Cloudflare (NYSE:NET) Price Target Raised to $140.00 at Morgan Stanley

Cloudflare (NYSE:NET) had its price target raised by Morgan Stanley from $130.00 to $140.00 in a research report released on Tuesday morning,Benzinga reports. They currently have an overweight rating on the stock.

NET has been the topic of several other reports. The Goldman Sachs Group raised shares of Cloudflare from a “sell” rating to a “buy” rating and raised their target price for the stock from $77.00 to $140.00 in a report on Thursday, January 2nd. Jefferies Financial Group raised their price objective on Cloudflare from $100.00 to $125.00 and gave the stock a “hold” rating in a research note on Thursday, December 19th. BNP Paribas assumed coverage on Cloudflare in a research report on Tuesday, October 8th. They set an “underperform” rating and a $65.00 target price for the company. Wells Fargo & Company raised their price target on Cloudflare from $110.00 to $135.00 and gave the stock an “overweight” rating in a research report on Tuesday, January 7th. Finally, Piper Sandler upped their price objective on shares of Cloudflare from $83.00 to $92.00 and gave the stock a “neutral” rating in a research report on Friday, November 8th. Three research 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. Based on data from MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $108.32.

Cloudflare Stock Performance

NYSE:NET opened at $119.81 on Tuesday. The stock has a 50 day simple moving average of $108.20 and a 200 day simple moving average of $91.77. The stock has a market cap of $41.12 billion, a P/E ratio of -460.81 and a beta of 1.10. Cloudflare has a 1-year low of $66.24 and a 1-year high of $121.02. The company has a current ratio of 3.37, a quick ratio of 3.37 and a debt-to-equity ratio of 1.32.

Cloudflare (NYSE:NET) last posted its earnings results on Thursday, November 7th. The company reported ($0.03) earnings per share 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 company had revenue of $430.08 million during the quarter, compared to the consensus estimate of $423.65 million. Research analysts anticipate that Cloudflare will post -0.1 earnings per share for the current year.

Insider Transactions at Cloudflare

In other Cloudflare news, insider Douglas James Kramer sold 3,000 shares of the firm’s stock in a transaction that occurred on Friday, November 1st. The shares were sold at an average price of $88.60, for a total transaction of $265,800.00. Following the completion of the transaction, the insider now owns 185,386 shares in the company, valued at approximately $16,425,199.60. This trade represents a 1.59 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Thomas J. Seifert sold 31,136 shares of the company’s stock in a transaction on Tuesday, January 21st. The shares were sold at an average price of $120.10, for a total transaction of $3,739,433.60. Following the completion of the sale, the chief financial officer now directly owns 252,869 shares in the company, valued at approximately $30,369,566.90. This represents a 10.96 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 589,852 shares of company stock worth $63,169,052. Company insiders own 12.83% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in NET. Envestnet Asset Management Inc. increased its holdings in Cloudflare by 2.4% in the second quarter. Envestnet Asset Management Inc. now owns 195,791 shares of the company’s stock worth $16,217,000 after purchasing an additional 4,682 shares in the last quarter. Dimensional Fund Advisors LP lifted its position in shares of Cloudflare by 0.4% during the 2nd quarter. Dimensional Fund Advisors LP now owns 326,853 shares of the company’s stock valued at $27,070,000 after acquiring an additional 1,460 shares during the period. Renaissance Technologies LLC bought a new position in Cloudflare during the second quarter worth $7,463,000. Amalgamated Bank grew its holdings in Cloudflare by 3.6% in the second quarter. Amalgamated Bank now owns 20,316 shares of the company’s stock worth $1,683,000 after purchasing an additional 714 shares during the period. Finally, Canada Pension Plan Investment Board increased its stake in Cloudflare by 31.6% in the second quarter. Canada Pension Plan Investment Board now owns 32,983 shares of the company’s stock valued at $2,732,000 after purchasing an additional 7,919 shares in the last quarter. 82.68% of the stock is owned by institutional investors and hedge funds.

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.