Cloudflare (NYSE:NET) Price Target Cut to $77.00 by Analysts at The Goldman Sachs Group

Cloudflare (NYSE:NET) had its target price cut by The Goldman Sachs Group from $89.00 to $77.00 in a report released on Monday, Benzinga reports. The firm presently has a “sell” rating on the stock. The Goldman Sachs Group’s target price points to a potential upside of 2.95% from the company’s current price.

Several other equities research analysts have also recently weighed in on the company. KeyCorp dropped their target price on Cloudflare from $132.00 to $94.00 and set an “overweight” rating for the company in a report on Friday. Cantor Fitzgerald lowered their price target on shares of Cloudflare from $100.00 to $80.00 and set a “neutral” rating on the stock in a report on Friday. Mizuho lowered their target price on shares of Cloudflare from $95.00 to $88.00 and set a “neutral” rating for the company in a research note on Friday. Oppenheimer reduced their price objective on shares of Cloudflare from $122.00 to $110.00 and set an “outperform” rating on the stock in a research note on Friday. Finally, JMP Securities raised their price target on shares of Cloudflare from $75.00 to $90.00 and gave the stock a “market outperform” rating in a research report on Wednesday, January 31st. Four research analysts have rated the stock with a sell rating, ten have assigned a hold rating and nine have assigned a buy rating to the company. Based on data from MarketBeat.com, Cloudflare currently has an average rating of “Hold” and a consensus target price of $90.13.

Cloudflare Trading Up 0.5 %

NET stock traded up $0.39 during midday trading on Monday, hitting $74.79. The stock had a trading volume of 2,884,973 shares, compared to its average volume of 3,916,400. Cloudflare has a 12-month low of $44.60 and a 12-month high of $116.00. The company’s 50-day moving average price is $93.67 and its 200 day moving average price is $83.75. The firm has a market cap of $25.25 billion, a PE ratio of -141.34 and a beta of 1.15. The company has a debt-to-equity ratio of 1.61, a current ratio of 3.51 and a quick ratio of 3.51.

Cloudflare (NYSE:NET) last released its quarterly earnings results on Thursday, February 8th. The company reported ($0.06) EPS for the quarter, beating analysts’ consensus estimates of ($0.07) by $0.01. Cloudflare had a negative net margin of 13.10% and a negative return on equity of 12.78%. The firm had revenue of $362.47 million for the quarter, compared to analyst estimates of $352.70 million. On average, equities research analysts predict that Cloudflare will post -0.2 earnings per share for the current fiscal year.

Insider Activity

In other news, insider Douglas James Kramer sold 6,000 shares of the company’s stock in a transaction dated Friday, February 9th. The stock was sold at an average price of $110.08, for a total transaction of $660,480.00. Following the completion of the transaction, the insider now directly owns 216,114 shares of the company’s stock, valued at approximately $23,789,829.12. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. In other Cloudflare news, insider Douglas James Kramer sold 6,000 shares of the firm’s stock in a transaction that occurred on Friday, February 9th. The shares were sold at an average price of $110.08, for a total value of $660,480.00. Following the transaction, the insider now directly owns 216,114 shares of the company’s stock, valued at $23,789,829.12. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, COO Michelle Zatlyn sold 277,376 shares of the company’s stock in a transaction that occurred on Thursday, February 15th. The stock was sold at an average price of $101.17, for a total transaction of $28,062,129.92. Following the sale, the chief operating officer now directly owns 38,545 shares of the company’s stock, valued at approximately $3,899,597.65. The disclosure for this sale can be found here. Insiders have sold a total of 1,029,347 shares of company stock valued at $100,594,226 in the last ninety days. Corporate insiders own 12.83% of the company’s stock.

Institutional Trading of Cloudflare

Several hedge funds have recently made changes to their positions in the business. Vanguard Group Inc. lifted its position in Cloudflare by 2.7% during the fourth quarter. Vanguard Group Inc. now owns 28,159,189 shares of the company’s stock valued at $2,344,534,000 after buying an additional 740,914 shares in the last quarter. Capital World Investors raised its stake in Cloudflare by 1.8% during the fourth quarter. Capital World Investors now owns 27,543,956 shares of the company’s stock worth $2,293,310,000 after acquiring an additional 487,308 shares in the last quarter. 1832 Asset Management L.P. boosted its holdings in Cloudflare by 121.2% during the fourth quarter. 1832 Asset Management L.P. now owns 2,916,600 shares of the company’s stock worth $242,836,000 after buying an additional 1,597,900 shares during the last quarter. Norges Bank acquired a new stake in Cloudflare in the 4th quarter valued at approximately $221,858,000. Finally, Sumitomo Mitsui Trust Holdings Inc. grew its holdings in Cloudflare by 0.9% in the 3rd quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 1,736,212 shares of the company’s stock valued at $109,451,000 after buying an additional 14,984 shares in the last quarter. 82.68% of the stock is currently owned by hedge funds and other institutional investors.

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.