Needham & Company LLC Lowers Cloudflare (NYSE:NET) Price Target to $145.00

Cloudflare (NYSE:NET) had its target price reduced by stock analysts at Needham & Company LLC from $185.00 to $145.00 in a research note issued to investors on Thursday,Benzinga reports. The brokerage presently has a “buy” rating on the stock. Needham & Company LLC’s target price suggests a potential upside of 25.18% from the company’s previous close.

Several other analysts also recently commented on NET. Truist Financial raised their price objective on Cloudflare from $120.00 to $140.00 and gave the stock a “buy” rating in a research note on Tuesday, January 28th. Mizuho boosted their price target on Cloudflare from $130.00 to $160.00 and gave the company a “neutral” rating in a report on Monday, February 10th. Robert W. Baird restated a “neutral” rating and issued a $140.00 price target (up from $125.00) on shares of Cloudflare in a report on Monday, February 3rd. Piper Sandler cut their price target on Cloudflare from $153.00 to $131.00 and set a “neutral” rating on the stock in a report on Thursday. Finally, Guggenheim boosted their price target on Cloudflare from $57.00 to $68.00 and gave the company a “sell” rating in a report on Friday, February 7th. Four research 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’s stock. Based on data from MarketBeat, Cloudflare has a consensus rating of “Hold” and an average price target of $130.04.

Cloudflare Stock Performance

NET stock opened at $115.83 on Thursday. The business’s fifty day moving average is $136.45 and its 200-day moving average is $108.31. 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 company has a market cap of $39.97 billion, a P/E ratio of -526.50 and a beta of 1.27. Cloudflare has a twelve month low of $66.24 and a twelve month high of $177.37.

Cloudflare (NYSE:NET) last issued its quarterly earnings data on Thursday, February 6th. The company reported ($0.03) EPS for the quarter, missing the consensus estimate of $0.18 by ($0.21). Cloudflare had a negative return on equity of 5.52% and a negative net margin of 4.72%. Equities research analysts forecast that Cloudflare will post -0.11 EPS for the current year.

Insider Activity

In related news, CFO Thomas J. Seifert sold 15,000 shares of the business’s stock in a transaction that occurred on Wednesday, December 18th. The stock was sold at an average price of $112.72, for a total value of $1,690,800.00. Following the completion of the sale, the chief financial officer now directly owns 252,869 shares in the company, valued at approximately $28,503,393.68. The trade was a 5.60 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, CAO Janel Riley sold 4,327 shares of the business’s stock in a transaction that occurred on Tuesday, February 18th. The shares were sold at an average price of $167.60, for a total value of $725,205.20. Following the completion of the sale, the chief accounting officer now owns 74,698 shares of the company’s stock, valued at approximately $12,519,384.80. This trade represents a 5.48 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 571,766 shares of company stock valued at $73,804,307. 12.83% of the stock is owned by insiders.

Institutional Investors Weigh In On Cloudflare

Institutional investors have recently made changes to their positions in the stock. Apollon Wealth Management LLC lifted its stake in Cloudflare by 9.4% during the third quarter. Apollon Wealth Management LLC now owns 3,119 shares of the company’s stock worth $252,000 after purchasing an additional 269 shares during the last quarter. OVERSEA CHINESE BANKING Corp Ltd bought a new stake in Cloudflare during the third quarter worth $403,000. Prime Capital Investment Advisors LLC lifted its stake in Cloudflare by 5.3% during the third quarter. Prime Capital Investment Advisors LLC now owns 6,708 shares of the company’s stock worth $543,000 after purchasing an additional 338 shares during the last quarter. Aigen Investment Management LP bought a new stake in Cloudflare during the third quarter worth $361,000. Finally, Main Street Financial Solutions LLC lifted its stake in Cloudflare by 15.3% during the third quarter. Main Street Financial Solutions LLC now owns 2,961 shares of the company’s stock worth $240,000 after purchasing an additional 392 shares during the last quarter. 82.68% of the stock is currently owned by institutional investors.

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.