Wells Fargo & Company Forecasts Strong Price Appreciation for Cloudflare (NYSE:NET) Stock

Cloudflare (NYSE:NET) had its price target increased by equities research analysts at Wells Fargo & Company from $135.00 to $150.00 in a research report issued on Monday,Benzinga reports. The brokerage currently has an “overweight” rating on the stock. Wells Fargo & Company‘s target price would suggest a potential upside of 7.50% from the company’s current price.

Other equities analysts also recently issued reports about the stock. Piper Sandler upped their target price on shares of Cloudflare from $83.00 to $92.00 and gave the stock a “neutral” rating in a research note on Friday, November 8th. The Goldman Sachs Group upgraded shares of Cloudflare from a “sell” rating to a “buy” rating and increased their price objective for the company from $77.00 to $140.00 in a research note on Thursday, January 2nd. Scotiabank boosted their target price on Cloudflare from $87.00 to $110.00 and gave the stock a “sector perform” rating in a research note on Tuesday, January 21st. UBS Group increased their price target on Cloudflare from $88.00 to $95.00 and gave the company a “neutral” rating in a research report on Friday, November 8th. Finally, Royal Bank of Canada boosted their price objective on Cloudflare from $99.00 to $123.00 and gave the stock an “outperform” rating in a research report on Friday, January 3rd. Three investment analysts have rated the stock with a sell rating, nine have issued a hold rating and fourteen have assigned a buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $109.72.

Cloudflare Stock Up 10.3 %

Cloudflare stock opened at $139.54 on Monday. The firm has a market capitalization of $47.89 billion, a price-to-earnings ratio of -536.69 and a beta of 1.10. The firm’s fifty day moving average price is $112.25 and its two-hundred day moving average price is $93.58. Cloudflare has a 1-year low of $66.24 and a 1-year high of $140.25. The company has a current ratio of 3.37, a quick ratio of 3.37 and a debt-to-equity ratio of 1.32.

Cloudflare (NYSE:NET) last released its quarterly earnings results on Thursday, November 7th. The company reported ($0.03) earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of ($0.03). Cloudflare had a negative return on equity of 7.18% and a negative net margin of 5.97%. The business had revenue of $430.08 million during the quarter, compared to the consensus estimate of $423.65 million. On average, equities research analysts predict that Cloudflare will post -0.1 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Cloudflare news, Director Maria S. Eitel sold 6,875 shares of the business’s stock in a transaction that occurred on Friday, November 1st. The shares were sold at an average price of $88.00, for a total value of $605,000.00. Following the completion of the transaction, the director now owns 5,927 shares of the company’s stock, valued at $521,576. The trade was a 53.70 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Thomas J. Seifert sold 15,000 shares of the stock in a transaction on Monday, November 4th. The stock was sold at an average price of $86.79, for a total transaction of $1,301,850.00. Following the completion of the transaction, the chief financial officer now directly owns 281,403 shares in the company, valued at $24,422,966.37. The trade was a 5.06 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 641,132 shares of company stock worth $69,429,058 in the last quarter. 12.83% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in NET. Dimensional Fund Advisors LP boosted its holdings in shares of Cloudflare by 0.4% in the 2nd quarter. Dimensional Fund Advisors LP now owns 326,853 shares of the company’s stock worth $27,070,000 after purchasing an additional 1,460 shares in the last quarter. AXA S.A. bought a new stake in Cloudflare in the 2nd quarter worth approximately $625,000. MBB Public Markets I LLC boosted its stake in Cloudflare by 711.2% in the second quarter. MBB Public Markets I LLC now owns 22,356 shares of the company’s stock worth $1,852,000 after buying an additional 19,600 shares in the last quarter. Driehaus Capital Management LLC bought a new position in Cloudflare during the second quarter valued at approximately $522,000. Finally, Creative Planning raised its stake in shares of Cloudflare by 9.2% during the second quarter. Creative Planning now owns 26,763 shares of the company’s stock worth $2,217,000 after acquiring an additional 2,255 shares in the last quarter. 82.68% of the stock is currently 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.