Cloudflare (NYSE:NET) Price Target Raised to $135.00 at Wells Fargo & Company

Cloudflare (NYSE:NET) had its price target upped by Wells Fargo & Company from $110.00 to $135.00 in a research note released on Tuesday,Benzinga reports. Wells Fargo & Company currently has an overweight rating on the stock.

NET has been the topic of several other research reports. Morgan Stanley upgraded shares of Cloudflare from an “equal weight” rating to an “overweight” rating and increased their price target for the stock from $92.00 to $130.00 in a report on Monday, December 2nd. Piper Sandler boosted their target price on shares of Cloudflare from $83.00 to $92.00 and gave the company a “neutral” rating in a research report on Friday, November 8th. Mizuho increased their price target on Cloudflare from $102.00 to $125.00 and gave the stock a “neutral” rating in a research report on Friday, December 13th. Scotiabank upped their target price on Cloudflare from $85.00 to $87.00 and gave the stock a “sector perform” rating in a research note on Friday, November 8th. Finally, Jefferies Financial Group lifted their price target on Cloudflare from $100.00 to $125.00 and gave the company a “hold” rating in a research report on Thursday, December 19th. Three research analysts have rated the stock with a sell rating, twelve have given a hold rating and thirteen have assigned a buy rating to the company. According to data from MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $102.30.

Cloudflare Stock Performance

NET opened at $113.77 on Tuesday. The firm’s 50-day moving average price is $103.82 and its 200-day moving average price is $89.73. The company has a market cap of $39.05 billion, a P/E ratio of -437.58 and a beta of 1.10. The company has a quick ratio of 3.37, a current ratio of 3.37 and a debt-to-equity ratio of 1.32. Cloudflare has a 52-week low of $66.24 and a 52-week high of $119.42.

Cloudflare (NYSE:NET) last posted its quarterly earnings data on Thursday, November 7th. The company reported ($0.03) EPS for the quarter, hitting the consensus estimate of ($0.03). The business had revenue of $430.08 million during the quarter, compared to the consensus estimate of $423.65 million. Cloudflare had a negative net margin of 5.97% and a negative return on equity of 7.18%. As a group, equities analysts anticipate that Cloudflare will post -0.1 EPS for the current fiscal year.

Insider Activity

In other news, CFO Thomas J. Seifert sold 15,000 shares of Cloudflare stock in a transaction dated Friday, January 3rd. The stock was sold at an average price of $113.81, for a total transaction of $1,707,150.00. Following the sale, the chief financial officer now owns 252,869 shares in the company, valued at approximately $28,779,020.89. The trade was a 5.60 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Douglas James Kramer sold 3,000 shares of the firm’s stock in a transaction that occurred on Friday, November 1st. The stock was sold at an average price of $88.60, for a total value of $265,800.00. Following the transaction, the insider now owns 185,386 shares in the company, valued at $16,425,199.60. This represents a 1.59 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 539,852 shares of company stock worth $54,505,326. 12.83% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Cloudflare

A number of hedge funds have recently modified their holdings of the business. Capital Market Strategies LLC acquired a new stake in Cloudflare during the 4th quarter worth $647,000. Nordea Investment Management AB boosted its stake in shares of Cloudflare by 0.7% during the fourth quarter. Nordea Investment Management AB now owns 39,776 shares of the company’s stock worth $4,307,000 after buying an additional 261 shares during the period. Everence Capital Management Inc. purchased a new position in shares of Cloudflare during the fourth quarter worth about $803,000. GAMMA Investing LLC increased its position in Cloudflare by 59.0% in the 4th quarter. GAMMA Investing LLC now owns 585 shares of the company’s stock valued at $63,000 after acquiring an additional 217 shares during the period. Finally, Versant Capital Management Inc lifted its position in Cloudflare by 44.9% during the 4th quarter. Versant Capital Management Inc now owns 549 shares of the company’s stock worth $59,000 after acquiring an additional 170 shares during the period. 82.68% of the stock is currently owned by hedge funds and other institutional investors.

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.