Cloudflare (NYSE:NET) Stock Price Up 6.8% Following Analyst Upgrade

Cloudflare, Inc. (NYSE:NET) shares were up 6.8% during mid-day trading on Tuesday after Truist Financial raised their price target on the stock from $120.00 to $140.00. Truist Financial currently has a buy rating on the stock. Cloudflare traded as high as $134.42 and last traded at $135.09. Approximately 1,596,347 shares were traded during mid-day trading, a decline of 40% from the average daily volume of 2,648,176 shares. The stock had previously closed at $126.47.

Other equities research analysts have also issued research reports about the company. Citigroup raised Cloudflare from a “neutral” rating to a “buy” rating and lifted their target price for the company from $95.00 to $145.00 in a research report on Friday, January 17th. UBS Group boosted their price objective on shares of Cloudflare from $88.00 to $95.00 and gave the stock a “neutral” rating in a research report on Friday, November 8th. Cantor Fitzgerald started coverage on shares of Cloudflare in a research report on Friday, January 17th. They issued a “neutral” rating and a $111.00 target price for the company. Royal Bank of Canada boosted their price target on shares of Cloudflare from $99.00 to $123.00 and gave the stock an “outperform” rating in a research report on Friday, January 3rd. Finally, BNP Paribas began coverage on Cloudflare in a report on Tuesday, October 8th. They issued an “underperform” rating and a $65.00 price objective for the company. Three research analysts have rated the stock with a sell rating, nine have issued a hold rating and fourteen have assigned a buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $109.72.

Insider Activity at Cloudflare

In other news, COO Michelle Zatlyn sold 25,640 shares of the firm’s stock in a transaction that occurred on Friday, January 24th. The shares were sold at an average price of $123.75, for a total transaction of $3,172,950.00. Following the transaction, the chief operating officer now directly owns 172,959 shares of the company’s stock, valued at approximately $21,403,676.25. This trade represents a 12.91 % 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 hyperlink. Also, insider Douglas James Kramer sold 3,000 shares of the firm’s stock in a transaction on Friday, November 1st. The stock was sold at an average price of $88.60, for a total value of $265,800.00. Following 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 disclosure for this sale can be found here. Over the last three months, insiders have sold 641,132 shares of company stock worth $69,429,058. Corporate insiders own 12.83% of the company’s stock.

Hedge Funds Weigh In On Cloudflare

Several hedge funds and other institutional investors have recently modified their holdings of the business. Dimensional Fund Advisors LP increased its position in Cloudflare by 0.4% during the 2nd quarter. Dimensional Fund Advisors LP now owns 326,853 shares of the company’s stock worth $27,070,000 after purchasing an additional 1,460 shares in the last quarter. AXA S.A. acquired a new position in shares of Cloudflare during the second quarter worth $625,000. Driehaus Capital Management LLC bought a new position in shares of Cloudflare in the 2nd quarter valued at $522,000. Creative Planning boosted its holdings in shares of Cloudflare by 9.2% during the 2nd quarter. Creative Planning now owns 26,763 shares of the company’s stock valued at $2,217,000 after acquiring an additional 2,255 shares in the last quarter. Finally, Quarry LP grew its position in Cloudflare by 73.4% during the 2nd quarter. Quarry LP now owns 345 shares of the company’s stock worth $29,000 after acquiring an additional 146 shares during the last quarter. Institutional investors own 82.68% of the company’s stock.

Cloudflare Stock Up 10.3 %

The firm has a 50-day simple moving average of $112.25 and a 200 day simple moving average of $93.58. The stock has a market capitalization of $47.89 billion, a P/E ratio of -536.69 and a beta of 1.10. 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 (NYSE:NET) last issued 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 net margin of 5.97% and a negative return on equity of 7.18%. The business had revenue of $430.08 million during the quarter, compared to analyst estimates of $423.65 million. On average, equities research analysts forecast that Cloudflare, Inc. will post -0.1 EPS for the current year.

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.