Cloudflare (NYSE:NET) Upgraded at Citigroup

Citigroup upgraded shares of Cloudflare (NYSE:NET) from a neutral rating to a buy rating in a research report report published on Friday morning, MarketBeat.com reports. The firm currently has $145.00 price objective on the stock, up from their prior price objective of $95.00.

NET has been the topic of several other research reports. Jefferies Financial Group lifted their target price on Cloudflare from $100.00 to $125.00 and gave the company a “hold” rating in a research note on Thursday, December 19th. BNP Paribas assumed coverage on Cloudflare in a research report on Tuesday, October 8th. They set an “underperform” rating and a $65.00 target price on the stock. Morgan Stanley raised shares of Cloudflare from an “equal weight” rating to an “overweight” rating and increased their price objective for the company from $92.00 to $130.00 in a research report on Monday, December 2nd. Wells Fargo & Company boosted their price objective on shares of Cloudflare from $110.00 to $135.00 and gave the company an “overweight” rating in a report on Tuesday, January 7th. Finally, Royal Bank of Canada raised their target price on Cloudflare from $99.00 to $123.00 and gave the stock an “outperform” rating in a research note on Friday, January 3rd. Three research analysts have rated the stock with a sell rating, ten have assigned a hold rating and fourteen have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $106.15.

Cloudflare Stock Performance

Shares of Cloudflare stock opened at $117.13 on Friday. Cloudflare has a 12 month low of $66.24 and a 12 month high of $121.02. The stock’s fifty day moving average price is $107.72 and its 200-day moving average price is $91.45. The company has a debt-to-equity ratio of 1.32, a quick ratio of 3.37 and a current ratio of 3.37.

Cloudflare (NYSE:NET) last announced its quarterly earnings results on Thursday, November 7th. The company reported ($0.03) earnings per share for the quarter, hitting the consensus estimate of ($0.03). The firm had revenue of $430.08 million during the quarter, compared to analysts’ expectations of $423.65 million. Cloudflare had a negative net margin of 5.97% and a negative return on equity of 7.18%. On average, 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 the business’s stock in a transaction that occurred on Wednesday, January 8th. The stock was sold at an average price of $113.73, for a total transaction of $5,957,632.32. Following the completion of the sale, the chief executive officer now directly owns 10,762 shares in the company, valued at approximately $1,223,962.26. The trade was a 82.96 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Douglas James Kramer sold 3,000 shares of the stock in a transaction that occurred on Friday, November 1st. The shares were sold at an average price of $88.60, for a total value of $265,800.00. Following the transaction, the insider now directly owns 185,386 shares of the company’s stock, valued at $16,425,199.60. The trade was a 1.59 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 524,852 shares of company stock worth $55,386,256 in the last 90 days. Insiders own 12.83% of the company’s stock.

Institutional Investors Weigh In On Cloudflare

Several institutional investors and hedge funds have recently added to or reduced their stakes in NET. CVA Family Office LLC raised its position in shares of Cloudflare by 121.3% in the third 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. Quarry LP grew its stake in Cloudflare by 73.4% during the 2nd quarter. Quarry LP now owns 345 shares of the company’s stock valued at $29,000 after acquiring an additional 146 shares in the last quarter. Capital Performance Advisors LLP purchased a new stake in Cloudflare during the 3rd quarter valued at about $38,000. Quest Partners LLC acquired a new stake in Cloudflare in the 3rd quarter valued at about $54,000. Finally, Versant Capital Management Inc lifted its stake in Cloudflare by 44.9% in the 4th quarter. Versant Capital Management Inc now owns 549 shares of the company’s stock worth $59,000 after purchasing an additional 170 shares in the last quarter. 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.