JPMorgan Chase & Co. Trims Cloudflare (NYSE:NET) Target Price to $80.00

Cloudflare (NYSE:NET) had its price objective trimmed by JPMorgan Chase & Co. from $90.00 to $80.00 in a report released on Friday morning, Benzinga reports. The brokerage currently has a neutral rating on the stock.

Several other analysts also recently weighed in on NET. Mizuho lowered their price target on shares of Cloudflare from $95.00 to $88.00 and set a neutral rating for the company in a research note on Friday. DZ Bank lowered Cloudflare from a buy rating to a hold rating and set a $110.00 price target on the stock. in a research report on Tuesday, February 13th. Robert W. Baird lowered their price objective on Cloudflare from $100.00 to $94.00 and set an outperform rating for the company in a research report on Friday. Needham & Company LLC restated a buy rating and issued a $135.00 target price on shares of Cloudflare in a report on Friday. Finally, Piper Sandler reiterated a neutral rating and set a $81.00 price target (down from $110.00) on shares of Cloudflare in a report on Friday. Four equities research 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. Based on data from MarketBeat, Cloudflare has a consensus rating of Hold and a consensus target price of $90.17.

Cloudflare Stock Down 16.4 %

NET opened at $74.40 on Friday. The company has a 50 day moving average of $93.67 and a 200 day moving average of $83.75. The company has a quick ratio of 3.51, a current ratio of 3.51 and a debt-to-equity ratio of 1.61. Cloudflare has a 12 month low of $39.90 and a 12 month high of $116.00.

Cloudflare (NYSE:NET) last announced its quarterly earnings results on Thursday, February 8th. The company reported ($0.06) earnings per share for the quarter, beating the consensus estimate of ($0.07) by $0.01. Cloudflare had a negative return on equity of 12.78% and a negative net margin of 13.10%. The company had revenue of $362.47 million during the quarter, compared to analysts’ expectations of $352.70 million. Equities analysts expect that Cloudflare will post -0.2 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, insider Douglas James Kramer sold 3,000 shares of Cloudflare stock in a transaction dated Wednesday, May 1st. The stock was sold at an average price of $88.12, for a total value of $264,360.00. Following the completion of the transaction, the insider now owns 205,238 shares of the company’s stock, valued at approximately $18,085,572.56. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. In related news, Director Carl Ledbetter sold 7,962 shares of the stock in a transaction 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 $117,811,238.94. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, insider Douglas James Kramer sold 3,000 shares of Cloudflare stock in a transaction that occurred on Wednesday, May 1st. The stock was sold at an average price of $88.12, for a total transaction of $264,360.00. Following the completion of the sale, the insider now owns 205,238 shares of the company’s stock, valued at $18,085,572.56. The disclosure for this sale can be found here. Over the last three months, insiders have sold 1,029,347 shares of company stock valued at $100,594,226. 12.83% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Cloudflare

A number of institutional investors and hedge funds have recently modified their holdings of the company. Riverview Trust Co bought a new stake in shares of Cloudflare during the 1st quarter valued at about $27,000. Allspring Global Investments Holdings LLC grew its position in Cloudflare by 595.0% during the first quarter. Allspring Global Investments Holdings LLC now owns 278 shares of the company’s stock valued at $27,000 after buying an additional 238 shares during the period. ICA Group Wealth Management LLC purchased a new stake in Cloudflare during the fourth quarter valued at approximately $38,000. GAMMA Investing LLC bought a new position in Cloudflare in the fourth quarter worth approximately $39,000. Finally, Pingora Partners LLC bought a new stake in shares of Cloudflare during the 4th quarter valued at $42,000. 82.68% of the stock is currently owned by hedge funds and other institutional investors.

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.