Cloudflare Inc’s Quiet Period Set To End on October 23rd (NYSE:NET)

Cloudflare’s (NYSE:NET) quiet period will expire on Wednesday, October 23rd. Cloudflare had issued 35,000,000 shares in its public offering on September 13th. The total size of the offering was $525,000,000 based on an initial share price of $15.00. During Cloudflare’s quiet period, insiders and underwriters that worked on the IPO are prevented from issuing any earnings forecasts or research reports for the company because of regulations issued by the Securities and Exchange Commission. Following the expiration of the company’s quiet period, it’s expected that the brokerages that served as underwriters on the stock will initiate research coverage on the company.

A number of brokerages have weighed in on NET. SunTrust Banks began coverage on shares of Cloudflare in a report on Tuesday, October 8th. They issued a “buy” rating and a $23.00 price target for the company. BTIG Research began coverage on shares of Cloudflare in a report on Tuesday, October 8th. They issued a “buy” rating and a $20.00 price target for the company. Jefferies Financial Group began coverage on shares of Cloudflare in a report on Tuesday, October 8th. They issued a “hold” rating and a $18.00 price target for the company. Morgan Stanley began coverage on shares of Cloudflare in a report on Tuesday, October 8th. They issued an “equal weight” rating and a $18.00 price target for the company. Finally, Wells Fargo & Co began coverage on shares of Cloudflare in a report on Tuesday, October 8th. They issued an “outperform” rating and a $22.50 price target for the company. Three investment analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. The stock presently has an average rating of “Buy” and a consensus target price of $20.95.

Shares of NET stock opened at $16.36 on Wednesday. Cloudflare has a 52-week low of $15.51 and a 52-week high of $22.08.

About Cloudflare

CloudFlare, Inc operates a cloud platform that delivers a range of network 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 Internet of Things (IoT) devices.

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