Cloudflare (NYSE:NET) Price Target Cut to $131.00 by Analysts at Piper Sandler

Cloudflare (NYSE:NET) had its price target decreased by Piper Sandler from $153.00 to $131.00 in a research report released on Thursday morning,Benzinga reports. Piper Sandler currently has a neutral rating on the stock.

Other equities analysts have also issued research reports about the company. Baird R W lowered Cloudflare from a “strong-buy” rating to a “hold” rating in a research report on Monday, February 3rd. Guggenheim raised 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, February 7th. Wells Fargo & Company boosted their price target on shares of Cloudflare from $135.00 to $150.00 and gave the company an “overweight” rating in a report on Monday, January 27th. Stifel Nicolaus raised their price objective on shares of Cloudflare from $136.00 to $175.00 and gave the stock a “buy” rating in a research note on Friday, February 7th. Finally, UBS Group boosted their target price on shares of Cloudflare from $130.00 to $165.00 and gave the company a “neutral” rating in a research note on Friday, February 7th. Four equities research analysts have rated the stock with a sell rating, twelve have issued a hold rating and eleven have assigned a buy rating to the company. According to data from MarketBeat, Cloudflare has an average rating of “Hold” and an average price target of $130.92.

Cloudflare Stock Down 5.0 %

NET stock opened at $113.38 on Thursday. The firm has a market cap of $39.12 billion, a PE ratio of -515.35 and a beta of 1.27. Cloudflare has a 12 month low of $66.24 and a 12 month high of $177.37. The company has a debt-to-equity ratio of 1.32, a current ratio of 3.37 and a quick ratio of 3.37. The firm has a 50 day simple moving average of $136.44 and a 200 day simple moving average of $108.28.

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

Insider Activity at Cloudflare

In other Cloudflare news, CEO Matthew Prince sold 52,384 shares of the firm’s stock in a transaction dated Wednesday, December 18th. The stock was sold at an average price of $113.00, for a total transaction of $5,919,392.00. Following the transaction, the chief executive officer now directly owns 10,762 shares in the company, valued at $1,216,106. This trade represents a 82.96 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Douglas James Kramer sold 2,481 shares of the company’s stock in a transaction dated Monday, February 3rd. The stock was sold at an average price of $131.66, for a total value of $326,648.46. Following the sale, the insider now owns 175,688 shares of the company’s stock, valued at approximately $23,131,082.08. This trade represents a 1.39 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 571,766 shares of company stock valued at $73,804,307. Insiders own 12.83% of the company’s stock.

Hedge Funds Weigh In On Cloudflare

A number of institutional investors have recently modified their holdings of the company. Quarry LP grew its stake 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 buying an additional 133 shares during the last quarter. Gordian Capital Singapore Pte Ltd bought a new stake in Cloudflare during the fourth quarter valued at about $43,000. Quest Partners LLC acquired a new stake in shares of Cloudflare in the third quarter valued at about $54,000. Park Square Financial Group LLC bought a new position in shares of Cloudflare in the fourth quarter worth about $56,000. Finally, Larson Financial Group LLC lifted its position in shares of Cloudflare by 1,988.5% during the 4th quarter. Larson Financial Group LLC now owns 543 shares of the company’s stock worth $58,000 after purchasing an additional 517 shares during the last quarter. Institutional investors own 82.68% of the company’s stock.

About Cloudflare

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.