BNP Paribas Begins Coverage on Cloudflare (NYSE:NET)

Research analysts at BNP Paribas initiated coverage on shares of Cloudflare (NYSE:NET) in a research note issued on Tuesday, Briefing.com reports. The firm set an “underperform” rating and a $65.00 price target on the stock. BNP Paribas’ target price would indicate a potential downside of 19.23% from the stock’s previous close.

Several other research firms have also recently commented on NET. Robert W. Baird boosted their price target on Cloudflare from $94.00 to $100.00 and gave the company an “outperform” rating in a report on Friday, August 2nd. Mizuho lifted their price target on Cloudflare from $88.00 to $92.00 and gave the company a “neutral” rating in a report on Tuesday, July 16th. Royal Bank of Canada increased their price objective on shares of Cloudflare from $90.00 to $99.00 and gave the stock an “outperform” rating in a report on Friday, August 2nd. Susquehanna boosted their target price on shares of Cloudflare from $80.00 to $85.00 and gave the company a “neutral” rating in a report on Monday, August 5th. Finally, Scotiabank initiated coverage on shares of Cloudflare in a research note on Monday, July 8th. They set a “sector perform” rating and a $85.00 price target on the stock. Four research analysts have rated the stock with a sell rating, twelve have assigned a hold rating and ten have assigned a buy rating to the stock. Based on data from MarketBeat.com, Cloudflare presently has an average rating of “Hold” and a consensus target price of $91.20.

Cloudflare Trading Down 3.5 %

NYSE:NET opened at $80.48 on Tuesday. Cloudflare has a 1 year low of $53.88 and a 1 year high of $116.00. The company has a debt-to-equity ratio of 1.46, a quick ratio of 3.51 and a current ratio of 3.51. The stock has a fifty day moving average price of $79.98 and a two-hundred day moving average price of $81.20. The stock has a market capitalization of $27.35 billion, a price-to-earnings ratio of -151.85 and a beta of 1.10.

Cloudflare (NYSE:NET) last released its quarterly earnings results on Thursday, August 1st. The company reported $0.20 earnings per share for the quarter, topping analysts’ consensus estimates of $0.14 by $0.06. Cloudflare had a negative return on equity of 8.54% and a negative net margin of 6.90%. The business had revenue of $401.00 million for the quarter, compared to analysts’ expectations of $394.11 million. During the same quarter in the prior year, the firm posted ($0.12) EPS. The company’s revenue was up 30.0% compared to the same quarter last year. As a group, sell-side analysts anticipate that Cloudflare will post -0.13 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Cloudflare news, CEO Matthew Prince sold 52,384 shares of the firm’s stock in a transaction that occurred on Thursday, July 11th. The shares were sold at an average price of $82.67, for a total value of $4,330,585.28. Following the sale, the chief executive officer now owns 8,742 shares in the company, valued at approximately $722,701.14. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other Cloudflare news, CEO Matthew Prince sold 52,384 shares of the business’s stock in a transaction dated Thursday, July 11th. The shares were sold at an average price of $82.67, for a total transaction of $4,330,585.28. Following the sale, the chief executive officer now directly owns 8,742 shares in the company, valued at approximately $722,701.14. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, COO Michelle Zatlyn sold 35,117 shares of the firm’s stock in a transaction that occurred on Tuesday, August 20th. The shares were sold at an average price of $83.74, for a total transaction of $2,940,697.58. Following the transaction, the chief operating officer now owns 192,177 shares in the company, valued at $16,092,901.98. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 380,428 shares of company stock valued at $30,112,786 in the last quarter. Company insiders own 12.83% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of the company. Riverview Trust Co acquired a new stake in Cloudflare during the first quarter worth $27,000. Allspring Global Investments Holdings LLC increased its stake in shares of Cloudflare by 595.0% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 278 shares of the company’s stock valued at $27,000 after acquiring an additional 238 shares during the last quarter. Quarry LP increased its stake in Cloudflare by 73.4% in the second quarter. Quarry LP now owns 345 shares of the company’s stock valued at $29,000 after purchasing an additional 146 shares in the last quarter. Thurston Springer Miller Herd & Titak Inc. acquired a new stake in Cloudflare during the 2nd quarter worth $29,000. Finally, Versant Capital Management Inc grew its position in shares of Cloudflare by 1,202.9% in the 2nd quarter. Versant Capital Management Inc now owns 456 shares of the company’s stock valued at $38,000 after purchasing an additional 421 shares during the period. 82.68% of the stock is owned by institutional investors and hedge funds.

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.