Cloudflare (NYSE:NET) Price Target Raised to $87.00 at Scotiabank

Cloudflare (NYSE:NET) had its price objective lifted by Scotiabank from $85.00 to $87.00 in a research report sent to investors on Friday,Benzinga reports. Scotiabank currently has a sector perform rating on the stock.

Other equities analysts have also recently issued reports about the company. Mizuho lifted their price objective on Cloudflare from $92.00 to $105.00 and gave the company a “neutral” rating in a report on Thursday, October 17th. Cantor Fitzgerald upped their price target on Cloudflare from $80.00 to $85.00 and gave the company a “neutral” rating in a research report on Friday, August 2nd. Royal Bank of Canada upped their target price on Cloudflare from $90.00 to $99.00 and gave the company an “outperform” rating in a research report on Friday, August 2nd. BNP Paribas assumed coverage on Cloudflare in a research report on Tuesday, October 8th. They set an “underperform” rating and a $65.00 target price on the stock. Finally, Robert W. Baird upped their price target on Cloudflare from $94.00 to $100.00 and gave the stock an “outperform” rating in a research note on Friday, August 2nd. Four equities research analysts have rated the stock with a sell rating, twelve have given a hold rating and ten have issued a buy rating to the company. According to data from MarketBeat.com, Cloudflare has a consensus rating of “Hold” and an average target price of $92.88.

Cloudflare Stock Up 2.1 %

NET stock opened at $93.17 on Friday. The company has a quick ratio of 3.51, a current ratio of 3.51 and a debt-to-equity ratio of 1.46. The business has a 50 day moving average price of $84.99 and a two-hundred day moving average price of $80.68. The company has a market cap of $31.84 billion, a price-to-earnings ratio of -358.35 and a beta of 1.10. Cloudflare has a twelve month low of $62.39 and a twelve month high of $116.00.

Cloudflare (NYSE:NET) last issued its earnings results on Thursday, November 7th. The company reported ($0.03) EPS for the quarter, hitting the consensus estimate of ($0.03). The company had revenue of $430.08 million during the quarter, compared to the consensus estimate of $423.65 million. Cloudflare had a negative return on equity of 7.53% and a negative net margin of 5.97%. Analysts anticipate that Cloudflare will post -0.13 EPS for the current fiscal year.

Insider Buying and Selling at Cloudflare

In other news, CAO Janel Riley sold 3,495 shares of the firm’s stock in a transaction on Friday, August 16th. The stock was sold at an average price of $81.65, for a total value of $285,366.75. Following the completion of the transaction, the chief accounting officer now directly owns 80,183 shares of the company’s stock, valued at $6,546,941.95. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other Cloudflare news, CEO Matthew Prince sold 52,384 shares of Cloudflare stock in a transaction that occurred on Wednesday, September 4th. The shares were sold at an average price of $78.06, for a total transaction of $4,089,095.04. Following the transaction, the chief executive officer now directly owns 10,761 shares of the company’s stock, valued at approximately $840,003.66. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CAO Janel Riley sold 3,495 shares of Cloudflare stock in a transaction that occurred on Friday, August 16th. The stock was sold at an average price of $81.65, for a total transaction of $285,366.75. Following the transaction, the chief accounting officer now directly owns 80,183 shares in the company, valued at $6,546,941.95. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 477,043 shares of company stock valued at $39,737,342. Company insiders own 12.83% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in NET. CVA Family Office LLC increased its position in Cloudflare by 121.3% during the 3rd quarter. CVA Family Office LLC now owns 312 shares of the company’s stock valued at $25,000 after purchasing an additional 171 shares during the period. Allspring Global Investments Holdings LLC increased its position in shares of Cloudflare by 595.0% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 278 shares of the company’s stock valued at $27,000 after purchasing an additional 238 shares during the last quarter. Thurston Springer Miller Herd & Titak Inc. bought a new position in Cloudflare in the 2nd quarter worth approximately $29,000. Quarry LP boosted its stake in Cloudflare by 73.4% in the 2nd quarter. Quarry LP now owns 345 shares of the company’s stock worth $29,000 after purchasing an additional 146 shares during the period. Finally, Versant Capital Management Inc boosted its position in shares of Cloudflare by 1,202.9% during the 2nd quarter. Versant Capital Management Inc now owns 456 shares of the company’s stock valued at $38,000 after acquiring an additional 421 shares during the last quarter. 82.68% of the stock is owned by hedge funds and other institutional investors.

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.