Cloudflare (NYSE:NET) Stock Price Expected to Rise, Guggenheim Analyst Says

Cloudflare (NYSE:NET) had its price objective upped by Guggenheim from $68.00 to $70.00 in a note issued to investors on Friday,Benzinga reports. The firm currently has a “sell” rating on the stock. Guggenheim’s price target indicates a potential downside of 47.14% from the company’s current price.

NET has been the topic of several other research reports. Truist Financial lifted their price target on shares of Cloudflare from $120.00 to $140.00 and gave the company a “buy” rating in a report on Tuesday, January 28th. JPMorgan Chase & Co. increased their target price on Cloudflare from $110.00 to $115.00 and gave the stock a “neutral” rating in a research report on Friday, February 7th. UBS Group dropped their target price on shares of Cloudflare from $165.00 to $135.00 and set a “neutral” rating on the stock in a report on Thursday, March 13th. Morgan Stanley decreased their target price on shares of Cloudflare from $154.00 to $144.00 and set an “overweight” rating for the company in a research note on Wednesday, April 16th. Finally, Jefferies Financial Group reduced their price objective on Cloudflare from $170.00 to $150.00 and set a “hold” rating for the company in a research report on Friday. Three equities research analysts have rated the stock with a sell rating, ten have issued a hold rating, twelve have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $142.57.

Cloudflare Stock Performance

Shares of NYSE NET opened at $132.42 on Friday. Cloudflare has a 1-year low of $66.24 and a 1-year high of $177.37. The company has a current ratio of 3.37, a quick ratio of 3.37 and a debt-to-equity ratio of 1.32. The stock’s 50-day moving average is $116.02 and its 200 day moving average is $117.76. The stock has a market cap of $45.69 billion, a price-to-earnings ratio of -601.91 and a beta of 1.78.

Cloudflare (NYSE:NET) last issued its earnings results on Thursday, May 8th. The company reported $0.16 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.17 by ($0.01). The firm 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 firm’s revenue for the quarter was up 26.5% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.16 EPS. On average, sell-side analysts anticipate that Cloudflare will post -0.11 EPS for the current fiscal year.

Insider Buying and Selling at Cloudflare

In other 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 transaction of $249,010.25. Following the sale, the chief executive officer now directly owns 413,413 shares of the company’s stock, valued at $44,545,250.75. This represents a 0.56 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Douglas James Kramer sold 3,000 shares of the stock in a transaction that occurred on Thursday, May 1st. The shares were sold at an average price of $124.16, for a total value of $372,480.00. Following the transaction, the insider now owns 185,406 shares of the company’s stock, valued at $23,020,008.96. This represents a 1.59 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 492,492 shares of company stock valued at $63,757,685 in the last three months. 12.83% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the business. Headlands Technologies LLC bought a new position in shares of Cloudflare during the 1st quarter valued at approximately $57,000. Charles Schwab Investment Management Inc. raised its stake in shares of Cloudflare by 8.1% in the first quarter. Charles Schwab Investment Management Inc. now owns 1,321,208 shares of the company’s stock valued at $148,887,000 after acquiring an additional 99,448 shares during the period. ASR Vermogensbeheer N.V. bought a new stake in shares of Cloudflare in the 1st quarter worth about $2,202,000. AXS Investments LLC purchased a new position in shares of Cloudflare during the 1st quarter worth about $1,025,000. Finally, Vanguard Group Inc. raised its position in Cloudflare by 1.8% in the 1st 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 during the period. 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.