Cloudflare (NYSE:NET) Receives Buy Rating from Needham & Company LLC

Needham & Company LLC restated their buy rating on shares of Cloudflare (NYSE:NET) in a research note issued to investors on Friday morning, Benzinga reports. Needham & Company LLC currently has a $135.00 price objective on the stock.

A number of other analysts have also recently commented on NET. TD Cowen reduced their price objective on Cloudflare from $117.00 to $110.00 and set a buy rating for the company in a research report on Friday. Morgan Stanley increased their price objective on shares of Cloudflare from $66.00 to $92.00 and gave the stock an equal weight rating in a research note on Monday, February 12th. Truist Financial upped their target price on shares of Cloudflare from $90.00 to $120.00 and gave the company a buy rating in a report on Friday, February 9th. DZ Bank cut shares of Cloudflare from a buy rating to a hold rating and set a $110.00 price target on the stock. in a research note on Tuesday, February 13th. Finally, Oppenheimer decreased their target price on Cloudflare from $122.00 to $110.00 and set an outperform rating on the stock in a report on Friday. Four investment analysts have rated the stock with a sell rating, ten have assigned a hold rating and nine have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of Hold and a consensus price target of $90.13.

Cloudflare Trading Down 0.1 %

Cloudflare stock opened at $74.29 on Friday. Cloudflare has a one year low of $44.60 and a one year high of $116.00. The business’s fifty day moving average is $93.17 and its 200 day moving average is $83.83. The company has a debt-to-equity ratio of 1.61, a current ratio of 3.51 and a quick ratio of 3.51. The stock has a market capitalization of $25.08 billion, a PE ratio of -140.17 and a beta of 1.15.

Cloudflare (NYSE:NET) last announced 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 firm 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 13.10% and a negative return on equity of 12.78%. On average, sell-side analysts predict that Cloudflare will post -0.2 EPS for the current year.

Insider Buying and Selling at Cloudflare

In other news, Director Carl Ledbetter sold 7,962 shares of the firm’s 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 completion of the transaction, the director now owns 1,446,957 shares in the company, valued at $117,811,238.94. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. In other news, Director Carl Ledbetter sold 7,962 shares of the company’s stock in a transaction that occurred on Wednesday, February 7th. The stock was sold at an average price of $81.42, for a total transaction of $648,266.04. Following the sale, the director now directly owns 1,446,957 shares of the company’s stock, valued at approximately $117,811,238.94. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Thomas J. Seifert sold 15,000 shares of the firm’s stock in a transaction on Friday, May 3rd. The shares were sold at an average price of $73.97, for a total transaction of $1,109,550.00. Following the completion of the transaction, the chief financial officer now directly owns 338,469 shares of the company’s stock, valued at $25,036,551.93. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 1,044,347 shares of company stock worth $101,703,776. Insiders own 12.83% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the business. Norges Bank purchased a new stake in Cloudflare during the fourth quarter valued at approximately $221,858,000. 1832 Asset Management L.P. lifted its position in Cloudflare by 121.2% in the fourth quarter. 1832 Asset Management L.P. now owns 2,916,600 shares of the company’s stock worth $242,836,000 after buying an additional 1,597,900 shares during the last quarter. Vanguard Group Inc. boosted its stake in Cloudflare by 2.7% during the fourth quarter. Vanguard Group Inc. now owns 28,159,189 shares of the company’s stock worth $2,344,534,000 after buying an additional 740,914 shares during the period. Capital World Investors raised its stake in shares of Cloudflare by 1.8% in the fourth quarter. Capital World Investors now owns 27,543,956 shares of the company’s stock valued at $2,293,310,000 after acquiring an additional 487,308 shares during the period. Finally, SpiderRock Advisors LLC bought a new stake in shares of Cloudflare in the 1st quarter worth about $37,740,000. Institutional investors 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.