Cloudflare (NYSE:NET) Price Target Lowered to $77.00 at The Goldman Sachs Group

Cloudflare (NYSE:NET) had its price target lowered by analysts at The Goldman Sachs Group from $89.00 to $77.00 in a report released on Monday, Benzinga reports. The firm currently has a “sell” rating on the stock. The Goldman Sachs Group’s price target suggests a potential upside of 2.95% from the company’s current price.

A number of other equities analysts have also weighed in on NET. Capital One Financial started coverage on shares of Cloudflare in a research report on Wednesday, January 17th. They set an “equal weight” rating and a $83.00 target price for the company. Susquehanna dropped their target price on shares of Cloudflare from $115.00 to $80.00 and set a “neutral” rating on the stock in a research note on Monday. Sanford C. Bernstein began coverage on shares of Cloudflare in a research note on Thursday, January 18th. They issued a “market perform” rating and a $85.00 price objective on the stock. Wells Fargo & Company decreased their price target on shares of Cloudflare from $125.00 to $105.00 and set an “overweight” rating on the stock in a research note on Friday. Finally, UBS Group reduced their price target on shares of Cloudflare from $88.00 to $76.00 and set a “sell” rating on the stock in a research note on Friday. Four analysts have rated the stock with a sell rating, ten have assigned a hold rating and nine have issued a buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $90.13.

Cloudflare Trading Up 0.5 %

NYSE NET traded up $0.39 on Monday, hitting $74.79. 2,884,973 shares of the stock were exchanged, compared to its average volume of 3,916,400. The company’s 50-day moving average price is $93.67 and its two-hundred day moving average price is $83.75. The company has a market capitalization of $25.25 billion, a price-to-earnings ratio of -141.34 and a beta of 1.15. Cloudflare has a 52-week low of $44.60 and a 52-week high of $116.00. The company has a debt-to-equity ratio of 1.61, a current ratio of 3.51 and a quick ratio of 3.51.

Cloudflare (NYSE:NET) last announced its quarterly earnings data on Thursday, February 8th. The company reported ($0.06) EPS for the quarter, beating analysts’ consensus estimates of ($0.07) by $0.01. The company had revenue of $362.47 million during 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%. Research analysts predict that Cloudflare will post -0.2 EPS for the current year.

Insider Activity

In other news, Director Carl Ledbetter sold 7,962 shares of the stock in a transaction dated Wednesday, February 7th. The stock was sold at an average price of $81.42, for a total value of $648,266.04. Following the completion of the sale, the director now owns 1,446,957 shares of the company’s stock, valued at $117,811,238.94. The sale was disclosed in a legal filing with the SEC, which is available at this link. In related news, insider Douglas James Kramer sold 3,000 shares of the stock in a transaction that occurred on Wednesday, May 1st. The shares were sold at an average price of $88.12, for a total transaction 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 filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Carl Ledbetter sold 7,962 shares of Cloudflare stock in a transaction on Wednesday, February 7th. The shares were 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 disclosure for this sale can be found here. Insiders sold a total of 1,029,347 shares of company stock valued at $100,594,226 in the last ninety days. 12.83% of the stock is owned by insiders.

Hedge Funds Weigh In On Cloudflare

Several hedge funds have recently made changes to their positions in the business. Geneos Wealth Management Inc. increased its position in Cloudflare by 13.3% during the 1st quarter. Geneos Wealth Management Inc. now owns 13,457 shares of the company’s stock worth $1,303,000 after purchasing an additional 1,583 shares in the last quarter. Csenge Advisory Group bought a new position in shares of Cloudflare during the 1st quarter valued at approximately $689,000. Signaturefd LLC raised its holdings in Cloudflare by 6.4% during the 1st quarter. Signaturefd LLC now owns 9,852 shares of the company’s stock valued at $954,000 after buying an additional 591 shares during the period. BI Asset Management Fondsmaeglerselskab A S increased its stake in shares of Cloudflare by 70.5% during the first quarter. BI Asset Management Fondsmaeglerselskab A S now owns 10,241 shares of the company’s stock valued at $992,000 after buying an additional 4,235 shares during the period. Finally, Whittier Trust Co. raised its stake in shares of Cloudflare by 27,057.1% in the first quarter. Whittier Trust Co. now owns 1,901 shares of the company’s stock worth $184,000 after purchasing an additional 1,894 shares during the last quarter. Institutional investors and hedge funds 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.