Cloudflare (NYSE:NET) Given New $94.00 Price Target at KeyCorp

Cloudflare (NYSE:NET) had its price objective lowered by investment analysts at KeyCorp from $132.00 to $94.00 in a note issued to investors on Friday, Benzinga reports. The brokerage presently has an “overweight” rating on the stock. KeyCorp’s price objective would indicate a potential upside of 26.14% from the company’s previous close.

Several other analysts have also commented on the stock. Piper Sandler restated a “neutral” rating and issued a $81.00 price objective (down from $110.00) on shares of Cloudflare in a report on Friday. DZ Bank downgraded shares of Cloudflare from a “buy” rating to a “hold” rating and set a $110.00 target price for the company. in a research note on Tuesday, February 13th. Capital One Financial assumed coverage on shares of Cloudflare in a research note on Wednesday, January 17th. They set an “equal weight” rating and a $83.00 target price for the company. Robert W. Baird decreased their target price on shares of Cloudflare from $100.00 to $94.00 and set an “outperform” rating for the company in a research note on Friday. Finally, TD Cowen decreased their target price on shares of Cloudflare from $117.00 to $110.00 and set a “buy” rating for the company in a research note on Friday. Four analysts have rated the stock with a sell rating, ten have given a hold rating and nine have issued a buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $90.17.

Cloudflare Stock Down 16.2 %

NET traded down $14.45 on Friday, hitting $74.52. The company had a trading volume of 18,643,020 shares, compared to its average volume of 3,930,820. The company has a debt-to-equity ratio of 1.68, a current ratio of 3.50 and a quick ratio of 3.50. Cloudflare has a 52-week low of $39.90 and a 52-week high of $116.00. The stock has a fifty day simple moving average of $93.67 and a 200-day simple moving average of $83.47. The firm has a market capitalization of $25.16 billion, a P/E ratio of -135.49 and a beta of 1.15.

Cloudflare (NYSE:NET) last issued its quarterly earnings data on Thursday, February 8th. The company reported ($0.06) EPS for the quarter, topping the consensus estimate 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 business had revenue of $362.47 million during the quarter, compared to analyst estimates of $352.70 million. As a group, equities analysts expect that Cloudflare will post -0.2 EPS for the current fiscal year.

Insider Buying and Selling

In other news, Director Carl Ledbetter sold 7,962 shares of Cloudflare stock in a transaction on Wednesday, February 7th. The shares were sold at an average price of $81.42, for a total transaction of $648,266.04. Following the transaction, the director now owns 1,446,957 shares in the company, valued at approximately $117,811,238.94. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In related news, insider Douglas James Kramer sold 6,000 shares of Cloudflare stock in a transaction on Friday, February 9th. The shares were sold at an average price of $110.08, for a total transaction of $660,480.00. Following the transaction, the insider now owns 216,114 shares in the company, valued at approximately $23,789,829.12. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Carl Ledbetter sold 7,962 shares of Cloudflare stock in a transaction on Wednesday, February 7th. The shares were sold at an average price of $81.42, for a total transaction of $648,266.04. Following the transaction, the director now owns 1,446,957 shares in the company, valued at approximately $117,811,238.94. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 1,029,347 shares of company stock worth $100,594,226. 12.83% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of NET. Commonwealth Equity Services LLC increased its holdings in Cloudflare by 9.0% in the 3rd quarter. Commonwealth Equity Services LLC now owns 56,921 shares of the company’s stock valued at $3,588,000 after acquiring an additional 4,685 shares during the last quarter. Xponance Inc. increased its holdings in Cloudflare by 0.6% in the 3rd quarter. Xponance Inc. now owns 40,684 shares of the company’s stock valued at $2,565,000 after acquiring an additional 224 shares during the last quarter. Raymond James Financial Services Advisors Inc. increased its holdings in Cloudflare by 27.0% in the 3rd quarter. Raymond James Financial Services Advisors Inc. now owns 15,709 shares of the company’s stock valued at $990,000 after acquiring an additional 3,337 shares during the last quarter. Stratos Wealth Partners LTD. bought a new stake in Cloudflare in the 3rd quarter valued at $372,000. Finally, J.W. Cole Advisors Inc. bought a new stake in Cloudflare in the 3rd quarter valued at $255,000. Hedge funds and other institutional investors own 82.68% of the company’s stock.

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.