Cloudflare (NYSE:NET) Now Covered by Analysts at Morgan Stanley

Research analysts at Morgan Stanley initiated coverage on shares of Cloudflare (NYSE:NET) in a research report issued to clients and investors on Tuesday. The brokerage set an “overweight” rating on the stock.

NET has been the subject of several other reports. Royal Bank of Canada reduced their target price on shares of Cloudflare from $170.00 to $148.00 and set an “outperform” rating for the company in a report on Thursday, March 13th. Robert W. Baird reiterated a “neutral” rating and issued a $140.00 price target (up previously from $125.00) on shares of Cloudflare in a research report on Monday, February 3rd. Mizuho cut their price objective on shares of Cloudflare from $160.00 to $140.00 and set a “neutral” rating on the stock in a research report on Thursday, March 13th. JPMorgan Chase & Co. increased their target price on Cloudflare from $110.00 to $115.00 and gave the stock a “neutral” rating in a research note on Friday, February 7th. Finally, The Goldman Sachs Group decreased their price objective on Cloudflare from $183.00 to $161.00 and set a “buy” rating for the company in a report on Friday. Four analysts have rated the stock with a sell rating, twelve have given a hold rating and eleven have given a buy rating to the stock. According to MarketBeat, Cloudflare currently has a consensus rating of “Hold” and an average price target of $130.04.

Cloudflare Price Performance

NYSE:NET traded down $2.48 during midday trading on Tuesday, hitting $113.54. The company had a trading volume of 143,376 shares, compared to its average volume of 3,006,727. The company has a quick ratio of 3.37, a current ratio of 3.37 and a debt-to-equity ratio of 1.32. The stock’s fifty day moving average price is $136.48 and its 200-day moving average price is $108.95. Cloudflare has a 52-week low of $66.24 and a 52-week high of $177.37. The company has a market capitalization of $39.18 billion, a PE ratio of -510.87 and a beta of 1.27.

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

Insider Transactions at Cloudflare

In other Cloudflare news, COO Michelle Zatlyn sold 25,640 shares of the stock in a transaction that occurred on Wednesday, January 22nd. The stock was sold at an average price of $120.40, for a total transaction of $3,087,056.00. Following the transaction, the chief operating officer now owns 172,959 shares in the company, valued at $20,824,263.60. This trade represents a 12.91 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CFO Thomas J. Seifert sold 15,000 shares of the company’s stock in a transaction that occurred on Wednesday, December 18th. The stock was sold at an average price of $112.72, for a total value of $1,690,800.00. Following the transaction, the chief financial officer now owns 252,869 shares of the company’s stock, valued at approximately $28,503,393.68. This trade represents a 5.60 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 571,766 shares of company stock valued at $73,804,307 over the last three months. Company insiders own 12.83% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently modified their holdings of NET. Apollon Wealth Management LLC raised its stake in Cloudflare by 9.4% during the 3rd quarter. Apollon Wealth Management LLC now owns 3,119 shares of the company’s stock worth $252,000 after buying an additional 269 shares during the period. Metis Global Partners LLC increased its holdings in shares of Cloudflare by 5.1% during the 3rd quarter. Metis Global Partners LLC now owns 3,786 shares of the company’s stock worth $306,000 after acquiring an additional 183 shares during the last quarter. OneDigital Investment Advisors LLC raised its holdings in Cloudflare by 3.5% in the 3rd quarter. OneDigital Investment Advisors LLC now owns 4,047 shares of the company’s stock valued at $327,000 after acquiring an additional 137 shares during the period. CIBC Asset Management Inc increased its position in Cloudflare by 5.4% during the 3rd quarter. CIBC Asset Management Inc now owns 10,629 shares of the company’s stock worth $860,000 after buying an additional 545 shares during the period. Finally, Empowered Funds LLC grew its position in Cloudflare by 7.7% during the third quarter. Empowered Funds LLC now owns 4,378 shares of the company’s stock worth $354,000 after buying an additional 313 shares in the last quarter. Institutional investors 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.