Cloudflare (NYSE:NET) Rating Increased to Buy at Bank of America

Bank of America upgraded shares of Cloudflare (NYSE:NET) from an underperform rating to a buy rating in a research note released on Tuesday, MarketBeat reports. The brokerage currently has $160.00 price objective on the stock, up from their prior price objective of $60.00.

A number of other research analysts have also commented on the company. Oppenheimer started coverage on Cloudflare in a report on Thursday, March 20th. They set an “outperform” rating and a $150.00 price objective on the stock. DZ Bank lowered shares of Cloudflare from a “hold” rating to a “sell” rating and set a $145.00 price target on the stock. in a research report on Tuesday, February 11th. JPMorgan Chase & Co. upped their price objective on shares of Cloudflare from $110.00 to $115.00 and gave the stock a “neutral” rating in a report on Friday, February 7th. Royal Bank of Canada cut their target price on shares of Cloudflare from $170.00 to $148.00 and set an “outperform” rating for the company in a research report on Thursday, March 13th. Finally, Jefferies Financial Group raised their price target on Cloudflare from $100.00 to $125.00 and gave the company a “hold” rating in a research report on Thursday, December 19th. Three research analysts have rated the stock with a sell rating, eleven have issued a hold rating and thirteen have given a buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $135.64.

Cloudflare Stock Performance

Shares of NYSE NET opened at $127.16 on Tuesday. The company has a debt-to-equity ratio of 1.32, a current ratio of 3.37 and a quick ratio of 3.37. Cloudflare has a one year low of $66.24 and a one year high of $177.37. The business’s 50-day moving average price is $137.01 and its two-hundred day moving average price is $110.56. The company has a market capitalization of $43.88 billion, a P/E ratio of -578.00 and a beta of 1.27.

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

Insider Buying and Selling at Cloudflare

In related news, CAO Janel Riley sold 4,327 shares of the company’s stock in a transaction dated Tuesday, February 18th. The shares were sold at an average price of $167.60, for a total transaction of $725,205.20. Following the transaction, the chief accounting officer now owns 74,698 shares in the company, valued at $12,519,384.80. This represents a 5.48 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Thomas J. Seifert sold 10,000 shares of the firm’s stock in a transaction dated Thursday, March 20th. The shares were sold at an average price of $120.00, for a total transaction of $1,200,000.00. Following the completion of the sale, the chief financial officer now owns 293,582 shares of the company’s stock, valued at $35,229,840. The trade was a 3.29 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 566,766 shares of company stock worth $73,779,200 over the last ninety days. Corporate insiders own 12.83% of the company’s stock.

Institutional Trading of Cloudflare

Hedge funds have recently modified their holdings of the stock. Avant Financial Advisors LLC bought a new position in Cloudflare in the 4th quarter valued at $258,000. Wellington Management Group LLP lifted its position in Cloudflare by 47.0% during the 4th quarter. Wellington Management Group LLP now owns 5,930 shares of the company’s stock valued at $639,000 after purchasing an additional 1,896 shares during the period. Thoma Capital Management LLC bought a new position in shares of Cloudflare in the 4th quarter valued at about $720,000. Wealth Enhancement Advisory Services LLC grew its position in shares of Cloudflare by 22.5% during the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 30,652 shares of the company’s stock worth $3,301,000 after buying an additional 5,638 shares during the period. Finally, Lansforsakringar Fondforvaltning AB publ bought a new stake in shares of Cloudflare during the fourth quarter worth approximately $10,499,000. 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.