Cloudflare (NYSE:NET) Given “Neutral” Rating at Cantor Fitzgerald

Cantor Fitzgerald reissued their neutral rating on shares of Cloudflare (NYSE:NET) in a report issued on Friday, Benzinga reports. The firm currently has a $80.00 price objective on the stock.

Other analysts have also recently issued research reports about the stock. Piper Sandler reiterated a neutral rating and issued a $81.00 price objective (down previously from $110.00) on shares of Cloudflare in a research note on Friday, May 3rd. Royal Bank of Canada cut their price target on Cloudflare from $108.00 to $90.00 and set an outperform rating for the company in a research note on Friday, May 31st. JPMorgan Chase & Co. lowered their price objective on Cloudflare from $90.00 to $80.00 and set a neutral rating on the stock in a research note on Friday, May 3rd. The Goldman Sachs Group cut their target price on Cloudflare from $77.00 to $68.00 and set a sell rating for the company in a research report on Tuesday, June 4th. Finally, KeyCorp decreased their price target on Cloudflare from $132.00 to $94.00 and set an overweight rating on the stock in a research report on Friday, May 3rd. Four investment analysts have rated the stock with a sell rating, nine have given a hold rating and ten have issued a buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of Hold and a consensus price target of $90.70.

Cloudflare Trading Down 0.7 %

Shares of NYSE:NET opened at $77.91 on Friday. Cloudflare has a 12-month low of $53.88 and a 12-month high of $116.00. The business has a 50 day moving average of $77.63 and a 200-day moving average of $85.25. The company has a quick ratio of 3.51, a current ratio of 3.51 and a debt-to-equity ratio of 1.61. The stock has a market cap of $26.47 billion, a PE ratio of -147.00 and a beta of 1.08.

Cloudflare (NYSE:NET) last released its quarterly earnings results on Thursday, May 2nd. The company reported ($0.03) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.05) by $0.02. The business had revenue of $378.60 million during the quarter, compared to the consensus estimate of $372.93 million. Cloudflare had a negative return on equity of 12.78% and a negative net margin of 13.10%. As a group, equities research analysts forecast that Cloudflare will post -0.19 earnings per share for the current year.

Insider Buying and Selling

In other Cloudflare news, CEO Matthew Prince sold 52,384 shares of the company’s stock in a transaction that occurred on Thursday, June 13th. The shares were sold at an average price of $74.46, for a total value of $3,900,512.64. Following the completion of the transaction, the chief executive officer now directly owns 8,742 shares in the company, valued at approximately $650,929.32. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. In other Cloudflare news, Director Katrin Suder sold 574 shares of the company’s stock in a transaction dated Tuesday, June 4th. The stock was sold at an average price of $67.11, for a total value of $38,521.14. Following the sale, the director now owns 51,162 shares in the company, valued at approximately $3,433,481.82. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CEO Matthew Prince sold 52,384 shares of the firm’s stock in a transaction dated Thursday, June 13th. The stock was sold at an average price of $74.46, for a total value of $3,900,512.64. Following the transaction, the chief executive officer now owns 8,742 shares of the company’s stock, valued at $650,929.32. The disclosure for this sale can be found here. Insiders have sold a total of 662,119 shares of company stock worth $54,101,374 in the last ninety days. Company insiders own 12.83% of the company’s stock.

Institutional Trading of Cloudflare

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Riverview Trust Co bought a new stake in shares of Cloudflare in the 1st quarter valued at $27,000. Allspring Global Investments Holdings LLC boosted its position in Cloudflare by 595.0% during the first quarter. Allspring Global Investments Holdings LLC now owns 278 shares of the company’s stock valued at $27,000 after acquiring an additional 238 shares during the last quarter. ICA Group Wealth Management LLC acquired a new stake in Cloudflare during the 4th quarter worth about $38,000. GAMMA Investing LLC bought a new position in shares of Cloudflare in the 4th quarter worth about $39,000. Finally, Pingora Partners LLC acquired a new position in shares of Cloudflare in the 4th quarter valued at about $42,000. 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.