Cloudflare (NYSE:NET) Price Target Cut to $161.00 by Analysts at The Goldman Sachs Group

Cloudflare (NYSE:NET) had its price objective cut by The Goldman Sachs Group from $183.00 to $161.00 in a report issued on Friday,Benzinga reports. They currently have a buy rating on the stock.

NET has been the subject of a number of other reports. Oppenheimer cut shares of Cloudflare from an “outperform” rating to a “market perform” rating in a report on Friday, February 7th. Scotiabank upped their price objective on shares of Cloudflare from $87.00 to $110.00 and gave the stock a “sector perform” rating in a report on Tuesday, January 21st. Robert W. Baird reiterated a “neutral” rating and issued a $140.00 price objective (up from $125.00) on shares of Cloudflare in a report on Monday, February 3rd. Susquehanna upped their price objective on shares of Cloudflare from $95.00 to $170.00 and gave the stock a “neutral” rating in a report on Monday, February 10th. Finally, Truist Financial boosted their target price on shares of Cloudflare from $120.00 to $140.00 and gave the stock a “buy” rating in a research report on Tuesday, January 28th. Four equities research analysts have rated the stock with a sell rating, twelve have assigned a hold rating and eleven have issued a buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $130.04.

Cloudflare Trading Up 1.9 %

Cloudflare stock opened at $115.83 on Friday. The company’s fifty day simple moving average is $136.45 and its 200-day simple moving average is $108.31. 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 12 month low of $66.24 and a 12 month high of $177.37. The stock has a market cap of $39.97 billion, a P/E ratio of -526.50 and a beta of 1.27.

Cloudflare (NYSE:NET) last posted its quarterly earnings results on Thursday, February 6th. The company reported ($0.03) EPS for the quarter, missing the consensus estimate of $0.18 by ($0.21). Cloudflare had a negative net margin of 4.72% and a negative return on equity of 5.52%. As a group, sell-side analysts forecast that Cloudflare will post -0.11 EPS for the current fiscal year.

Insider Buying and Selling

In related news, CEO Matthew Prince sold 52,384 shares of the stock in a transaction dated Thursday, February 27th. The shares were sold at an average price of $145.04, for a total value of $7,597,775.36. Following the completion of the transaction, the chief executive officer now owns 413,413 shares of the company’s stock, valued at $59,961,421.52. This represents a 11.25 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CFO Thomas J. Seifert sold 15,000 shares of the stock in a transaction dated Wednesday, December 18th. The stock was sold at an average price of $112.72, for a total transaction of $1,690,800.00. Following the completion of the transaction, the chief financial officer now directly owns 252,869 shares of the company’s stock, valued at $28,503,393.68. This trade represents a 5.60 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 571,766 shares of company stock valued at $73,804,307 over the last quarter. Corporate insiders own 12.83% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in NET. Groupama Asset Managment acquired a new position in Cloudflare in the fourth quarter worth about $269,200,000. Norges Bank bought a new stake in Cloudflare during the fourth quarter worth about $249,544,000. American Century Companies Inc. grew its stake in Cloudflare by 82.0% during the fourth quarter. American Century Companies Inc. now owns 2,257,601 shares of the company’s stock worth $243,098,000 after buying an additional 1,017,399 shares during the last quarter. Fred Alger Management LLC grew its stake in Cloudflare by 856.3% during the fourth quarter. Fred Alger Management LLC now owns 934,286 shares of the company’s stock worth $100,604,000 after buying an additional 836,591 shares during the last quarter. Finally, Invesco Ltd. grew its stake in Cloudflare by 292.5% during the fourth quarter. Invesco Ltd. now owns 1,078,921 shares of the company’s stock worth $116,178,000 after buying an additional 804,059 shares during the last quarter. Institutional investors and hedge funds 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.