Wells Fargo & Company Issues Positive Forecast for Cloudflare (NYSE:NET) Stock Price

Cloudflare (NYSE:NET) had its price target hoisted by Wells Fargo & Company from $135.00 to $150.00 in a research note issued to investors on Monday,Benzinga reports. The brokerage currently has an overweight rating on the stock.

Several other research analysts also recently commented on NET. Piper Sandler raised their price objective on Cloudflare from $83.00 to $92.00 and gave the stock a “neutral” rating in a research note on Friday, November 8th. The Goldman Sachs Group raised Cloudflare from a “sell” rating to a “buy” rating and raised their price objective for the stock from $77.00 to $140.00 in a research note on Thursday, January 2nd. Cantor Fitzgerald assumed coverage on Cloudflare in a research note on Friday, January 17th. They issued a “neutral” rating and a $111.00 price objective on the stock. UBS Group raised their price objective on Cloudflare from $88.00 to $95.00 and gave the stock a “neutral” rating in a research note on Friday, November 8th. Finally, Royal Bank of Canada raised their price objective on Cloudflare from $99.00 to $123.00 and gave the stock an “outperform” rating in a research note on Friday, January 3rd. Three analysts have rated the stock with a sell rating, nine have given a hold rating and fourteen have issued a buy rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $108.92.

Cloudflare Stock Up 1.2 %

NET stock opened at $126.58 on Monday. Cloudflare has a fifty-two week low of $66.24 and a fifty-two week high of $130.65. The business’s 50-day moving average is $111.39 and its two-hundred day moving average is $93.18. 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 company has a market cap of $43.44 billion, a price-to-earnings ratio of -486.86 and a beta of 1.10.

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

Insider Transactions at Cloudflare

In other news, CFO Thomas J. Seifert sold 15,000 shares of Cloudflare stock in a transaction that occurred on Monday, November 4th. The stock was sold at an average price of $86.79, for a total value of $1,301,850.00. Following the completion of the transaction, the chief financial officer now owns 281,403 shares in the company, valued at approximately $24,422,966.37. The trade was a 5.06 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, COO Michelle Zatlyn sold 25,640 shares of Cloudflare stock in a transaction that occurred on Friday, January 24th. The stock was sold at an average price of $123.75, for a total value of $3,172,950.00. Following the completion of the transaction, the chief operating officer now owns 172,959 shares of the company’s stock, valued at approximately $21,403,676.25. This trade represents a 12.91 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 641,132 shares of company stock worth $69,429,058. 12.83% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Cloudflare

Institutional investors and hedge funds have recently modified their holdings of the business. CVA Family Office LLC lifted its stake in shares of Cloudflare by 121.3% during the 3rd quarter. CVA Family Office LLC now owns 312 shares of the company’s stock worth $25,000 after acquiring an additional 171 shares during the last quarter. Quarry LP lifted its stake in shares of Cloudflare by 73.4% during the 2nd quarter. Quarry LP now owns 345 shares of the company’s stock worth $29,000 after acquiring an additional 146 shares during the last quarter. Capital Performance Advisors LLP bought a new stake in shares of Cloudflare during the 3rd quarter worth approximately $38,000. Quest Partners LLC bought a new stake in shares of Cloudflare during the 3rd quarter worth approximately $54,000. Finally, Versant Capital Management Inc raised its position in Cloudflare by 44.9% during the 4th quarter. Versant Capital Management Inc now owns 549 shares of the company’s stock valued at $59,000 after purchasing an additional 170 shares in the last quarter. 82.68% of the stock is owned by 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.