Piper Sandler Issues Pessimistic Forecast for Cloudflare (NYSE:NET) Stock Price

Cloudflare (NYSE:NET) had its price target cut by Piper Sandler from $153.00 to $131.00 in a report issued on Thursday,Benzinga reports. The brokerage presently has a “neutral” rating on the stock. Piper Sandler’s target price points to a potential upside of 13.10% from the company’s current price.

A number of other equities analysts also recently issued reports on NET. Stifel Nicolaus upped their price target on Cloudflare from $136.00 to $175.00 and gave the company a “buy” rating in a report on Friday, February 7th. Wells Fargo & Company upped their price target on Cloudflare from $135.00 to $150.00 and gave the company an “overweight” rating in a report on Monday, January 27th. Needham & Company LLC reaffirmed a “buy” rating and issued a $185.00 price target on shares of Cloudflare in a report on Tuesday, February 18th. Guggenheim boosted their price objective on Cloudflare from $57.00 to $68.00 and gave the company a “sell” rating in a research note on Friday, February 7th. Finally, Citigroup upgraded Cloudflare from a “neutral” rating to a “buy” rating and boosted their price objective for the company from $95.00 to $145.00 in a research note on Friday, January 17th. Four analysts have rated the stock with a sell rating, twelve have given a hold rating and eleven have given a buy rating to the company. According to MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $130.04.

Cloudflare Stock Up 1.9 %

NYSE NET opened at $115.83 on Thursday. Cloudflare has a 52 week low of $66.24 and a 52 week high of $177.37. The company has a quick ratio of 3.37, a current ratio of 3.37 and a debt-to-equity ratio of 1.32. The business’s fifty day simple moving average is $136.45 and its 200-day simple moving average is $108.31. The firm has a market cap of $39.97 billion, a PE ratio of -526.50 and a beta of 1.27.

Cloudflare (NYSE:NET) last released its earnings results on Thursday, February 6th. The company reported ($0.03) earnings per share for the quarter, missing the consensus estimate of $0.18 by ($0.21). Cloudflare had a negative net margin of 4.72% and a negative return on equity of 5.52%. As a group, equities analysts anticipate that Cloudflare will post -0.11 earnings per share for the current year.

Insider Transactions at Cloudflare

In other Cloudflare news, insider Douglas James Kramer sold 2,481 shares of the firm’s stock in a transaction that occurred on Monday, February 3rd. The stock was sold at an average price of $131.66, for a total transaction of $326,648.46. Following the completion of the sale, the insider now owns 175,688 shares in the company, valued at $23,131,082.08. This trade represents a 1.39 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Matthew Prince sold 52,384 shares of the firm’s stock in a transaction that occurred on Thursday, February 27th. The shares were sold at an average price of $145.04, for a total value of $7,597,775.36. Following the sale, the chief executive officer now owns 413,413 shares of the company’s stock, valued at approximately $59,961,421.52. This trade represents a 11.25 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 571,766 shares of company stock worth $73,804,307 in the last three months. 12.83% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the company. Gordian Capital Singapore Pte Ltd acquired a new position in shares of Cloudflare in the 4th quarter worth approximately $43,000. Quarry LP boosted its position in Cloudflare by 38.6% during the 3rd quarter. Quarry LP now owns 478 shares of the company’s stock valued at $39,000 after purchasing an additional 133 shares during the period. Park Square Financial Group LLC acquired a new position in Cloudflare during the 4th quarter valued at approximately $56,000. Larson Financial Group LLC boosted its position in Cloudflare by 1,988.5% during the 4th quarter. Larson Financial Group LLC now owns 543 shares of the company’s stock valued at $58,000 after purchasing an additional 517 shares during the period. Finally, Versant Capital Management Inc boosted its position in Cloudflare by 44.9% during the 4th quarter. Versant Capital Management Inc now owns 549 shares of the company’s stock valued at $59,000 after purchasing an additional 170 shares during the period. Institutional investors and hedge funds own 82.68% of the company’s stock.

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.