Mizuho Cuts Cloudflare (NYSE:NET) Price Target to $140.00

Cloudflare (NYSE:NET) had its target price lowered by Mizuho from $160.00 to $140.00 in a research note issued on Thursday,Benzinga reports. The firm presently has a “neutral” rating on the stock. Mizuho’s target price indicates a potential upside of 20.87% from the stock’s current price.

Several other research analysts also recently issued reports on NET. Jefferies Financial Group upped their price objective on Cloudflare from $100.00 to $125.00 and gave the company a “hold” rating in a research note on Thursday, December 19th. Wells Fargo & Company raised their price objective on Cloudflare from $135.00 to $150.00 and gave the company an “overweight” rating in a research note on Monday, January 27th. Guggenheim raised their target price on Cloudflare from $57.00 to $68.00 and gave the company a “sell” rating in a research report on Friday, February 7th. Piper Sandler decreased their price objective on Cloudflare from $153.00 to $131.00 and set a “neutral” rating for the company in a report on Thursday. Finally, Truist Financial lifted their target price on Cloudflare from $120.00 to $140.00 and gave the company a “buy” rating in a report on Tuesday, January 28th. Four analysts have rated the stock with a sell rating, twelve have given a hold rating and eleven have issued a buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $130.04.

Cloudflare Trading Up 1.9 %

NET opened at $115.83 on Thursday. Cloudflare has a twelve month low of $66.24 and a twelve month high of $177.37. The company has a 50-day simple moving average of $136.45 and a 200 day simple moving average of $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. The stock has a market capitalization of $39.97 billion, a price-to-earnings ratio of -526.50 and a beta of 1.27.

Cloudflare (NYSE:NET) last issued its 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 return on equity of 5.52% and a negative net margin of 4.72%. Analysts predict that Cloudflare will post -0.11 EPS for the current fiscal year.

Insider Buying and Selling

In other Cloudflare news, insider Douglas James Kramer sold 2,481 shares of the business’s stock in a transaction on Monday, February 3rd. The stock was sold at an average price of $131.66, for a total value of $326,648.46. Following the sale, the insider now directly owns 175,688 shares of the company’s stock, valued at approximately $23,131,082.08. The trade was a 1.39 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO Matthew Prince sold 52,384 shares of the business’s stock in a transaction on Thursday, February 27th. The stock was sold at an average price of $145.04, for a total value of $7,597,775.36. Following the completion of the sale, the chief executive officer now directly owns 413,413 shares in the company, valued at $59,961,421.52. This trade represents a 11.25 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 571,766 shares of company stock worth $73,804,307 in the last quarter. 12.83% of the stock is owned by insiders.

Institutional Investors Weigh In On Cloudflare

Several hedge funds have recently added to or reduced their stakes in the stock. Lansforsakringar Fondforvaltning AB publ bought a new position in shares of Cloudflare during the fourth quarter valued at $10,499,000. Centaurus Financial Inc. purchased a new stake in Cloudflare in the fourth quarter worth about $129,000. Wealthedge Investment Advisors LLC purchased a new stake in Cloudflare in the fourth quarter worth about $794,000. Park Square Financial Group LLC purchased a new stake in Cloudflare in the fourth quarter worth about $56,000. Finally, Menard Financial Group LLC purchased a new stake in shares of Cloudflare during the fourth quarter worth about $449,000. 82.68% of the stock is owned by 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.