Susquehanna Lowers Cloudflare (NYSE:NET) Price Target to $80.00

Cloudflare (NYSE:NET) had its price target reduced by research analysts at Susquehanna from $115.00 to $80.00 in a note issued to investors on Monday, Benzinga reports. The brokerage currently has a “neutral” rating on the stock. Susquehanna’s price target suggests a potential upside of 7.53% from the company’s previous close.

Other equities research analysts have also issued reports about the stock. Needham & Company LLC reaffirmed a “buy” rating and set a $135.00 price objective on shares of Cloudflare in a report on Friday. Capital One Financial began coverage on shares of Cloudflare in a report on Wednesday, January 17th. They set an “equal weight” rating and a $83.00 price objective for the company. JPMorgan Chase & Co. cut their target price on shares of Cloudflare from $90.00 to $80.00 and set a “neutral” rating for the company in a report on Friday. Mizuho cut their target price on shares of Cloudflare from $95.00 to $88.00 and set a “neutral” rating for the company in a report on Friday. Finally, Robert W. Baird cut their target price on shares of Cloudflare from $100.00 to $94.00 and set an “outperform” rating for the company in a report on Friday. Four research analysts have rated the stock with a sell rating, ten have assigned a hold rating and nine have given a buy rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $88.65.

Cloudflare Price Performance

NYSE NET opened at $74.40 on Monday. 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 has a 12 month low of $39.90 and a 12 month high of $116.00. The company’s 50 day moving average is $93.67 and its two-hundred day moving average is $83.75. The stock has a market cap of $25.12 billion, a price-to-earnings ratio of -140.38 and a beta of 1.15.

Cloudflare (NYSE:NET) last announced 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. 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. As a group, research analysts anticipate that Cloudflare will post -0.2 earnings per share for the current year.

Insider Transactions at Cloudflare

In other news, insider Douglas James Kramer sold 3,000 shares of Cloudflare stock in a transaction on Wednesday, May 1st. The stock was sold at an average price of $88.12, for a total transaction of $264,360.00. Following the completion of the sale, the insider now directly owns 205,238 shares in the company, valued at $18,085,572.56. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. In related news, Director Maria S. Eitel sold 6,875 shares of Cloudflare stock in a transaction dated Thursday, February 29th. The stock was sold at an average price of $98.51, for a total value of $677,256.25. Following the completion of the sale, the director now directly owns 23,513 shares in the company, valued at $2,316,265.63. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Douglas James Kramer sold 3,000 shares of the firm’s stock in a transaction dated Wednesday, May 1st. The shares were sold at an average price of $88.12, for a total transaction of $264,360.00. Following the completion of the sale, the insider now owns 205,238 shares in the company, valued at $18,085,572.56. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 1,029,347 shares of company stock worth $100,594,226. 12.83% of the stock is currently owned by insiders.

Institutional Trading of Cloudflare

A number of institutional investors have recently bought and sold shares of the stock. Riverview Trust Co purchased a new stake in Cloudflare during the 1st quarter valued at about $27,000. Allspring Global Investments Holdings LLC boosted its holdings in Cloudflare by 595.0% in the first quarter. Allspring Global Investments Holdings LLC now owns 278 shares of the company’s stock valued at $27,000 after purchasing an additional 238 shares during the last quarter. ICA Group Wealth Management LLC purchased a new position in shares of Cloudflare during the 4th quarter valued at about $38,000. GAMMA Investing LLC purchased a new position in shares of Cloudflare during the 4th quarter valued at about $39,000. Finally, Pingora Partners LLC acquired a new position in shares of Cloudflare in the 4th quarter valued at about $42,000. 82.68% of the stock is currently owned by institutional investors and hedge funds.

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.