Cloudflare’s (NET) Neutral Rating Reiterated at Piper Sandler

Piper Sandler restated their neutral rating on shares of Cloudflare (NYSE:NET) in a research note issued to investors on Friday,Benzinga reports. The firm currently has a $151.00 price target on the stock, up from their prior price target of $112.00.

A number of other brokerages also recently commented on NET. UBS Group dropped their price objective on shares of Cloudflare from $165.00 to $135.00 and set a “neutral” rating on the stock in a research report on Thursday, March 13th. JPMorgan Chase & Co. raised their target price on shares of Cloudflare from $110.00 to $115.00 and gave the stock a “neutral” rating in a research report on Friday, February 7th. Wells Fargo & Company increased their target price on shares of Cloudflare from $135.00 to $150.00 and gave the stock an “overweight” rating in a research note on Monday, January 27th. The Goldman Sachs Group decreased their price objective on Cloudflare from $183.00 to $161.00 and set a “buy” rating for the company in a research report on Friday, March 14th. Finally, JMP Securities boosted their target price on Cloudflare from $135.00 to $180.00 and gave the company a “market outperform” rating in a report on Friday, February 7th. Three equities research analysts have rated the stock with a sell rating, ten have given a hold rating and twelve have assigned a buy rating to the company. According to MarketBeat, Cloudflare currently has an average rating of “Hold” and a consensus price target of $142.57.

Cloudflare Stock Performance

NYSE:NET opened at $132.42 on Friday. Cloudflare has a 52 week low of $66.24 and a 52 week high of $177.37. The company has a fifty day simple moving average of $116.02 and a two-hundred day simple moving average of $117.55. 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 company has a market cap of $45.69 billion, a price-to-earnings ratio of -601.91 and a beta of 1.78.

Cloudflare (NYSE:NET) last released its earnings results on Thursday, May 8th. The company reported $0.16 EPS for the quarter, missing the consensus estimate of $0.17 by ($0.01). The company had revenue of $479.09 million for the quarter, compared to analyst estimates of $469.49 million. Cloudflare had a negative return on equity of 5.52% and a negative net margin of 4.72%. The company’s revenue for the quarter was up 26.5% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.16 earnings per share. As a group, equities analysts anticipate that Cloudflare will post -0.11 earnings per share for the current fiscal year.

Insider Activity at Cloudflare

In other Cloudflare news, insider Michelle Zatlyn sold 35,099 shares of the company’s stock in a transaction on Wednesday, February 19th. The stock was sold at an average price of $164.84, for a total value of $5,785,719.16. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CAO Janel Riley sold 4,327 shares of Cloudflare stock in a transaction on Tuesday, February 18th. The stock was sold at an average price of $167.60, for a total value of $725,205.20. Following the transaction, the chief accounting officer now directly owns 74,698 shares of the company’s stock, valued at $12,519,384.80. This trade represents a 5.48 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 492,492 shares of company stock valued at $63,757,685 in the last ninety days. Corporate insiders own 12.83% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the business. Mather Group LLC. lifted its stake in Cloudflare by 1,188.2% in the 1st quarter. Mather Group LLC. now owns 219 shares of the company’s stock valued at $25,000 after buying an additional 202 shares in the last quarter. NBC Securities Inc. acquired a new position in shares of Cloudflare in the first quarter worth $27,000. GPS Wealth Strategies Group LLC lifted its position in shares of Cloudflare by 213.4% in the first quarter. GPS Wealth Strategies Group LLC now owns 257 shares of the company’s stock valued at $29,000 after acquiring an additional 175 shares in the last quarter. MassMutual Private Wealth & Trust FSB boosted its stake in shares of Cloudflare by 115.4% during the first quarter. MassMutual Private Wealth & Trust FSB now owns 265 shares of the company’s stock valued at $30,000 after acquiring an additional 142 shares during the last quarter. Finally, Gordian Capital Singapore Pte Ltd purchased a new stake in Cloudflare during the 4th quarter worth about $43,000. 82.68% of the stock is owned by hedge funds and other institutional investors.

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.