Piper Sandler Cuts Cloudflare (NYSE:NET) Price Target to $131.00

Cloudflare (NYSE:NET) had its target price decreased by Piper Sandler from $153.00 to $131.00 in a research report sent to investors on Thursday morning,Benzinga reports. Piper Sandler currently has a neutral rating on the stock.

A number of other research analysts have also recently issued reports on NET. Royal Bank of Canada boosted their target price on Cloudflare from $123.00 to $170.00 and gave the company an “outperform” rating in a research note on Friday, February 7th. JPMorgan Chase & Co. increased their target price on Cloudflare from $110.00 to $115.00 and gave the stock a “neutral” rating in a research note on Friday, February 7th. Citigroup raised shares of Cloudflare from a “neutral” rating to a “buy” rating and lifted their price target for the company from $95.00 to $145.00 in a research note on Friday, January 17th. UBS Group increased their price objective on shares of Cloudflare from $130.00 to $165.00 and gave the stock a “neutral” rating in a research report on Friday, February 7th. Finally, Stifel Nicolaus upped their target price on shares of Cloudflare from $136.00 to $175.00 and gave the stock a “buy” rating in a research note on Friday, February 7th. Four equities research analysts have rated the stock with a sell rating, twelve have issued a hold rating and eleven have assigned a buy rating to the stock. According to MarketBeat, Cloudflare has a consensus rating of “Hold” and an average target price of $130.04.

Cloudflare Stock Performance

Shares of NYSE:NET opened at $115.83 on Thursday. The firm’s 50 day simple moving average is $136.48 and its 200 day simple moving average is $108.74. Cloudflare has a fifty-two week low of $66.24 and a fifty-two week high of $177.37. The company has a market capitalization of $39.97 billion, a price-to-earnings ratio of -526.50 and a beta of 1.27. The company has a debt-to-equity ratio of 1.32, a current ratio of 3.37 and a quick ratio of 3.37.

Cloudflare (NYSE:NET) last announced its quarterly earnings results on Thursday, February 6th. The company reported ($0.03) earnings per share for the quarter, missing analysts’ consensus estimates of $0.18 by ($0.21). Cloudflare had a negative return on equity of 5.52% and a negative net margin of 4.72%. As a group, sell-side analysts forecast that Cloudflare will post -0.11 earnings per share for the current year.

Insiders Place Their Bets

In other Cloudflare news, insider Douglas James Kramer sold 2,481 shares of Cloudflare stock in a transaction on Monday, February 3rd. The shares were sold at an average price of $131.66, for a total transaction of $326,648.46. Following the completion of the transaction, the insider now directly owns 175,688 shares of the company’s stock, valued at $23,131,082.08. The trade was a 1.39 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CFO Thomas J. Seifert sold 15,000 shares of the stock in a transaction dated Wednesday, December 18th. The shares were sold at an average price of $112.72, for a total transaction of $1,690,800.00. Following the completion of the transaction, the chief financial officer now directly owns 252,869 shares in the company, valued at $28,503,393.68. The trade was a 5.60 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 571,766 shares of company stock valued at $73,804,307 over the last 90 days. 12.83% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of NET. Quarry LP lifted its position in Cloudflare by 38.6% during the third quarter. Quarry LP now owns 478 shares of the company’s stock worth $39,000 after acquiring an additional 133 shares during the last quarter. Gordian Capital Singapore Pte Ltd bought a new position in shares of Cloudflare during the fourth quarter worth approximately $43,000. Quest Partners LLC acquired a new stake in Cloudflare during the 3rd quarter worth approximately $54,000. Park Square Financial Group LLC bought a new stake in Cloudflare in the 4th quarter valued at $56,000. Finally, Larson Financial Group LLC grew its holdings in Cloudflare by 1,988.5% in the 4th quarter. Larson Financial Group LLC now owns 543 shares of the company’s stock valued at $58,000 after buying an additional 517 shares in the last quarter. Institutional investors and hedge funds own 82.68% of the company’s stock.

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.