Cloudflare (NYSE:NET) Given New $110.00 Price Target at Scotiabank

Cloudflare (NYSE:NET) had its price objective upped by Scotiabank from $87.00 to $110.00 in a research note published on Tuesday,Benzinga reports. They currently have a sector perform rating on the stock.

Several other analysts also recently commented on NET. Citigroup raised shares of Cloudflare from a “neutral” rating to a “buy” rating and increased their price objective for the company from $95.00 to $145.00 in a research report on Friday, January 17th. UBS Group increased their price target on shares of Cloudflare from $88.00 to $95.00 and gave the company a “neutral” rating in a report on Friday, November 8th. BNP Paribas began coverage on shares of Cloudflare in a research report on Tuesday, October 8th. They set an “underperform” rating and a $65.00 price target for the company. Morgan Stanley upped their price objective on Cloudflare from $130.00 to $140.00 and gave the company an “overweight” rating in a research report on Tuesday. Finally, Wells Fargo & Company lifted their target price on Cloudflare from $110.00 to $135.00 and gave the stock an “overweight” rating in a report on Tuesday, January 7th. Three equities research analysts have rated the stock with a sell rating, nine have issued a hold rating and fourteen have given a buy rating to the stock. According to MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $108.32.

Cloudflare Price Performance

NET stock opened at $119.81 on Tuesday. The company has a debt-to-equity ratio of 1.32, a quick ratio of 3.37 and a current ratio of 3.37. The firm has a 50 day moving average price of $108.20 and a 200-day moving average price of $91.77. Cloudflare has a 52-week low of $66.24 and a 52-week high of $121.02. The firm has a market capitalization of $41.12 billion, a price-to-earnings ratio of -460.81 and a beta of 1.10.

Cloudflare (NYSE:NET) last announced its quarterly earnings data on Thursday, November 7th. The company reported ($0.03) earnings per share (EPS) for the quarter, meeting 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 business had revenue of $430.08 million during the quarter, compared to analysts’ expectations of $423.65 million. Equities research analysts forecast that Cloudflare will post -0.1 EPS for the current fiscal year.

Insider Activity at Cloudflare

In related news, insider Douglas James Kramer sold 3,000 shares of the company’s stock in a transaction dated Friday, November 1st. The shares were sold at an average price of $88.60, for a total value of $265,800.00. Following the completion of the sale, the insider now directly owns 185,386 shares of the company’s stock, valued at $16,425,199.60. This represents a 1.59 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Thomas J. Seifert sold 15,000 shares of the stock in a transaction dated Monday, November 4th. The stock was sold at an average price of $86.79, for a total transaction of $1,301,850.00. Following the transaction, the chief financial officer now owns 281,403 shares in the company, valued at approximately $24,422,966.37. The trade was a 5.06 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 589,852 shares of company stock worth $63,169,052. Company insiders own 12.83% of the company’s stock.

Institutional Trading of Cloudflare

A number of hedge funds have recently bought and sold shares of the stock. CVA Family Office LLC raised its position in shares of Cloudflare by 121.3% in the 3rd quarter. CVA Family Office LLC now owns 312 shares of the company’s stock worth $25,000 after acquiring an additional 171 shares in the last quarter. Quarry LP raised its holdings in Cloudflare by 73.4% in the second quarter. Quarry LP now owns 345 shares of the company’s stock worth $29,000 after purchasing an additional 146 shares in the last quarter. Capital Performance Advisors LLP purchased a new stake in shares of Cloudflare during the third quarter valued at about $38,000. Versant Capital Management Inc boosted its holdings in shares of Cloudflare by 44.9% in the 4th quarter. Versant Capital Management Inc now owns 549 shares of the company’s stock valued at $59,000 after buying an additional 170 shares in the last quarter. Finally, GAMMA Investing LLC grew its position in shares of Cloudflare by 59.0% in the 4th quarter. GAMMA Investing LLC now owns 585 shares of the company’s stock worth $63,000 after buying an additional 217 shares during the last quarter. Hedge funds and other institutional investors 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.