Truist Financial Increases Cloudflare (NYSE:NET) Price Target to $140.00

Cloudflare (NYSE:NET) had its price target hoisted by equities research analysts at Truist Financial from $120.00 to $140.00 in a research report issued on Tuesday,Benzinga reports. The brokerage presently has a “buy” rating on the stock. Truist Financial’s price objective would indicate a potential upside of 2.61% from the company’s previous close.

A number of other research analysts also recently commented on NET. Morgan Stanley increased their price objective on shares of Cloudflare from $130.00 to $140.00 and gave the company an “overweight” rating in a research note on Tuesday, January 21st. Stifel Nicolaus raised shares of Cloudflare from a “hold” rating to a “buy” rating and increased their price objective for the stock from $95.00 to $136.00 in a report on Tuesday, December 17th. Jefferies Financial Group increased their price objective on shares of Cloudflare from $100.00 to $125.00 and gave the stock a “hold” rating in a report on Thursday, December 19th. The Goldman Sachs Group raised shares of Cloudflare from a “sell” rating to a “buy” rating and increased their price objective for the stock from $77.00 to $140.00 in a report on Thursday, January 2nd. Finally, Scotiabank increased their price objective on shares of Cloudflare from $87.00 to $110.00 and gave the stock a “sector perform” rating in a report on Tuesday, January 21st. Three equities research analysts have rated the stock with a sell rating, nine have assigned a hold rating and fourteen have assigned a buy rating to the stock. Based on data from MarketBeat.com, Cloudflare has an average rating of “Hold” and a consensus price target of $109.72.

Cloudflare Price Performance

NET opened at $136.44 on Tuesday. The company has a quick ratio of 3.37, a current ratio of 3.37 and a debt-to-equity ratio of 1.32. Cloudflare has a 52-week low of $66.24 and a 52-week high of $140.25. The company has a 50 day moving average of $113.05 and a two-hundred day moving average of $93.88. The company has a market cap of $46.83 billion, a P/E ratio of -524.77 and a beta of 1.10.

Cloudflare (NYSE:NET) last released its quarterly earnings results on Thursday, November 7th. The company reported ($0.03) earnings per share for the quarter, meeting analysts’ consensus estimates of ($0.03). The business had revenue of $430.08 million during 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, analysts expect that Cloudflare will post -0.1 earnings per share for the current year.

Insiders Place Their Bets

In related news, insider Douglas James Kramer sold 3,000 shares of the firm’s stock in a transaction that occurred on Friday, November 1st. The shares were sold at an average price of $88.60, for a total transaction of $265,800.00. Following the completion of the sale, the insider now directly owns 185,386 shares in the company, valued at approximately $16,425,199.60. This trade represents a 1.59 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CFO Thomas J. Seifert sold 15,000 shares of the firm’s stock in a transaction that occurred 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 sale, the chief financial officer now owns 281,403 shares of the company’s stock, valued at approximately $24,422,966.37. This represents a 5.06 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 641,132 shares of company stock worth $69,429,058 over the last ninety days. 12.83% of the stock is currently owned by company insiders.

Institutional Trading of Cloudflare

Several institutional investors have recently made changes to their positions in the stock. Stratos Wealth Partners LTD. lifted its stake in Cloudflare by 1.2% in the fourth quarter. Stratos Wealth Partners LTD. now owns 6,583 shares of the company’s stock valued at $709,000 after acquiring an additional 77 shares during the last quarter. Atomi Financial Group Inc. raised its position in shares of Cloudflare by 3.3% in the fourth quarter. Atomi Financial Group Inc. now owns 2,966 shares of the company’s stock valued at $319,000 after purchasing an additional 94 shares during the period. Chicago Partners Investment Group LLC raised its position in shares of Cloudflare by 4.3% in the fourth quarter. Chicago Partners Investment Group LLC now owns 2,529 shares of the company’s stock valued at $293,000 after purchasing an additional 105 shares during the period. Wealth Management Partners LLC increased its position in Cloudflare by 3.3% during the fourth quarter. Wealth Management Partners LLC now owns 3,549 shares of the company’s stock worth $382,000 after acquiring an additional 114 shares during the period. Finally, Allspring Global Investments Holdings LLC increased its position in Cloudflare by 13.7% during the third quarter. Allspring Global Investments Holdings LLC now owns 987 shares of the company’s stock worth $80,000 after acquiring an additional 119 shares during the period. 82.68% of the stock is currently owned by institutional investors and hedge funds.

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.