Needham & Company LLC Boosts Cloudflare (NYSE:NET) Price Target to $160.00

Cloudflare (NYSE:NET) had its price objective lifted by Needham & Company LLC from $110.00 to $160.00 in a report issued on Monday,Benzinga reports. The firm currently has a “buy” rating on the stock. Needham & Company LLC’s price objective indicates a potential upside of 14.21% from the company’s current price.

NET has been the subject of several other research reports. Piper Sandler raised their target price on shares of Cloudflare from $83.00 to $92.00 and gave the stock a “neutral” rating in a report on Friday, November 8th. UBS Group increased their price target on Cloudflare from $88.00 to $95.00 and gave the stock a “neutral” rating in a report on Friday, November 8th. Citigroup upgraded Cloudflare from a “neutral” rating to a “buy” rating and boosted their price objective for the company from $95.00 to $145.00 in a report on Friday, January 17th. Truist Financial upped their price objective on Cloudflare from $120.00 to $140.00 and gave the company a “buy” rating in a research report on Tuesday, January 28th. Finally, The Goldman Sachs Group raised shares of Cloudflare from a “sell” rating to a “buy” rating and boosted their target price for the company from $77.00 to $140.00 in a research note on Thursday, January 2nd. Three analysts have rated the stock with a sell rating, eleven have assigned a hold rating and thirteen have given a buy rating to the stock. Based on data from MarketBeat, Cloudflare currently has an average rating of “Hold” and a consensus target price of $112.32.

Cloudflare Stock Up 2.4 %

Shares of NYSE NET opened at $140.10 on Monday. The stock has a market capitalization of $48.08 billion, a price-to-earnings ratio of -538.83 and a beta of 1.12. Cloudflare has a 12-month low of $66.24 and a 12-month high of $142.41. The company has a current ratio of 3.37, a quick ratio of 3.37 and a debt-to-equity ratio of 1.32. The firm’s 50-day moving average price is $115.82 and its 200-day moving average price is $95.58.

Cloudflare (NYSE:NET) last announced its earnings results on Thursday, November 7th. The company reported ($0.03) EPS for the quarter, hitting 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 firm had revenue of $430.08 million during the quarter, compared to analysts’ expectations of $423.65 million. On average, equities research analysts anticipate that Cloudflare will post -0.1 EPS for the current fiscal year.

Insider Buying and Selling

In other Cloudflare news, CFO Thomas J. Seifert sold 28,635 shares of Cloudflare stock in a transaction dated Tuesday, November 19th. The stock was sold at an average price of $95.03, for a total transaction of $2,721,184.05. Following the completion of the transaction, the chief financial officer now owns 252,869 shares in the company, valued at approximately $24,030,141.07. This trade represents a 10.17 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, CEO Matthew Prince sold 52,384 shares of the business’s stock in a transaction that occurred on Friday, November 15th. The shares were sold at an average price of $89.06, for a total value of $4,665,319.04. Following the completion of the transaction, the chief executive officer now directly owns 192,177 shares of the company’s stock, valued at $17,115,283.62. The trade was a 21.42 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 616,257 shares of company stock worth $67,256,408 in the last ninety days. 12.83% of the stock is owned by insiders.

Institutional Trading of Cloudflare

Several hedge funds and other institutional investors have recently added to or reduced their stakes in NET. Sterling Investment Advisors Ltd. acquired a new position in shares of Cloudflare during the 4th quarter worth approximately $217,000. Amalgamated Bank lifted its stake in Cloudflare by 0.5% in the 4th quarter. Amalgamated Bank now owns 20,002 shares of the company’s stock valued at $2,154,000 after buying an additional 107 shares in the last quarter. Bank of New York Mellon Corp boosted its holdings in Cloudflare by 1.9% in the 4th quarter. Bank of New York Mellon Corp now owns 1,286,372 shares of the company’s stock worth $138,516,000 after buying an additional 23,641 shares during the last quarter. RPG Investment Advisory LLC increased its stake in Cloudflare by 0.5% during the 4th quarter. RPG Investment Advisory LLC now owns 167,855 shares of the company’s stock worth $18,075,000 after buying an additional 838 shares in the last quarter. Finally, Birchcreek Wealth Management LLC purchased a new position in shares of Cloudflare in the fourth quarter valued at approximately $215,000. Institutional investors and hedge funds 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.