Cloudflare (NYSE:NET) Upgraded to Strong Sell at KeyCorp

KeyCorp upgraded shares of Cloudflare (NYSE:NET) to a strong sell rating in a research report released on Thursday,Zacks.com reports. KeyCorp also issued estimates for Cloudflare’s FY2029 earnings at $1.10 EPS.

Other equities analysts have also recently issued research reports about the company. Guggenheim lifted their price target on Cloudflare from $68.00 to $70.00 and gave the stock a “sell” rating in a report on Friday, May 9th. Morgan Stanley raised their price objective on Cloudflare from $144.00 to $150.00 and gave the company an “overweight” rating in a research report on Friday, May 9th. Needham & Company LLC increased their price target on Cloudflare from $145.00 to $160.00 and gave the company a “buy” rating in a research note on Friday, May 9th. Cantor Fitzgerald raised their price target on Cloudflare from $111.00 to $149.00 and gave the company a “neutral” rating in a report on Friday, February 7th. Finally, JMP Securities upped their price objective on shares of Cloudflare from $135.00 to $180.00 and gave the company a “market outperform” rating in a report on Friday, February 7th. Four research analysts have rated the stock with a sell rating, ten have issued a hold rating, thirteen have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $143.25.

Cloudflare Stock Up 3.2%

Shares of NET stock opened at $176.33 on Thursday. The firm’s fifty day moving average price is $131.14 and its two-hundred day moving average price is $126.74. The company has a current ratio of 3.37, a quick ratio of 3.37 and a debt-to-equity ratio of 1.32. Cloudflare has a 1 year low of $69.26 and a 1 year high of $181.12. The firm has a market capitalization of $61.12 billion, a P/E ratio of -801.51 and a beta of 1.78.

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

Insider Activity at Cloudflare

In other Cloudflare news, insider Douglas James Kramer sold 3,000 shares of the business’s stock in a transaction dated Monday, June 2nd. The stock was sold at an average price of $166.00, for a total transaction of $498,000.00. Following the completion of the transaction, the insider now owns 169,377 shares of the company’s stock, valued at approximately $28,116,582. The trade was a 1.74% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Matthew Prince sold 52,384 shares of the stock in a transaction dated Wednesday, March 19th. The stock was sold at an average price of $117.32, for a total transaction of $6,145,690.88. Following the completion of the transaction, the chief executive officer now directly owns 413,413 shares of the company’s stock, valued at $48,501,613.16. This trade represents a 11.25% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 504,085 shares of company stock valued at $65,810,967 over the last three months. 12.83% of the stock is owned by insiders.

Hedge Funds Weigh In On Cloudflare

A number of institutional investors have recently added to or reduced their stakes in NET. Capital World Investors increased its holdings in shares of Cloudflare by 0.7% during the fourth quarter. Capital World Investors now owns 35,409,307 shares of the company’s stock worth $3,812,942,000 after buying an additional 260,415 shares in the last quarter. Vanguard Group Inc. grew its position in Cloudflare by 1.8% during the 1st quarter. Vanguard Group Inc. now owns 30,836,909 shares of the company’s stock worth $3,475,011,000 after acquiring an additional 538,850 shares during the last quarter. Geode Capital Management LLC increased its holdings in Cloudflare by 1.4% in the 4th quarter. Geode Capital Management LLC now owns 4,903,219 shares of the company’s stock worth $526,986,000 after purchasing an additional 68,661 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its position in Cloudflare by 33.5% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 3,129,030 shares of the company’s stock valued at $352,610,000 after purchasing an additional 786,063 shares during the last quarter. Finally, American Century Companies Inc. boosted its stake in shares of Cloudflare by 34.5% during the first quarter. American Century Companies Inc. now owns 3,037,420 shares of the company’s stock valued at $342,287,000 after purchasing an additional 779,819 shares in the last quarter. 82.68% of the stock is currently owned by institutional investors and hedge funds.

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.