Royal Bank of Canada Raises Cloudflare (NYSE:NET) Price Target to $108.00

Cloudflare (NYSE:NETFree Report) had its price objective raised by Royal Bank of Canada from $95.00 to $108.00 in a research report sent to investors on Friday, Benzinga reports. They currently have an outperform rating on the stock.

Several other research firms also recently weighed in on NET. Susquehanna upped their price objective on shares of Cloudflare from $75.00 to $115.00 and gave the stock a neutral rating in a report on Friday. Needham & Company LLC lifted their target price on shares of Cloudflare from $110.00 to $135.00 and gave the company a buy rating in a research report on Friday. Piper Sandler decreased their price target on shares of Cloudflare from $64.00 to $60.00 and set a neutral rating on the stock in a research note on Friday, November 3rd. Truist Financial boosted their target price on shares of Cloudflare from $80.00 to $90.00 and gave the company a buy rating in a report on Tuesday, January 16th. Finally, Cantor Fitzgerald reiterated a neutral rating and issued a $100.00 price target (up previously from $70.00) on shares of Cloudflare in a research note on Friday. Four equities research analysts have rated the stock with a sell rating, nine have assigned a hold rating and ten have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of Hold and a consensus target price of $85.13.

Check Out Our Latest Stock Report on NET

Cloudflare Stock Performance

NYSE NET opened at $107.92 on Friday. The firm has a 50-day moving average price of $81.90 and a two-hundred day moving average price of $70.28. The company has a market capitalization of $36.24 billion, a P/E ratio of -196.21 and a beta of 1.10. The company has a quick ratio of 3.89, a current ratio of 3.89 and a debt-to-equity ratio of 1.83. Cloudflare has a 12-month low of $39.90 and a 12-month high of $116.00.

Insider Transactions at Cloudflare

In other news, Director Scott D. Sandell sold 211,534 shares of Cloudflare stock in a transaction on Monday, November 20th. The shares were sold at an average price of $73.17, for a total transaction of $15,477,942.78. Following the completion of the sale, the director now directly owns 6,325 shares of the company’s stock, valued at approximately $462,800.25. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. In related news, Director Carl Ledbetter sold 30,251 shares of the business’s stock in a transaction on Wednesday, November 22nd. The shares were sold at an average price of $74.37, for a total value of $2,249,766.87. Following the completion of the sale, the director now directly owns 1,657,869 shares of the company’s stock, valued at $123,295,717.53. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, Director Scott D. Sandell sold 211,534 shares of the business’s stock in a transaction on Monday, November 20th. The shares were sold at an average price of $73.17, for a total transaction of $15,477,942.78. Following the completion of the sale, the director now directly owns 6,325 shares of the company’s stock, valued at $462,800.25. The disclosure for this sale can be found here. In the last three months, insiders sold 889,020 shares of company stock valued at $68,637,610. Insiders own 14.80% of the company’s stock.

Institutional Investors Weigh In On Cloudflare

Institutional investors and hedge funds have recently made changes to their positions in the business. Sunbelt Securities Inc. purchased a new stake in shares of Cloudflare in the first quarter valued at about $29,000. JTC Employer Solutions Trustee Ltd purchased a new stake in shares of Cloudflare in the third quarter valued at about $38,000. GAMMA Investing LLC purchased a new stake in shares of Cloudflare in the fourth quarter valued at about $39,000. Providence Capital Advisors LLC raised its holdings in shares of Cloudflare by 6,065.0% in the first quarter. Providence Capital Advisors LLC now owns 2,466 shares of the company’s stock valued at $40,000 after buying an additional 2,426 shares during the last quarter. Finally, Massmutual Trust Co. FSB ADV increased its stake in shares of Cloudflare by 1,976.9% during the fourth quarter. Massmutual Trust Co. FSB ADV now owns 540 shares of the company’s stock worth $45,000 after acquiring an additional 514 shares during the period. 73.14% of the stock is owned by hedge funds and other institutional investors.

Cloudflare Company Profile

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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, secure origin connection, and rate limiting products.

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Analyst Recommendations for Cloudflare (NYSE:NET)

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