Cloudflare (NYSE:NET) Coverage Initiated at Oppenheimer

Oppenheimer assumed coverage on shares of Cloudflare (NYSE:NET) in a research report issued to clients and investors on Thursday. The firm set an “outperform” rating and a $150.00 price target on the stock. Oppenheimer’s price target suggests a potential upside of 26.10% from the stock’s current price.

Several other equities research analysts have also recently weighed in on NET. Baird R W cut Cloudflare from a “strong-buy” rating to a “hold” rating in a research note on Monday, February 3rd. Susquehanna upped their price target on Cloudflare from $95.00 to $170.00 and gave the stock a “neutral” rating in a research note on Monday, February 10th. Scotiabank upped their price target on Cloudflare from $87.00 to $110.00 and gave the stock a “sector perform” rating in a research note on Tuesday, January 21st. Piper Sandler reduced their price target on Cloudflare from $153.00 to $131.00 and set a “neutral” rating on the stock in a research note on Thursday, March 13th. Finally, Citigroup raised Cloudflare from a “neutral” rating to a “buy” rating and upped their price target for the stock from $95.00 to $145.00 in a research note on Friday, January 17th. Four investment analysts have rated the stock with a sell rating, eleven have issued a hold rating and twelve have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $131.64.

Cloudflare Price Performance

Shares of Cloudflare stock opened at $118.95 on Thursday. The company has a quick ratio of 3.37, a current ratio of 3.37 and a debt-to-equity ratio of 1.32. The company has a market cap of $41.05 billion, a PE ratio of -540.70 and a beta of 1.27. The business has a 50 day moving average of $136.73 and a 200 day moving average of $109.79. Cloudflare has a 52 week low of $66.24 and a 52 week high of $177.37.

Cloudflare (NYSE:NET) last announced its earnings results on Thursday, February 6th. The company reported ($0.03) EPS for the quarter, missing analysts’ consensus estimates of $0.18 by ($0.21). Cloudflare had a negative net margin of 4.72% and a negative return on equity of 5.52%. As a group, equities research analysts forecast that Cloudflare will post -0.11 earnings per share for the current year.

Insider Buying and Selling at Cloudflare

In other Cloudflare news, insider Douglas James Kramer sold 2,481 shares of the stock in a transaction dated Monday, February 3rd. The stock was sold at an average price of $131.66, for a total value of $326,648.46. Following the transaction, the insider now owns 175,688 shares of the company’s stock, valued at approximately $23,131,082.08. This represents a 1.39 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CAO Janel Riley sold 4,327 shares of the stock in a transaction dated Tuesday, February 18th. The shares were sold at an average price of $167.60, for a total value of $725,205.20. Following the completion of the transaction, the chief accounting officer now directly owns 74,698 shares in the company, valued at approximately $12,519,384.80. This represents a 5.48 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 566,766 shares of company stock valued at $73,779,200. 12.83% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of the company. CreativeOne Wealth LLC lifted its holdings in Cloudflare by 0.8% in the fourth quarter. CreativeOne Wealth LLC now owns 6,982 shares of the company’s stock valued at $752,000 after acquiring an additional 58 shares during the period. Stratos Wealth Partners LTD. raised its stake in shares of Cloudflare by 1.2% in the fourth quarter. Stratos Wealth Partners LTD. now owns 6,583 shares of the company’s stock worth $709,000 after buying an additional 77 shares during the period. Atomi Financial Group Inc. raised its stake in shares of Cloudflare by 3.3% in the fourth quarter. Atomi Financial Group Inc. now owns 2,966 shares of the company’s stock worth $319,000 after buying an additional 94 shares during the period. Baxter Bros Inc. raised its stake in shares of Cloudflare by 3.8% in the fourth quarter. Baxter Bros Inc. now owns 2,750 shares of the company’s stock worth $296,000 after buying an additional 100 shares during the period. Finally, Ellevest Inc. raised its stake in shares of Cloudflare by 2.3% in the fourth quarter. Ellevest Inc. now owns 4,538 shares of the company’s stock worth $489,000 after buying an additional 102 shares during the period. Institutional investors own 82.68% of the company’s stock.

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.