Robert W. Baird Reaffirms “Neutral” Rating for Cloudflare (NYSE:NET)

Cloudflare (NYSE:NET)‘s stock had its “neutral” rating reiterated by analysts at Robert W. Baird in a note issued to investors on Monday, Marketbeat.com reports. They presently have a $140.00 price target on the stock, up from their previous price target of $125.00. Robert W. Baird’s price target would indicate a potential downside of 0.07% from the stock’s current price.

A number of other research firms also recently commented on NET. Morgan Stanley increased their price objective on Cloudflare from $130.00 to $140.00 and gave the stock an “overweight” rating in a report on Tuesday, January 21st. Piper Sandler increased their price target on shares of Cloudflare from $83.00 to $92.00 and gave the stock a “neutral” rating in a research note on Friday, November 8th. Truist Financial lifted their price objective on shares of Cloudflare from $120.00 to $140.00 and gave the company a “buy” rating in a research note on Tuesday, January 28th. Cantor Fitzgerald started coverage on shares of Cloudflare in a research report on Friday, January 17th. They set a “neutral” rating and a $111.00 target price on the stock. Finally, The Goldman Sachs Group raised Cloudflare from a “sell” rating to a “buy” rating and boosted their price target for the stock from $77.00 to $140.00 in a research report on Thursday, January 2nd. Three equities 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 company. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $112.32.

Cloudflare Stock Up 2.4 %

NET stock opened at $140.10 on Monday. The company has a 50 day moving average of $115.82 and a two-hundred day moving average of $95.58. The company has a market cap of $48.08 billion, a price-to-earnings ratio of -538.83 and a beta of 1.12. Cloudflare has a 12-month low of $66.24 and a 12-month high of $142.41. The company has a quick ratio of 3.37, a current ratio of 3.37 and a debt-to-equity ratio of 1.32.

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, hitting the consensus estimate 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 analyst estimates of $423.65 million. On average, equities analysts anticipate that Cloudflare will post -0.1 earnings per share for the current fiscal year.

Insider Activity at Cloudflare

In other news, CEO Matthew Prince sold 52,384 shares of the stock in a transaction on Wednesday, November 13th. The shares were sold at an average price of $95.59, for a total value of $5,007,386.56. Following the completion of the transaction, the chief executive officer now owns 192,177 shares in the company, valued at approximately $18,370,199.43. This represents a 21.42 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CFO Thomas J. Seifert sold 28,635 shares of the firm’s stock in a transaction dated Tuesday, November 19th. The stock was sold at an average price of $95.03, for a total transaction of $2,721,184.05. Following the transaction, the chief financial officer now directly owns 252,869 shares of the company’s stock, valued at $24,030,141.07. The trade was a 10.17 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 616,257 shares of company stock worth $67,256,408 over the last three months. Company insiders own 12.83% of the company’s stock.

Hedge Funds Weigh In On Cloudflare

Hedge funds have recently modified their holdings of the stock. Geode Capital Management LLC lifted its holdings in Cloudflare by 2.6% during the 3rd quarter. Geode Capital Management LLC now owns 4,834,558 shares of the company’s stock valued at $390,130,000 after purchasing an additional 121,810 shares during the last quarter. Bank of New York Mellon Corp increased its holdings in shares of Cloudflare by 1.9% during the fourth quarter. Bank of New York Mellon Corp now owns 1,286,372 shares of the company’s stock worth $138,516,000 after buying an additional 23,641 shares in the last quarter. Charles Schwab Investment Management Inc. raised its stake in shares of Cloudflare by 2.7% in the third quarter. Charles Schwab Investment Management Inc. now owns 1,157,815 shares of the company’s stock valued at $93,656,000 after acquiring an additional 29,960 shares during the last quarter. Swiss National Bank grew its position in Cloudflare by 1.1% during the 3rd quarter. Swiss National Bank now owns 893,600 shares of the company’s stock worth $72,283,000 after acquiring an additional 10,100 shares during the last quarter. Finally, Peregrine Capital Management LLC increased its holdings in Cloudflare by 0.4% during the 4th quarter. Peregrine Capital Management LLC now owns 661,682 shares of the company’s stock valued at $71,250,000 after purchasing an additional 2,483 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.