Investment Analysts’ Recent Ratings Updates for Cloudflare (NET)

Cloudflare (NYSE: NET) has recently received a number of price target changes and ratings updates:

• 6/25/2024 – Cloudflare had its “sell” rating reaffirmed by analysts at Guggenheim. They now have a $50.00 price target on the stock.
• 6/25/2024 – Cloudflare was upgraded by analysts at UBS Group AG from a “sell” rating to a “neutral” rating. They now have a $82.00 price target on the stock, up previously from $76.00.
• 6/21/2024 – Cloudflare had its “neutral” rating reaffirmed by analysts at Cantor Fitzgerald. They now have a $80.00 price target on the stock.
• 6/17/2024 – Cloudflare had its “equal weight” rating reaffirmed by analysts at Morgan Stanley. They now have a $92.00 price target on the stock.
• 6/4/2024 – Cloudflare had its price target lowered by analysts at The Goldman Sachs Group, Inc. from $77.00 to $68.00. They now have a “sell” rating on the stock.
• 5/31/2024 – Cloudflare had its price target lowered by analysts at Royal Bank of Canada from $108.00 to $90.00. They now have an “outperform” rating on the stock.
• 5/31/2024 – Cloudflare had its “neutral” rating reaffirmed by analysts at Cantor Fitzgerald. They now have a $80.00 price target on the stock.
• 5/31/2024 – Cloudflare had its “buy” rating reaffirmed by analysts at Needham & Company LLC. They now have a $135.00 price target on the stock.
• 5/14/2024 – Cloudflare had its “market outperform” rating reaffirmed by analysts at JMP Securities. They now have a $120.00 price target on the stock.
• 5/9/2024 – Cloudflare had its price target lowered by analysts at Citigroup Inc. from $95.00 to $90.00. They now have a “neutral” rating on the stock.
• 5/7/2024 – Cloudflare was upgraded by analysts at DZ Bank AG from a “hold” rating to a “buy” rating. They now have a $95.00 price target on the stock.
• 5/6/2024 – Cloudflare had its price target lowered by analysts at The Goldman Sachs Group, Inc. from $89.00 to $77.00. They now have a “sell” rating on the stock.
• 5/6/2024 – Cloudflare had its price target lowered by analysts at Susquehanna from $115.00 to $80.00. They now have a “neutral” rating on the stock.

Cloudflare Trading Up 1.3 %

NET stock opened at $85.05 on Wednesday. The company has a market capitalization of $28.90 billion, a PE ratio of -160.47 and a beta of 1.10. Cloudflare, Inc. has a one year low of $53.88 and a one year high of $116.00. The company’s 50 day moving average price is $76.82 and its two-hundred day moving average price is $85.44. The company has a debt-to-equity ratio of 1.61, a quick ratio of 3.51 and a current ratio of 3.51.

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

Insiders Place Their Bets

In other Cloudflare news, insider Douglas James Kramer sold 3,000 shares of Cloudflare stock in a transaction that occurred on Monday, July 1st. The shares were sold at an average price of $82.65, for a total transaction of $247,950.00. Following the transaction, the insider now directly owns 195,303 shares of the company’s stock, valued at $16,141,792.95. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In other news, CEO Matthew Prince sold 52,384 shares of the firm’s stock in a transaction that occurred on Tuesday, April 9th. The shares were sold at an average price of $96.04, for a total value of $5,030,959.36. Following the transaction, the chief executive officer now owns 230,612 shares in the company, valued at $22,147,976.48. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Douglas James Kramer sold 3,000 shares of the firm’s stock in a transaction that occurred on Monday, July 1st. The stock was sold at an average price of $82.65, for a total transaction of $247,950.00. Following the completion of the transaction, the insider now owns 195,303 shares in the company, valued at approximately $16,141,792.95. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 677,805 shares of company stock valued at $54,700,869. 12.83% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the company. Vanguard Group Inc. grew its holdings in shares of Cloudflare by 1.5% in the first quarter. Vanguard Group Inc. now owns 28,572,053 shares of the company’s stock worth $2,766,632,000 after purchasing an additional 412,864 shares during the last quarter. Capital World Investors boosted its holdings in Cloudflare by 2.1% in the first quarter. Capital World Investors now owns 28,128,522 shares of the company’s stock valued at $2,723,685,000 after acquiring an additional 584,566 shares in the last quarter. 1832 Asset Management L.P. boosted its holdings in Cloudflare by 121.2% in the fourth quarter. 1832 Asset Management L.P. now owns 2,916,600 shares of the company’s stock valued at $242,836,000 after acquiring an additional 1,597,900 shares in the last quarter. Norges Bank bought a new stake in Cloudflare in the fourth quarter valued at $221,858,000. Finally, Deutsche Bank AG boosted its holdings in Cloudflare by 5.1% in the third quarter. Deutsche Bank AG now owns 1,352,203 shares of the company’s stock valued at $85,243,000 after acquiring an additional 65,596 shares in the last quarter. Institutional investors own 82.68% of the company’s stock.

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.