Cloudflare (NYSE:NET) Stock Rating Upgraded by Oppenheimer

Cloudflare (NYSE:NET) was upgraded by research analysts at Oppenheimer from a “market perform” rating to an “outperform” rating in a note issued to investors on Tuesday, Briefing.com reports.

NET has been the topic of a number of other research reports. Needham & Company LLC boosted their target price on Cloudflare from $75.00 to $85.00 and gave the stock a “buy” rating in a research note on Friday, August 4th. Piper Sandler reduced their price objective on Cloudflare from $64.00 to $60.00 and set a “neutral” rating for the company in a research note on Friday, November 3rd. Royal Bank of Canada lowered their target price on Cloudflare from $70.00 to $65.00 and set an “outperform” rating on the stock in a research note on Friday, November 3rd. Citigroup increased their price target on shares of Cloudflare from $48.00 to $65.00 and gave the company a “neutral” rating in a research report on Tuesday, August 29th. Finally, Robert W. Baird raised their price objective on shares of Cloudflare from $64.00 to $75.00 in a report on Friday, July 28th. Four equities research analysts have rated the stock with a sell rating, six have issued a hold rating and nine have issued a buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $64.24.

Cloudflare Stock Performance

Shares of NET stock opened at $72.80 on Tuesday. Cloudflare has a one year low of $37.56 and a one year high of $76.07. The company has a market cap of $24.44 billion, a P/E ratio of -119.34 and a beta of 0.97. The firm has a 50-day moving average of $62.04 and a 200-day moving average of $62.78. The company has a debt-to-equity ratio of 1.83, a current ratio of 3.89 and a quick ratio of 3.89.

Insiders Place Their Bets

In other news, Director Carl Ledbetter sold 8,039 shares of the stock in a transaction dated Wednesday, November 1st. The shares were sold at an average price of $55.99, for a total value of $450,103.61. Following the sale, the director now directly owns 1,717,384 shares of the company’s stock, valued at $96,156,330.16. The sale was disclosed in a legal filing with the SEC, which is available at this link. In related news, General Counsel Douglas James Kramer sold 3,000 shares of Cloudflare stock in a transaction on Wednesday, November 1st. The stock was sold at an average price of $56.48, for a total transaction of $169,440.00. Following the completion of the sale, the general counsel now owns 159,470 shares of the company’s stock, valued at $9,006,865.60. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director Carl Ledbetter sold 8,039 shares of the company’s stock in a transaction dated Wednesday, November 1st. The stock was sold at an average price of $55.99, for a total value of $450,103.61. Following the completion of the transaction, the director now owns 1,717,384 shares in the company, valued at $96,156,330.16. The disclosure for this sale can be found here. Insiders sold a total of 585,083 shares of company stock worth $36,909,929 in the last quarter. 14.80% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of the business. Ellevest Inc. lifted its position in Cloudflare by 14.3% during the first quarter. Ellevest Inc. now owns 2,685 shares of the company’s stock valued at $166,000 after purchasing an additional 335 shares during the last quarter. RFG Advisory LLC boosted its holdings in shares of Cloudflare by 51.2% in the 2nd quarter. RFG Advisory LLC now owns 5,791 shares of the company’s stock worth $379,000 after purchasing an additional 1,962 shares in the last quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. increased its position in shares of Cloudflare by 4.0% during the 2nd quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. now owns 299,483 shares of the company’s stock valued at $19,577,000 after purchasing an additional 11,600 shares during the last quarter. Van ECK Associates Corp purchased a new position in shares of Cloudflare during the 1st quarter valued at about $919,000. Finally, Independent Advisor Alliance lifted its position in Cloudflare by 2.0% in the 1st quarter. Independent Advisor Alliance now owns 15,766 shares of the company’s stock worth $972,000 after buying an additional 304 shares during the last quarter. Hedge funds and other institutional investors own 73.14% 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, secure origin connection, and rate limiting products.