Cloudflare (NYSE:NET) Given New $170.00 Price Target at Royal Bank of Canada

Cloudflare (NYSE:NET) had its price target raised by equities researchers at Royal Bank of Canada from $123.00 to $170.00 in a research report issued on Friday,Benzinga reports. The brokerage presently has an “outperform” rating on the stock. Royal Bank of Canada’s price target indicates a potential upside of 0.69% from the company’s previous close.

NET has been the topic of several other reports. Cantor Fitzgerald upped their price objective on shares of Cloudflare from $111.00 to $149.00 and gave the stock a “neutral” rating in a research note on Friday. UBS Group upped their target price on Cloudflare from $130.00 to $165.00 and gave the stock a “neutral” rating in a report on Friday. Scotiabank lifted their price objective on shares of Cloudflare from $87.00 to $110.00 and gave the company a “sector perform” rating in a research report on Tuesday, January 21st. The Goldman Sachs Group upped their price target on shares of Cloudflare from $140.00 to $183.00 and gave the company a “buy” rating in a research note on Friday. Finally, Guggenheim increased their target price on shares of Cloudflare from $57.00 to $68.00 and gave the stock a “sell” rating in a report on Friday. Three equities research analysts have rated the stock with a sell rating, twelve have given a hold rating and twelve have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $127.08.

Cloudflare Trading Up 19.3 %

NET stock traded up $27.32 during mid-day trading on Friday, reaching $168.84. 11,672,299 shares of the stock traded hands, compared to its average volume of 3,658,616. Cloudflare has a 52-week low of $66.24 and a 52-week high of $171.38. The stock’s fifty day moving average is $116.71 and its 200-day moving average is $95.92. The company has a current ratio of 3.37, a quick ratio of 3.37 and a debt-to-equity ratio of 1.32. The company has a market cap of $57.95 billion, a P/E ratio of -649.39 and a beta of 1.12.

Cloudflare (NYSE:NET) last issued 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 return on equity of 7.18% and a negative net margin of 5.97%. As a group, sell-side analysts expect that Cloudflare will post -0.1 earnings per share for the current year.

Insider Buying and Selling

In other Cloudflare news, CEO Matthew Prince sold 52,384 shares of Cloudflare stock in a transaction on Friday, November 15th. The shares were sold at an average price of $89.06, for a total transaction of $4,665,319.04. Following the sale, the chief executive officer now owns 192,177 shares of the company’s stock, valued at $17,115,283.62. The trade was a 21.42 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Douglas James Kramer sold 2,481 shares of the company’s stock in a transaction on Monday, February 3rd. The shares were sold at an average price of $131.66, for a total value of $326,648.46. Following the completion of the sale, the insider now owns 175,688 shares of the company’s stock, valued at approximately $23,131,082.08. The trade was a 1.39 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 633,738 shares of company stock valued at $69,632,506 over the last 90 days. Insiders own 12.83% of the company’s stock.

Institutional Trading of Cloudflare

A number of large investors have recently modified their holdings of NET. CVA Family Office LLC grew 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 valued at $25,000 after buying an additional 171 shares during the last quarter. Capital Performance Advisors LLP purchased a new position in shares of Cloudflare during the third quarter worth approximately $38,000. Quarry LP raised its position in Cloudflare by 38.6% in 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 last quarter. Quest Partners LLC purchased a new position in Cloudflare during the 3rd quarter worth $54,000. Finally, Larson Financial Group LLC increased its stake in Cloudflare by 1,988.5% in the fourth 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. Hedge funds and other institutional investors 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.