Royal Bank of Canada Issues Positive Forecast for Cloudflare (NYSE:NET) Stock Price

Cloudflare (NYSE:NET) had its target price lifted by Royal Bank of Canada from $99.00 to $123.00 in a research report released on Friday morning, MarketBeat reports. They currently have an outperform rating on the stock.

Several other analysts have also recently issued reports on the company. UBS Group increased their target price on Cloudflare from $88.00 to $95.00 and gave the stock a “neutral” rating in a research report on Friday, November 8th. Scotiabank increased their price objective on shares of Cloudflare from $85.00 to $87.00 and gave the company a “sector perform” rating in a report on Friday, November 8th. The Goldman Sachs Group raised shares of Cloudflare from a “sell” rating to a “buy” rating and boosted their target price for the stock from $77.00 to $140.00 in a report on Thursday. Wells Fargo & Company raised their target price on shares of Cloudflare from $105.00 to $110.00 and gave the company an “overweight” rating in a research note on Friday, November 8th. Finally, Stifel Nicolaus upgraded shares of Cloudflare from a “hold” rating to a “buy” rating and boosted their price target for the stock from $95.00 to $136.00 in a research note on Tuesday, December 17th. Three research analysts have rated the stock with a sell rating, twelve have issued a hold rating and thirteen have issued a buy rating to the company. According to MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $101.37.

Cloudflare Price Performance

Shares of Cloudflare stock opened at $114.73 on Friday. The stock’s fifty day moving average is $102.82 and its 200 day moving average is $89.09. Cloudflare has a one year low of $66.24 and a one year high of $119.42. The company has a debt-to-equity ratio of 1.32, a quick ratio of 3.37 and a current ratio of 3.37. The stock has a market cap of $39.37 billion, a P/E ratio of -441.27 and a beta of 1.10.

Cloudflare (NYSE:NET) last posted its quarterly earnings data on Thursday, November 7th. The company reported ($0.03) earnings per share for the quarter, meeting analysts’ consensus estimates of ($0.03). The firm had revenue of $430.08 million for the quarter, compared to analysts’ expectations of $423.65 million. Cloudflare had a negative return on equity of 7.18% and a negative net margin of 5.97%. Sell-side analysts anticipate that Cloudflare will post -0.1 earnings per share for the current year.

Insider Activity

In related news, COO Michelle Zatlyn sold 64,100 shares of the stock in a transaction that occurred on Monday, October 7th. The stock was sold at an average price of $81.60, for a total value of $5,230,560.00. Following the transaction, the chief operating officer now owns 192,177 shares of the company’s stock, valued at $15,681,643.20. This represents a 25.01 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Thomas J. Seifert sold 15,000 shares of Cloudflare stock in a transaction on Friday, October 18th. The shares were sold at an average price of $90.88, for a total value of $1,363,200.00. Following the sale, the chief financial officer now directly owns 281,403 shares of the company’s stock, valued at approximately $25,573,904.64. This trade represents a 5.06 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 614,592 shares of company stock valued at $60,146,600. 12.83% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in NET. Allspring Global Investments Holdings LLC boosted its stake in shares of Cloudflare by 13.7% during the third quarter. Allspring Global Investments Holdings LLC now owns 987 shares of the company’s stock valued at $80,000 after purchasing an additional 119 shares in the last quarter. Quarry LP boosted its position in Cloudflare by 38.6% during the 3rd quarter. Quarry LP now owns 478 shares of the company’s stock valued at $39,000 after acquiring an additional 133 shares in the last quarter. Elo Mutual Pension Insurance Co increased its holdings in shares of Cloudflare by 0.5% in the 2nd quarter. Elo Mutual Pension Insurance Co now owns 27,196 shares of the company’s stock valued at $2,253,000 after acquiring an additional 136 shares during the period. OneDigital Investment Advisors LLC raised its position in shares of Cloudflare by 3.5% in the 3rd quarter. OneDigital Investment Advisors LLC now owns 4,047 shares of the company’s stock worth $327,000 after acquiring an additional 137 shares in the last quarter. Finally, Versant Capital Management Inc raised its position in shares of Cloudflare by 44.9% in the 4th quarter. Versant Capital Management Inc now owns 549 shares of the company’s stock worth $59,000 after acquiring an additional 170 shares in the last quarter. Hedge funds and other institutional investors own 82.68% of the company’s stock.

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.