Cloudflare (NYSE:NET) PT Lowered to $110.00 at TD Cowen

Cloudflare (NYSE:NET) had its price target cut by equities research analysts at TD Cowen from $117.00 to $110.00 in a report issued on Friday, Benzinga reports. The firm currently has a “buy” rating on the stock. TD Cowen’s price target would suggest a potential upside of 47.61% from the company’s current price.

NET has been the subject of a number of other research reports. Capital One Financial began coverage on Cloudflare in a research report on Wednesday, January 17th. They set an “equal weight” rating and a $83.00 price objective for the company. JPMorgan Chase & Co. raised their target price on Cloudflare from $53.00 to $90.00 and gave the company a “neutral” rating in a report on Friday, February 9th. Wells Fargo & Company raised their target price on Cloudflare from $95.00 to $125.00 and gave the company an “overweight” rating in a report on Friday, February 9th. Oppenheimer cut their target price on Cloudflare from $122.00 to $110.00 and set an “outperform” rating on the stock in a report on Friday. Finally, Morgan Stanley raised their target price on Cloudflare from $66.00 to $92.00 and gave the company an “equal weight” rating in a report on Monday, February 12th. 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 company. According to data from MarketBeat.com, Cloudflare presently has an average rating of “Hold” and an average target price of $90.17.

Cloudflare Stock Down 16.2 %

NET traded down $14.45 during trading on Friday, reaching $74.52. 18,643,020 shares of the stock traded hands, compared to its average volume of 3,930,820. The stock has a market cap of $25.16 billion, a price-to-earnings ratio of -135.49 and a beta of 1.15. Cloudflare has a fifty-two week low of $39.90 and a fifty-two week high of $116.00. The company has a debt-to-equity ratio of 1.68, a current ratio of 3.50 and a quick ratio of 3.50. The stock’s 50-day simple moving average is $94.15 and its two-hundred day simple moving average is $83.39.

Cloudflare (NYSE:NET) last released its quarterly earnings data on Thursday, February 8th. The company reported ($0.06) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.07) by $0.01. The firm had revenue of $362.47 million during the quarter, compared to analysts’ expectations of $352.70 million. Cloudflare had a negative return on equity of 15.92% and a negative net margin of 14.19%. As a group, equities research analysts expect that Cloudflare will post -0.2 EPS for the current year.

Insider Activity at Cloudflare

In other Cloudflare news, Director Carl Ledbetter sold 7,962 shares of Cloudflare stock in a transaction that occurred on Wednesday, February 7th. The stock was sold at an average price of $81.42, for a total transaction of $648,266.04. Following the sale, the director now directly owns 1,446,957 shares of the company’s stock, valued at $117,811,238.94. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Cloudflare news, insider Douglas James Kramer sold 6,000 shares of Cloudflare stock in a transaction that occurred on Friday, February 9th. The stock was sold at an average price of $110.08, for a total transaction of $660,480.00. Following the sale, the insider now directly owns 216,114 shares of the company’s stock, valued at $23,789,829.12. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Carl Ledbetter sold 7,962 shares of the business’s stock in a transaction that occurred on Wednesday, February 7th. The stock was sold at an average price of $81.42, for a total value of $648,266.04. Following the completion of the transaction, the director now directly owns 1,446,957 shares in the company, valued at $117,811,238.94. The disclosure for this sale can be found here. Insiders have sold 1,029,347 shares of company stock worth $100,594,226 over the last three months. Company insiders own 12.83% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of NET. Norges Bank acquired a new position in shares of Cloudflare in the 4th quarter worth approximately $221,858,000. 1832 Asset Management L.P. boosted its holdings in shares of Cloudflare by 121.2% in the 4th quarter. 1832 Asset Management L.P. now owns 2,916,600 shares of the company’s stock worth $242,836,000 after acquiring an additional 1,597,900 shares in the last quarter. Vanguard Group Inc. boosted its holdings in shares of Cloudflare by 2.7% in the 4th quarter. Vanguard Group Inc. now owns 28,159,189 shares of the company’s stock worth $2,344,534,000 after acquiring an additional 740,914 shares in the last quarter. Capital World Investors boosted its holdings in shares of Cloudflare by 1.8% in the 4th 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. Finally, SpiderRock Advisors LLC acquired a new position in shares of Cloudflare in the 1st quarter worth approximately $37,740,000. 82.68% of the stock is 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.