Cloudflare (NYSE:NET) Price Target Raised to $87.00 at Scotiabank

Cloudflare (NYSE:NET) had its target price raised by research analysts at Scotiabank from $85.00 to $87.00 in a research note issued to investors on Friday,Benzinga reports. The brokerage presently has a “sector perform” rating on the stock. Scotiabank’s price target would indicate a potential downside of 4.66% from the stock’s previous close.

Several other analysts also recently issued reports on the company. Wolfe Research initiated coverage on Cloudflare in a research note on Tuesday, July 16th. They set a “peer perform” rating for the company. Royal Bank of Canada upped their target price on Cloudflare from $90.00 to $99.00 and gave the stock an “outperform” rating in a research report on Friday, August 2nd. Cantor Fitzgerald lifted their price target on shares of Cloudflare from $80.00 to $85.00 and gave the company a “neutral” rating in a research report on Friday, August 2nd. Robert W. Baird upped their price objective on shares of Cloudflare from $94.00 to $100.00 and gave the stock an “outperform” rating in a report on Friday, August 2nd. Finally, Guggenheim boosted their target price on shares of Cloudflare from $50.00 to $57.00 and gave the stock a “sell” rating in a research report on Friday, August 2nd. Four investment analysts have rated the stock with a sell rating, twelve have assigned a hold rating and ten have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Hold” and an average price target of $92.88.

Cloudflare Trading Down 4.6 %

Shares of NYSE NET opened at $91.25 on Friday. The stock has a market cap of $31.18 billion, a price-to-earnings ratio of -314.66 and a beta of 1.10. The business has a 50 day simple moving average of $84.77 and a 200 day simple moving average of $80.69. The company has a debt-to-equity ratio of 1.46, a quick ratio of 3.51 and a current ratio of 3.51. Cloudflare has a 52 week low of $61.34 and a 52 week high of $116.00.

Cloudflare (NYSE:NET) last announced its quarterly earnings results on Thursday, November 7th. The company reported ($0.03) EPS for the quarter, hitting the consensus estimate of ($0.03). Cloudflare had a negative net margin of 6.90% and a negative return on equity of 8.54%. The company had revenue of $430.08 million for the quarter, compared to analyst estimates of $423.65 million. On average, research analysts predict that Cloudflare will post -0.13 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, insider Douglas James Kramer sold 3,000 shares of Cloudflare stock in a transaction dated Tuesday, September 3rd. The stock was sold at an average price of $81.53, for a total value of $244,590.00. Following the completion of the transaction, the insider now directly owns 185,386 shares of the company’s stock, valued at $15,114,520.58. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. In related news, CEO Matthew Prince sold 52,384 shares of Cloudflare stock in a transaction dated Tuesday, October 15th. The stock was sold at an average price of $93.95, for a total value of $4,921,476.80. Following the completion of the sale, the chief executive officer now directly owns 10,761 shares in the company, valued at $1,010,995.95. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Douglas James Kramer sold 3,000 shares of Cloudflare stock in a transaction on Tuesday, September 3rd. The stock was sold at an average price of $81.53, for a total transaction of $244,590.00. Following the sale, the insider now directly owns 185,386 shares of the company’s stock, valued at $15,114,520.58. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 477,043 shares of company stock valued at $39,737,342. 12.83% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Cloudflare

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Baillie Gifford & Co. boosted its position in shares of Cloudflare by 8.5% during the second quarter. Baillie Gifford & Co. now owns 32,722,670 shares of the company’s stock worth $2,710,419,000 after purchasing an additional 2,575,396 shares in the last quarter. Vanguard Group Inc. raised its position in shares of Cloudflare by 1.5% during the first quarter. Vanguard Group Inc. now owns 28,572,053 shares of the company’s stock worth $2,766,632,000 after purchasing an additional 412,864 shares during the period. Capital World Investors lifted its holdings in shares of Cloudflare by 2.1% during the 1st quarter. Capital World Investors now owns 28,128,522 shares of the company’s stock valued at $2,723,685,000 after purchasing an additional 584,566 shares in the last quarter. Sumitomo Mitsui Trust Holdings Inc. grew its position in shares of Cloudflare by 1.2% in the 2nd quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 1,661,425 shares of the company’s stock valued at $137,616,000 after purchasing an additional 19,446 shares during the period. Finally, Marshall Wace LLP increased its stake in Cloudflare by 123.4% during the 2nd quarter. Marshall Wace LLP now owns 1,548,535 shares of the company’s stock worth $128,265,000 after purchasing an additional 855,334 shares in the last quarter. 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.