Cloudflare (NYSE:NET) Now Covered by Oppenheimer

Research analysts at Oppenheimer initiated coverage on shares of Cloudflare (NYSE:NET) in a report issued on Thursday. The brokerage set an “outperform” rating and a $150.00 price target on the stock. Oppenheimer’s target price would suggest a potential upside of 26.10% from the stock’s previous close.

Several other equities analysts have also recently weighed in on the company. Morgan Stanley assumed coverage on Cloudflare in a report on Tuesday. They set an “overweight” rating for the company. Scotiabank raised their price target on Cloudflare from $87.00 to $110.00 and gave the company a “sector perform” rating in a report on Tuesday, January 21st. Guggenheim raised their price target on Cloudflare from $57.00 to $68.00 and gave the company a “sell” rating in a report on Friday, February 7th. Jefferies Financial Group raised their price target on Cloudflare from $100.00 to $125.00 and gave the company a “hold” rating in a report on Thursday, December 19th. Finally, JPMorgan Chase & Co. raised their price target on Cloudflare from $110.00 to $115.00 and gave the company a “neutral” rating in a report on Friday, February 7th. Four analysts have rated the stock with a sell rating, eleven have assigned a hold rating and twelve have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $131.64.

Cloudflare Stock Performance

NYSE:NET opened at $118.95 on Thursday. 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 has a 12-month low of $66.24 and a 12-month high of $177.37. The stock has a 50-day moving average price of $136.73 and a 200 day moving average price of $109.79. The stock has a market capitalization of $41.05 billion, a P/E ratio of -540.70 and a beta of 1.27.

Cloudflare (NYSE:NET) last released its earnings results on Thursday, February 6th. The company reported ($0.03) earnings per share (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%. Equities research analysts forecast that Cloudflare will post -0.11 EPS for the current fiscal year.

Insider Buying and Selling

In other Cloudflare news, CFO Thomas J. Seifert sold 15,000 shares of Cloudflare stock in a transaction on Friday, January 3rd. The stock was sold at an average price of $113.81, for a total transaction of $1,707,150.00. Following the completion of the sale, the chief financial officer now directly owns 252,869 shares of the company’s stock, valued at $28,779,020.89. The trade was a 5.60 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, 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 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. This trade represents a 1.39 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 566,766 shares of company stock valued at $73,779,200. Insiders own 12.83% of the company’s stock.

Institutional Investors Weigh In On Cloudflare

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