Piper Jaffray Companies began coverage on shares of Cloudflare (NYSE:NET) in a report released on Monday, 24/7 WallStreet reports. The brokerage issued an overweight rating and a $20.00 target price on the stock. Piper Jaffray Companies also issued estimates for Cloudflare’s Q3 2019 earnings at ($0.14) EPS, Q4 2019 earnings at ($0.04) EPS, FY2019 earnings at ($0.43) EPS, Q1 2020 earnings at ($0.03) EPS, Q2 2020 earnings at ($0.03) EPS, Q3 2020 earnings at ($0.03) EPS, Q4 2020 earnings at ($0.03) EPS, FY2020 earnings at ($0.11) EPS, Q1 2021 earnings at ($0.02) EPS, Q2 2021 earnings at ($0.01) EPS, Q3 2021 earnings at ($0.02) EPS and FY2021 earnings at ($0.06) EPS.

Several other brokerages have also weighed in on NET. BTIG Research began coverage on Cloudflare in a report on Tuesday, October 8th. They issued a buy rating and a $20.00 price objective for the company. SunTrust Banks initiated coverage on Cloudflare in a report on Tuesday, October 8th. They set a buy rating and a $23.00 target price for the company. Needham & Company LLC initiated coverage on Cloudflare in a report on Tuesday, October 8th. They set a buy rating and a $22.00 target price for the company. Royal Bank of Canada initiated coverage on Cloudflare in a report on Tuesday, October 8th. They set an outperform rating and a $20.00 target price for the company. Finally, Wells Fargo & Co initiated coverage on Cloudflare in a report on Tuesday, October 8th. They set an outperform rating and a $22.50 target price for the company. Three investment analysts have rated the stock with a hold rating and nine have given a buy rating to the company. Cloudflare has a consensus rating of Buy and an average target price of $20.88.

Cloudflare stock traded up $0.23 during midday trading on Monday, hitting $16.12. The stock had a trading volume of 1,498,692 shares, compared to its average volume of 2,224,067. Cloudflare has a 12 month low of $14.50 and a 12 month high of $22.08. The business’s fifty day moving average is $17.05.

Hedge funds have recently modified their holdings of the stock. Zweig DiMenna Associates LLC bought a new position in Cloudflare in the 3rd quarter worth approximately $5,928,000. Pelham Capital Ltd. bought a new position in Cloudflare in the 3rd quarter worth approximately $13,928,000. FNY Investment Advisers LLC bought a new position in Cloudflare in the 3rd quarter worth approximately $129,000. Teacher Retirement System of Texas bought a new position in Cloudflare in the 3rd quarter worth approximately $371,000. Finally, SG Americas Securities LLC bought a new position in Cloudflare in the 3rd quarter worth approximately $186,000. 1.41% of the stock is owned by institutional investors and hedge funds.

About Cloudflare

CloudFlare, Inc operates a cloud platform that delivers a range of network 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 Internet of Things (IoT) devices.

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Analyst Recommendations for Cloudflare (NYSE:NET)

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