Cloudflare (NYSE:NET) Stock Rating Upgraded by Bank of America

Bank of America upgraded shares of Cloudflare (NYSE:NET) from an underperform rating to a buy rating in a research note issued to investors on Tuesday morning, MarketBeat reports. The brokerage currently has $160.00 target price on the stock, up from their previous target price of $60.00.

NET has been the subject of several other research reports. 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 research report on Tuesday, January 21st. JPMorgan Chase & Co. increased their target price on Cloudflare from $110.00 to $115.00 and gave the stock a “neutral” rating in a report on Friday, February 7th. Stifel Nicolaus lifted their price target on Cloudflare from $136.00 to $175.00 and gave the company a “buy” rating in a research note on Friday, February 7th. Piper Sandler reduced their price objective on Cloudflare from $153.00 to $131.00 and set a “neutral” rating for the company in a research report on Thursday, March 13th. Finally, Susquehanna lifted their target price on Cloudflare from $95.00 to $170.00 and gave the company a “neutral” rating in a research report on Monday, February 10th. Three research analysts have rated the stock with a sell rating, eleven have issued a hold rating and thirteen have assigned a buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $135.64.

Cloudflare Stock Performance

Shares of NET stock opened at $127.16 on Tuesday. The stock has a market cap of $43.88 billion, a PE ratio of -578.00 and a beta of 1.27. The stock has a 50-day moving average of $137.01 and a 200-day moving average of $110.56. 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 has a one year low of $66.24 and a one year high of $177.37.

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 net margin of 4.72% and a negative return on equity of 5.52%. As a group, sell-side analysts expect that Cloudflare will post -0.11 earnings per share for the current year.

Insider Activity at Cloudflare

In other Cloudflare news, CEO Matthew Prince sold 52,384 shares of the company’s stock in a transaction on Monday, January 6th. The shares were sold at an average price of $113.98, for a total value of $5,970,728.32. Following the transaction, the chief executive officer now directly owns 10,762 shares in the company, valued at $1,226,652.76. The trade was a 82.96 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Thomas J. Seifert sold 15,000 shares of the stock in a transaction dated Friday, January 3rd. The shares were sold at an average price of $113.81, for a total transaction of $1,707,150.00. Following the completion of the transaction, the chief financial officer now directly owns 252,869 shares in the company, valued at $28,779,020.89. The trade was a 5.60 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 566,766 shares of company stock worth $73,779,200. Insiders own 12.83% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the stock. Avant Financial Advisors LLC acquired a new stake in Cloudflare during the fourth quarter worth approximately $258,000. Wellington Management Group LLP grew its position in shares of Cloudflare by 47.0% in the fourth quarter. Wellington Management Group LLP now owns 5,930 shares of the company’s stock valued at $639,000 after purchasing an additional 1,896 shares during the last quarter. Thoma Capital Management LLC bought a new position in shares of Cloudflare during the fourth quarter worth approximately $720,000. Wealth Enhancement Advisory Services LLC increased its stake in shares of Cloudflare by 22.5% during the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 30,652 shares of the company’s stock worth $3,301,000 after purchasing an additional 5,638 shares during the period. Finally, Lansforsakringar Fondforvaltning AB publ acquired a new stake in Cloudflare during the 4th quarter worth approximately $10,499,000. 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.