Bank of America Boosts Cloudflare (NYSE:NET) Price Target to $60.00

Cloudflare (NYSE:NET) had its target price hoisted by Bank of America from $52.00 to $60.00 in a research report report published on Friday, Benzinga reports. They currently have an underperform rating on the stock.

A number of other brokerages have also recently issued reports on NET. Cantor Fitzgerald decreased their target price on Cloudflare from $100.00 to $80.00 and set a neutral rating on the stock in a report on Friday. Truist Financial boosted their price objective on Cloudflare from $90.00 to $120.00 and gave the stock a buy rating in a report on Friday, February 9th. Royal Bank of Canada raised their target price on shares of Cloudflare from $95.00 to $108.00 and gave the stock an outperform rating in a report on Friday, February 9th. Needham & Company LLC boosted their price target on shares of Cloudflare from $110.00 to $135.00 and gave the company a buy rating in a report on Friday, February 9th. Finally, Sanford C. Bernstein assumed coverage on shares of Cloudflare in a research report on Thursday, January 18th. They set a market perform rating and a $85.00 price objective on the stock. 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. According to MarketBeat, the company presently has a consensus rating of Hold and a consensus price target of $90.13.

Cloudflare Price Performance

Shares of NYSE:NET traded down $0.10 during trading hours on Friday, hitting $74.30. 6,403,901 shares of the company’s stock traded hands, compared to its average volume of 3,950,150. The company’s fifty day simple moving average is $93.67 and its two-hundred day simple moving average is $83.75. The company has a market cap of $25.09 billion, a price-to-earnings ratio of -141.34 and a beta of 1.15. The company has a debt-to-equity ratio of 1.61, a quick ratio of 3.51 and a current ratio of 3.51. Cloudflare has a 52 week low of $44.60 and a 52 week high of $116.00.

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

Insider Activity at Cloudflare

In other Cloudflare news, CEO Matthew Prince sold 52,384 shares of the stock in a transaction on Wednesday, February 21st. The shares were sold at an average price of $94.59, for a total transaction of $4,955,002.56. Following the transaction, the chief executive officer now directly owns 12,183 shares of the company’s stock, valued at $1,152,389.97. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In related news, CEO Matthew Prince sold 52,384 shares of Cloudflare stock in a transaction on Wednesday, February 21st. The shares were sold at an average price of $94.59, for a total value of $4,955,002.56. Following the transaction, the chief executive officer now owns 12,183 shares in the company, valued at approximately $1,152,389.97. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Thomas J. Seifert sold 50,000 shares of the stock in a transaction that occurred on Friday, February 9th. The shares were sold at an average price of $110.11, for a total value of $5,505,500.00. Following the completion of the sale, the chief financial officer now directly owns 366,465 shares of the company’s stock, valued at $40,351,461.15. The disclosure for this sale can be found here. Over the last quarter, 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 added to or reduced their stakes in the company. Riverview Trust Co acquired a new position in Cloudflare in the first quarter worth $27,000. Allspring Global Investments Holdings LLC grew its position in shares of Cloudflare by 595.0% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 278 shares of the company’s stock worth $27,000 after buying an additional 238 shares during the period. ICA Group Wealth Management LLC bought a new stake in shares of Cloudflare during the 4th quarter valued at $38,000. GAMMA Investing LLC acquired a new position in Cloudflare in the fourth quarter valued at about $39,000. Finally, Pingora Partners LLC acquired a new stake in shares of Cloudflare in the 4th quarter valued at approximately $42,000. 82.68% of the stock is currently owned by institutional investors and hedge funds.

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.