Cloudflare (NYSE:NET) Price Target Cut to $80.00

Cloudflare (NYSE:NET) had its price target trimmed by Susquehanna from $115.00 to $80.00 in a research note released on Monday, Benzinga reports. The brokerage currently has a neutral rating on the stock.

Several other research firms have also commented on NET. JMP Securities raised their price target on shares of Cloudflare from $75.00 to $90.00 and gave the company a market outperform rating in a research report on Wednesday, January 31st. Morgan Stanley lifted their price target on Cloudflare from $66.00 to $92.00 and gave the company an equal weight rating in a research note on Monday, February 12th. DZ Bank downgraded 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. Needham & Company LLC restated a buy rating and issued a $135.00 price objective on shares of Cloudflare in a research report on Friday, May 3rd. Finally, KeyCorp reduced their target price on Cloudflare from $132.00 to $94.00 and set an overweight rating for the company in a research note on Friday, May 3rd. Four analysts have rated the stock with a sell rating, nine have assigned a hold rating and ten have assigned a buy rating to the stock. Based on data from MarketBeat, Cloudflare has an average rating of Hold and a consensus target price of $90.57.

Cloudflare Stock Performance

Shares of NET stock opened at $73.34 on Monday. Cloudflare has a 52-week low of $47.79 and a 52-week high of $116.00. 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 stock has a market cap of $24.76 billion, a PE ratio of -138.38 and a beta of 1.15. The business has a 50-day simple moving average of $91.68 and a 200-day simple moving average of $83.78.

Cloudflare (NYSE:NET) last released its quarterly earnings data on Thursday, February 8th. The company reported ($0.06) EPS for the quarter, topping the consensus estimate of ($0.07) by $0.01. The business had revenue of $362.47 million for the quarter, compared to analyst estimates of $352.70 million. Cloudflare had a negative return on equity of 12.78% and a negative net margin of 13.10%. On average, equities analysts expect that Cloudflare will post -0.2 EPS for the current year.

Insider Activity at Cloudflare

In other Cloudflare news, insider Douglas James Kramer sold 3,000 shares of the business’s stock in a transaction dated Monday, March 4th. The shares were sold at an average price of $99.64, for a total value of $298,920.00. Following the transaction, the insider now directly owns 205,238 shares in the company, valued at approximately $20,449,914.32. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In other Cloudflare news, CFO Thomas J. Seifert sold 27,901 shares of the company’s stock in a transaction dated Tuesday, February 20th. The shares were sold at an average price of $96.56, for a total value of $2,694,120.56. Following the transaction, the chief financial officer now owns 338,469 shares of the company’s stock, valued at $32,682,566.64. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, insider Douglas James Kramer sold 3,000 shares of the stock in a transaction dated Monday, March 4th. The stock was sold at an average price of $99.64, for a total transaction of $298,920.00. Following the transaction, the insider now directly owns 205,238 shares of the company’s stock, valued at approximately $20,449,914.32. The disclosure for this sale can be found here. Over the last quarter, insiders sold 1,115,298 shares of company stock valued at $104,795,772. 12.83% of the stock is owned by company insiders.

Hedge Funds Weigh In On Cloudflare

A number of hedge funds have recently made changes to their positions in the stock. Mitsubishi UFJ Asset Management Co. Ltd. raised its position in Cloudflare by 3.1% in the first quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 256,984 shares of the company’s stock valued at $24,884,000 after purchasing an additional 7,842 shares during the period. Motley Fool Asset Management LLC lifted its stake in Cloudflare by 286.3% during the 1st quarter. Motley Fool Asset Management LLC now owns 21,024 shares of the company’s stock worth $2,036,000 after acquiring an additional 15,582 shares in the last quarter. Bleakley Financial Group LLC boosted its holdings in Cloudflare by 5.6% during the 1st quarter. Bleakley Financial Group LLC now owns 3,329 shares of the company’s stock valued at $322,000 after acquiring an additional 178 shares during the period. Avantax Advisory Services Inc. acquired a new position in Cloudflare in the 1st quarter valued at about $676,000. Finally, Russell Investments Group Ltd. increased its stake in Cloudflare by 8.9% during the first quarter. Russell Investments Group Ltd. now owns 82,392 shares of the company’s stock worth $7,968,000 after purchasing an additional 6,714 shares during the period. Hedge funds and other institutional investors own 82.68% of the company’s stock.

About Cloudflare

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.