Cloudflare (NYSE:NET) Stock Price Up 7.9% – Should You Buy?

Cloudflare, Inc. (NYSE:NET)’s stock price was up 7.9% during mid-day trading on Wednesday . The stock traded as high as $98.14 and last traded at $98.11. Approximately 1,993,518 shares were traded during trading, a decline of 37% from the average daily volume of 3,162,993 shares. The stock had previously closed at $90.91.

Analyst Ratings Changes

Several research analysts have recently issued reports on NET shares. Mizuho lifted their price target on Cloudflare from $92.00 to $105.00 and gave the stock a “neutral” rating in a research note on Thursday, October 17th. Wells Fargo & Company lifted their price target on Cloudflare from $105.00 to $110.00 and gave the stock an “overweight” rating in a research note on Friday, November 8th. Royal Bank of Canada raised their price target on shares of Cloudflare from $90.00 to $99.00 and gave the stock an “outperform” rating in a research note on Friday, August 2nd. Guggenheim raised their price target on shares of Cloudflare from $50.00 to $57.00 and gave the stock a “sell” rating in a research note on Friday, August 2nd. Finally, Piper Sandler raised their price target on shares of Cloudflare from $83.00 to $92.00 and gave the stock a “neutral” rating in a research note on Friday, November 8th. Four research analysts have rated the stock with a sell rating, twelve have assigned a hold rating and ten have assigned a buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $92.88.

Cloudflare Trading Down 2.3 %

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 stock’s fifty day simple moving average is $85.57 and its 200-day simple moving average is $80.80.

Cloudflare (NYSE:NET) last announced its quarterly earnings results on Thursday, November 7th. The company reported ($0.03) EPS for the quarter, meeting the consensus estimate of ($0.03). Cloudflare had a negative net margin of 5.97% and a negative return on equity of 7.18%. The company had revenue of $430.08 million for the quarter, compared to analyst estimates of $423.65 million. As a group, analysts anticipate that Cloudflare, Inc. will post -0.12 EPS for the current fiscal year.

Insiders Place Their Bets

In other Cloudflare news, COO Michelle Zatlyn sold 35,117 shares of Cloudflare stock in a transaction on Tuesday, August 20th. The shares were sold at an average price of $83.74, for a total transaction of $2,940,697.58. Following the completion of the sale, the chief operating officer now owns 192,177 shares of the company’s stock, valued at $16,092,901.98. This trade represents a 15.45 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CFO Thomas J. Seifert sold 15,000 shares of Cloudflare stock in a transaction on Monday, November 4th. The shares were sold at an average price of $86.79, for a total transaction of $1,301,850.00. Following the sale, the chief financial officer now directly owns 281,403 shares of the company’s stock, valued at $24,422,966.37. This trade represents a 5.06 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 473,548 shares of company stock worth $39,451,976. 12.83% of the stock is owned by insiders.

Institutional Investors Weigh In On Cloudflare

Institutional investors have recently modified their holdings of the stock. Hartline Investment Corp lifted its stake in shares of Cloudflare by 7.6% in the 3rd quarter. Hartline Investment Corp now owns 260,379 shares of the company’s stock valued at $21,062,000 after purchasing an additional 18,426 shares during the last quarter. National Pension Service raised its holdings in Cloudflare by 0.9% in the 3rd quarter. National Pension Service now owns 471,923 shares of the company’s stock worth $38,174,000 after acquiring an additional 4,062 shares during the period. Susquehanna Fundamental Investments LLC bought a new position in Cloudflare in the 2nd quarter worth $7,319,000. Price T Rowe Associates Inc. MD raised its holdings in Cloudflare by 20.7% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 875,183 shares of the company’s stock worth $84,745,000 after acquiring an additional 149,866 shares during the period. Finally, Proactive Wealth Strategies LLC bought a new position in Cloudflare in the 3rd quarter worth $940,000. Institutional investors and hedge funds 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.