Cloudflare (NYSE:NET) Shares Up 6.8% Following Analyst Upgrade

Cloudflare, Inc. (NYSE:NET)’s share price shot up 6.8% on Tuesday after Truist Financial raised their price target on the stock from $120.00 to $140.00. Truist Financial currently has a buy rating on the stock. Cloudflare traded as high as $134.42 and last traded at $135.09. 1,596,347 shares changed hands during mid-day trading, a decline of 40% from the average session volume of 2,648,176 shares. The stock had previously closed at $126.47.

NET has been the topic of several other reports. UBS Group upped their price objective on shares of Cloudflare from $88.00 to $95.00 and gave the stock a “neutral” rating in a report on Friday, November 8th. The Goldman Sachs Group upgraded Cloudflare from a “sell” rating to a “buy” rating and raised their price target for the stock from $77.00 to $140.00 in a research report on Thursday, January 2nd. Cantor Fitzgerald started coverage on Cloudflare in a report on Friday, January 17th. They issued a “neutral” rating and a $111.00 price objective on the stock. Jefferies Financial Group raised their target price on Cloudflare from $100.00 to $125.00 and gave the company a “hold” rating in a report on Thursday, December 19th. Finally, Wells Fargo & Company lifted their target price on Cloudflare from $135.00 to $150.00 and gave the company an “overweight” rating in a research report on Monday. Three investment analysts have rated the stock with a sell rating, nine have given a hold rating and fourteen have given a buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $109.72.

Insider Activity at Cloudflare

In related news, COO Michelle Zatlyn sold 25,640 shares of the company’s stock in a transaction on Friday, January 24th. The shares were sold at an average price of $123.75, for a total value of $3,172,950.00. Following the completion of the sale, the chief operating officer now owns 172,959 shares in the company, valued at $21,403,676.25. This represents a 12.91 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Douglas James Kramer sold 3,000 shares of the firm’s stock in a transaction on Friday, November 1st. The stock was sold at an average price of $88.60, for a total transaction of $265,800.00. Following the transaction, the insider now directly owns 185,386 shares in the company, valued at $16,425,199.60. The trade was a 1.59 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 641,132 shares of company stock valued at $69,429,058 over the last three months. 12.83% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Cloudflare

Institutional investors and hedge funds have recently made changes to their positions in the business. Hartline Investment Corp increased its position in Cloudflare by 7.6% in the 3rd quarter. Hartline Investment Corp now owns 260,379 shares of the company’s stock valued at $21,062,000 after acquiring an additional 18,426 shares during the period. WIM INVESTMENT MANAGEMENT Ltd acquired a new position in shares of Cloudflare in the third quarter valued at approximately $25,588,000. Charles Schwab Investment Management Inc. raised its stake in shares of Cloudflare by 2.7% during the third quarter. Charles Schwab Investment Management Inc. now owns 1,157,815 shares of the company’s stock worth $93,656,000 after purchasing an additional 29,960 shares during the last quarter. National Pension Service lifted its holdings in shares of Cloudflare by 0.9% during the third quarter. National Pension Service now owns 471,923 shares of the company’s stock worth $38,174,000 after purchasing an additional 4,062 shares during the period. Finally, Banque Cantonale Vaudoise grew its position in Cloudflare by 20.8% in the 3rd quarter. Banque Cantonale Vaudoise now owns 36,753 shares of the company’s stock valued at $2,973,000 after buying an additional 6,326 shares during the last quarter. 82.68% of the stock is owned by hedge funds and other institutional investors.

Cloudflare Stock Down 2.5 %

The company has a market capitalization of $46.82 billion, a price-to-earnings ratio of -524.77 and a beta of 1.10. The company has a current ratio of 3.37, a quick ratio of 3.37 and a debt-to-equity ratio of 1.32. The firm’s 50 day simple moving average is $113.05 and its 200-day simple moving average is $93.88.

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

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.