Needham & Company LLC Reaffirms “Buy” Rating for Cloudflare (NYSE:NET)

Needham & Company LLC reissued their buy rating on shares of Cloudflare (NYSE:NET) in a report issued on Friday, Benzinga reports. They currently have a $135.00 price objective on the stock.

A number of other research analysts also recently weighed in on NET. Truist Financial raised their price objective on Cloudflare from $90.00 to $120.00 and gave the company a buy rating in a research note on Friday, February 9th. Cantor Fitzgerald dropped their price target on shares of Cloudflare from $100.00 to $80.00 and set a neutral rating on the stock in a research report on Friday. JPMorgan Chase & Co. upped their price objective on shares of Cloudflare from $53.00 to $90.00 and gave the stock a neutral rating in a report on Friday, February 9th. Mizuho dropped their target price on shares of Cloudflare from $95.00 to $88.00 and set a neutral rating on the stock in a report on Friday. Finally, Morgan Stanley upped their price target on shares of 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 assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of Hold and an average price target of $90.13.

Cloudflare Stock Down 0.1 %

NYSE NET traded down $0.10 during trading on Friday, reaching $74.30. The company’s stock had a trading volume of 6,403,901 shares, compared to its average volume of 3,950,150. The business has a 50-day moving average price of $93.67 and a 200-day moving average price of $83.75. Cloudflare has a 1-year low of $44.60 and a 1-year high of $116.00. The stock has a market capitalization of $25.09 billion, a PE ratio of -141.34 and a beta of 1.15. The company has a current ratio of 3.51, a quick ratio of 3.51 and a debt-to-equity ratio of 1.61.

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 the consensus estimate of ($0.07) by $0.01. Cloudflare had a negative net margin of 13.10% and a negative return on equity of 12.78%. The business had revenue of $362.47 million during the quarter, compared to analyst estimates of $352.70 million. On average, research analysts forecast that Cloudflare will post -0.2 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Cloudflare news, Director Carl Ledbetter sold 7,962 shares of the business’s stock in a transaction on Wednesday, February 7th. The shares were sold at an average price of $81.42, for a total value of $648,266.04. Following the sale, the director now owns 1,446,957 shares of the company’s stock, valued at approximately $117,811,238.94. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. 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. Also, CFO Thomas J. Seifert sold 15,000 shares of the company’s stock in a transaction that occurred on Thursday, April 18th. The shares were sold at an average price of $87.02, for a total value of $1,305,300.00. Following the completion of the sale, the chief financial officer now owns 338,469 shares in the company, valued at $29,453,572.38. The disclosure for this sale can be found here. Insiders sold a total of 1,029,347 shares of company stock valued at $100,594,226 over the last ninety days. 12.83% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of the stock. Norges Bank bought a new stake in shares of Cloudflare in the 4th quarter worth about $221,858,000. 1832 Asset Management L.P. boosted its position in Cloudflare by 121.2% in the fourth quarter. 1832 Asset Management L.P. now owns 2,916,600 shares of the company’s stock valued at $242,836,000 after buying an additional 1,597,900 shares in the last quarter. Vanguard Group Inc. increased its holdings in shares of Cloudflare by 2.7% during the fourth quarter. Vanguard Group Inc. now owns 28,159,189 shares of the company’s stock worth $2,344,534,000 after buying an additional 740,914 shares in the last quarter. Capital World Investors raised its stake in shares of Cloudflare by 1.8% in the fourth quarter. Capital World Investors now owns 27,543,956 shares of the company’s stock valued at $2,293,310,000 after acquiring an additional 487,308 shares during 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 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.