflare (NYSE:NET) Stock Price

Cloudflare (NYSE:NET - Get Free Report) had its target price upped by research analysts at Wells Fargo & Company from $200.00 to $225.00 in a report released on Monday,Benzinga reports. The brokerage currently has an "overweight" rating on the stock. Wells Fargo & Company's target price points to a potential upside of 13.72% from the company's current price.

A number of other brokerages also recently weighed in on NET. Morgan Stanley reissued an "overweight" rating and issued a $225.00 price objective (up from $150.00) on shares of Cloudflare in a research note on Friday, July 11th. KeyCorp started coverage on shares of Cloudflare in a research report on Friday, June 6th. They issued an "overweight" rating and a $210.00 price objective for the company. Bank of America upgraded Cloudflare from an "underperform" rating to a "buy" rating and boosted their target price for the stock from $60.00 to $160.00 in a research report on Tuesday, March 25th. Capital One Financial raised Cloudflare from a "hold" rating to a "strong-buy" rating in a research report on Thursday, May 8th. Finally, Oppenheimer restated an "outperform" rating and issued a $200.00 price target (up previously from $165.00) on shares of Cloudflare in a research note on Thursday, June 5th. Three research analysts have rated the stock with a sell rating, nine have issued a hold rating, fifteen have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average target price of $155.32.

Cloudflare Stock Up 0.3%

Shares of NET traded up $0.50 during trading on Monday, reaching $197.85. The company's stock had a trading volume of 1,363,583 shares, compared to its average volume of 3,175,235. The company has a fifty day moving average of $175.86 and a two-hundred day moving average of $143.68. Cloudflare has a twelve month low of $69.26 and a twelve month high of $200.69. The company has a market cap of $68.58 billion, a price-to-earnings ratio of -860.56 and a beta of 1.85. The company has a quick ratio of 3.20, a current ratio of 3.20 and a debt-to-equity ratio of 0.90.

Cloudflare (NYSE:NET - Get Free Report) last announced its quarterly earnings results on Thursday, May 8th. The company reported $0.16 earnings per share for the quarter, missing analysts' consensus estimates of $0.17 by ($0.01). Cloudflare had a negative return on equity of 6.31% and a negative net margin of 4.62%. The company had revenue of $479.09 million for the quarter, compared to analyst estimates of $469.49 million. During the same quarter in the previous year, the company posted $0.16 earnings per share. The firm's revenue for the quarter was up 26.5% compared to the same quarter last year. On average, sell-side analysts predict that Cloudflare will post -0.11 EPS for the current fiscal year.

Insider Activity at Cloudflare

In other Cloudflare news, insider Michelle Zatlyn sold 35,098 shares of the company's stock in a transaction on Tuesday, May 20th. The stock was sold at an average price of $156.83, for a total transaction of $5,504,419.34. Following the completion of the sale, the insider owned 6,390 shares in the company, valued at $1,002,143.70. This represents a 84.60% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Matthew Prince sold 52,384 shares of Cloudflare stock in a transaction on Thursday, May 15th. The stock was sold at an average price of $152.68, for a total transaction of $7,997,989.12. Following the completion of the transaction, the chief executive officer directly owned 10,426 shares in the company, valued at $1,591,841.68. This represents a 83.40% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 581,062 shares of company stock worth $99,070,153 in the last quarter. 10.89% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the company. Capital World Investors increased its position in shares of Cloudflare by 0.7% during the fourth quarter. Capital World Investors now owns 35,409,307 shares of the company's stock worth $3,812,942,000 after purchasing an additional 260,415 shares in the last quarter. Vanguard Group Inc. increased its position in shares of Cloudflare by 1.8% during the first quarter. Vanguard Group Inc. now owns 30,836,909 shares of the company's stock worth $3,475,011,000 after purchasing an additional 538,850 shares in the last quarter. Geode Capital Management LLC increased its position in shares of Cloudflare by 1.4% during the fourth quarter. Geode Capital Management LLC now owns 4,903,219 shares of the company's stock worth $526,986,000 after purchasing an additional 68,661 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its position in shares of Cloudflare by 33.5% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 3,129,030 shares of the company's stock worth $352,610,000 after purchasing an additional 786,063 shares in the last quarter. Finally, American Century Companies Inc. raised its holdings in Cloudflare by 34.5% in the 1st quarter. American Century Companies Inc. now owns 3,037,420 shares of the company's stock valued at $342,287,000 after acquiring an additional 779,819 shares during the last quarter. Institutional investors and hedge funds own 82.68% of the company's stock.

Cloudflare Company Profile

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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