Cloudflare, Inc. (NYSE:NET) Receives Consensus Recommendation of “Hold” from Brokerages

Shares of Cloudflare, Inc. (NYSE:NET) have been assigned a consensus rating of “Hold” from the twenty-five analysts that are covering the firm, Marketbeat.com reports. Three research analysts have rated the stock with a sell rating, twelve have issued a hold rating and ten have issued a buy rating on the company. The average 1 year target price among brokerages that have issued ratings on the stock in the last year is $92.29.

NET has been the topic of several analyst reports. UBS Group raised shares of Cloudflare from a “sell” rating to a “neutral” rating and boosted their price objective for the stock from $76.00 to $82.00 in a research note on Tuesday, June 25th. Wolfe Research initiated coverage on shares of Cloudflare in a research note on Tuesday, July 16th. They issued a “peer perform” rating on the stock. Guggenheim boosted their price objective on shares of Cloudflare from $50.00 to $57.00 and gave the stock a “sell” rating in a research note on Friday, August 2nd. Needham & Company LLC reissued a “buy” rating and issued a $135.00 price objective on shares of Cloudflare in a research note on Friday, August 2nd. Finally, Piper Sandler boosted their price objective on shares of Cloudflare from $82.00 to $83.00 and gave the stock a “neutral” rating in a research note on Friday, August 2nd.

Cloudflare Stock Performance

NYSE NET opened at $83.43 on Friday. The firm’s fifty day moving average price is $79.91 and its two-hundred day moving average price is $81.43. The stock has a market cap of $28.35 billion, a PE ratio of -157.42 and a beta of 1.10. Cloudflare has a fifty-two week low of $53.88 and a fifty-two week high of $116.00. The company has a debt-to-equity ratio of 1.46, a quick ratio of 3.51 and a current ratio of 3.51.

Cloudflare (NYSE:NET) last posted its earnings results on Thursday, August 1st. The company reported $0.20 earnings per share for the quarter, topping analysts’ consensus estimates of $0.14 by $0.06. The firm had revenue of $401.00 million for the quarter, compared to analysts’ expectations of $394.11 million. Cloudflare had a negative net margin of 6.90% and a negative return on equity of 8.54%. The company’s revenue was up 30.0% on a year-over-year basis. During the same quarter in the previous year, the firm posted ($0.12) earnings per share. On average, equities analysts expect that Cloudflare will post -0.13 EPS for the current fiscal year.

Insiders Place Their Bets

In other Cloudflare news, CEO Matthew Prince sold 52,384 shares of the stock in a transaction that occurred on Tuesday, July 9th. The stock was sold at an average price of $82.96, for a total value of $4,345,776.64. Following the transaction, the chief executive officer now owns 8,742 shares in the company, valued at approximately $725,236.32. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, CEO Matthew Prince sold 52,384 shares of the stock in a transaction that occurred on Tuesday, July 9th. The stock was sold at an average price of $82.96, for a total value of $4,345,776.64. Following the completion of the sale, the chief executive officer now directly owns 8,742 shares of the company’s stock, valued at $725,236.32. This represents a 0.00 % decrease in their ownership of the stock. The sale 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 that occurred on Thursday, July 18th. The stock was sold at an average price of $78.89, for a total value of $1,183,350.00. Following the completion of the sale, the chief financial officer now directly owns 309,937 shares of the company’s stock, valued at approximately $24,450,929.93. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 432,812 shares of company stock worth $34,458,563. Corporate insiders own 12.83% of the company’s stock.

Institutional Trading of Cloudflare

Institutional investors and hedge funds have recently modified their holdings of the stock. Baillie Gifford & Co. increased its position in shares of Cloudflare by 8.5% during the second quarter. Baillie Gifford & Co. now owns 32,722,670 shares of the company’s stock valued at $2,710,419,000 after acquiring an additional 2,575,396 shares during the last quarter. Marshall Wace LLP increased its position in shares of Cloudflare by 123.4% during the second quarter. Marshall Wace LLP now owns 1,548,535 shares of the company’s stock valued at $128,265,000 after acquiring an additional 855,334 shares during the last quarter. Vanguard Group Inc. increased its position in shares of Cloudflare by 2.7% during the fourth quarter. Vanguard Group Inc. now owns 28,159,189 shares of the company’s stock valued at $2,344,534,000 after acquiring an additional 740,914 shares during the last quarter. Capital World Investors increased its position in shares of Cloudflare by 2.1% during 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 during the last quarter. Finally, SpiderRock Advisors LLC purchased a new stake in shares of Cloudflare during the first quarter valued at approximately $37,740,000. 82.68% of the stock is owned by hedge funds and other institutional investors.

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.