Mizuho Trims Cloudflare (NYSE:NET) Target Price to $95.00

Cloudflare (NYSE:NET) had its target price cut by Mizuho from $105.00 to $95.00 in a research note published on Monday morning, Benzinga reports. They currently have a neutral rating on the stock.

Several other equities analysts have also recently issued reports on the stock. Royal Bank of Canada boosted their price target on shares of Cloudflare from $95.00 to $108.00 and gave the company an outperform rating in a research report on Friday, February 9th. Wells Fargo & Company boosted their price target on shares of Cloudflare from $95.00 to $125.00 and gave the company an overweight rating in a research report on Friday, February 9th. Needham & Company LLC boosted their price target on shares of Cloudflare from $110.00 to $135.00 and gave the company a buy rating in a research report on Friday, February 9th. JPMorgan Chase & Co. boosted their price target on shares of Cloudflare from $53.00 to $90.00 and gave the company a neutral rating in a research report on Friday, February 9th. Finally, Truist Financial boosted their price target on shares of Cloudflare from $90.00 to $120.00 and gave the company a buy rating in a research report on Friday, February 9th. Four analysts have rated the stock with a sell rating, ten have issued a hold rating and nine have given a buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of Hold and an average price target of $87.08.

Cloudflare Price Performance

NET stock opened at $88.05 on Monday. The firm’s 50-day moving average price is $96.93 and its two-hundred day moving average price is $81.59. Cloudflare has a 12-month low of $39.90 and a 12-month high of $116.00. The stock has a market capitalization of $29.73 billion, a price-to-earnings ratio of -160.09 and a beta of 1.12. The company has a current ratio of 3.50, a quick ratio of 3.50 and a debt-to-equity ratio of 1.68.

Cloudflare (NYSE:NET) last released its quarterly earnings data on Thursday, February 8th. The company reported ($0.06) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.07) by $0.01. Cloudflare had a negative net margin of 14.19% and a negative return on equity of 15.92%. The firm had revenue of $362.47 million for the quarter, compared to analysts’ expectations of $352.70 million. As a group, equities analysts predict that Cloudflare will post -0.2 earnings per share for the current year.

Insider Transactions at Cloudflare

In other news, COO Michelle Zatlyn sold 12,820 shares of the company’s stock in a transaction that occurred on Friday, January 19th. The shares were sold at an average price of $78.68, for a total value of $1,008,677.60. Following the transaction, the chief operating officer now owns 249,830 shares in the company, valued at $19,656,624.40. The sale was disclosed in a legal filing with the SEC, which is available at this link. In related news, Director Carl Ledbetter sold 7,982 shares of the stock in a transaction that occurred on Wednesday, January 24th. The shares were sold at an average price of $85.06, for a total transaction of $678,948.92. Following the transaction, the director now owns 1,464,950 shares in the company, valued at $124,608,647. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, COO Michelle Zatlyn sold 12,820 shares of the stock in a transaction that occurred on Friday, January 19th. The shares were sold at an average price of $78.68, for a total transaction of $1,008,677.60. Following the transaction, the chief operating officer now owns 249,830 shares in the company, valued at approximately $19,656,624.40. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 1,055,903 shares of company stock worth $102,487,506. Corporate insiders own 14.80% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Riverview Trust Co bought a new position in Cloudflare during the first quarter valued at approximately $27,000. ICA Group Wealth Management LLC purchased a new stake in Cloudflare during the fourth quarter valued at approximately $38,000. GAMMA Investing LLC purchased a new stake in Cloudflare during the fourth quarter valued at approximately $39,000. Sunbelt Securities Inc. purchased a new stake in Cloudflare during the first quarter valued at approximately $29,000. Finally, Pingora Partners LLC purchased a new stake in Cloudflare during the fourth quarter valued at approximately $42,000. 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.