Cloudflare (NYSE:NET) PT Lowered to $76.00 at UBS Group

Cloudflare (NYSE:NET) had its price objective decreased by UBS Group from $88.00 to $76.00 in a report published on Friday morning, Benzinga reports. UBS Group currently has a sell rating on the stock.

A number of other research firms have also recently commented on NET. Bank of America lifted their price objective on Cloudflare from $52.00 to $60.00 and gave the stock an underperform rating in a research report on Friday. Capital One Financial assumed coverage on shares of Cloudflare in a report on Wednesday, January 17th. They set an equal weight rating and a $83.00 price target for the company. Morgan Stanley upped their price objective on shares of Cloudflare from $66.00 to $92.00 and gave the company an equal weight rating in a research note on Monday, February 12th. JPMorgan Chase & Co. lowered their target price on shares of Cloudflare from $90.00 to $80.00 and set a neutral rating for the company in a research note on Friday. Finally, Mizuho reduced their price target on Cloudflare from $95.00 to $88.00 and set a neutral 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. According to data from MarketBeat.com, the stock has a consensus rating of Hold and an average price target of $90.13.

Cloudflare Price Performance

Shares of Cloudflare stock traded down $0.10 on Friday, hitting $74.30. The company’s stock had a trading volume of 6,403,901 shares, compared to its average volume of 3,950,150. The company has a quick ratio of 3.51, a current ratio of 3.51 and a debt-to-equity ratio of 1.61. The firm has a fifty day moving average price of $93.67 and a 200-day moving average price of $83.75. Cloudflare has a 52-week low of $44.60 and a 52-week high of $116.00. The company has a market capitalization of $25.09 billion, a P/E ratio of -141.34 and a beta of 1.15.

Cloudflare (NYSE:NET) last announced its quarterly earnings results on Thursday, February 8th. The company reported ($0.06) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.07) by $0.01. The company had revenue of $362.47 million for 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%. On average, equities research analysts expect that Cloudflare will post -0.2 earnings per share for the current fiscal year.

Insider Activity at Cloudflare

In related news, Director Carl Ledbetter sold 7,962 shares of the firm’s stock in a transaction dated 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 in the company, valued at approximately $117,811,238.94. The sale was disclosed in a document filed with the SEC, which is accessible through this link. In other Cloudflare news, insider Douglas James Kramer sold 6,000 shares of the company’s stock in a transaction that occurred on Friday, February 9th. The stock was sold at an average price of $110.08, for a total value of $660,480.00. Following the transaction, the insider now directly owns 216,114 shares of the company’s stock, valued at approximately $23,789,829.12. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Carl Ledbetter sold 7,962 shares of the stock in a transaction that occurred on Wednesday, February 7th. The shares were sold at an average price of $81.42, for a total value of $648,266.04. Following the transaction, the director now owns 1,446,957 shares of the company’s stock, valued at $117,811,238.94. The disclosure for this sale can be found here. In the last three months, insiders sold 1,029,347 shares of company stock worth $100,594,226. Corporate insiders own 12.83% of the company’s stock.

Institutional Trading of Cloudflare

Several institutional investors have recently added to or reduced their stakes in NET. Norges Bank acquired a new position in Cloudflare during the 4th quarter worth $221,858,000. 1832 Asset Management L.P. grew its stake in Cloudflare by 121.2% in the fourth quarter. 1832 Asset Management L.P. now owns 2,916,600 shares of the company’s stock worth $242,836,000 after purchasing an additional 1,597,900 shares in the last quarter. Vanguard Group Inc. increased its holdings in Cloudflare by 2.7% in the fourth quarter. Vanguard Group Inc. now owns 28,159,189 shares of the company’s stock valued at $2,344,534,000 after buying an additional 740,914 shares during the last quarter. Capital World Investors raised its stake in Cloudflare by 1.8% during the fourth quarter. Capital World Investors now owns 27,543,956 shares of the company’s stock valued at $2,293,310,000 after buying an additional 487,308 shares in the last quarter. Finally, SpiderRock Advisors LLC acquired a new stake in Cloudflare during the first quarter valued at approximately $37,740,000. 82.68% of the stock is 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.