Cloudflare (NYSE:NET) PT Lowered to $77.00 at The Goldman Sachs Group

Cloudflare (NYSE:NET) had its price objective reduced by The Goldman Sachs Group from $89.00 to $77.00 in a report issued on Monday, Benzinga reports. The Goldman Sachs Group currently has a sell rating on the stock.

Other analysts have also issued research reports about the stock. Mizuho reduced their target price on shares of Cloudflare from $95.00 to $88.00 and set a neutral rating for the company in a research note on Friday. Oppenheimer reduced their target price on Cloudflare from $122.00 to $110.00 and set an outperform rating for the company in a report on Friday. DZ Bank downgraded Cloudflare from a buy rating to a hold rating and set a $110.00 price target for the company. in a research report on Tuesday, February 13th. Capital One Financial began coverage on Cloudflare in a research note on Wednesday, January 17th. They issued an equal weight rating and a $83.00 price objective for the company. Finally, UBS Group lowered their target price on Cloudflare from $88.00 to $76.00 and set a sell rating on the stock in a research note on Friday. Four analysts have rated the stock with a sell rating, nine have assigned a hold rating and ten have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of Hold and a consensus target price of $89.48.

Cloudflare Stock Down 0.6 %

Shares of NYSE NET opened at $73.86 on Monday. The company has a debt-to-equity ratio of 1.61, a current ratio of 3.51 and a quick ratio of 3.51. The company has a 50-day moving average price of $93.17 and a 200-day moving average price of $83.83. The stock has a market capitalization of $24.94 billion, a P/E ratio of -140.17 and a beta of 1.15. Cloudflare has a 1 year low of $44.60 and a 1 year high of $116.00.

Cloudflare (NYSE:NET) last issued its quarterly earnings data on Thursday, February 8th. The company reported ($0.06) EPS for the quarter, topping analysts’ consensus estimates of ($0.07) by $0.01. Cloudflare had a negative return on equity of 12.78% and a negative net margin of 13.10%. The firm had revenue of $362.47 million during the quarter, compared to analyst estimates of $352.70 million. On average, equities research analysts forecast that Cloudflare will post -0.2 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, CFO Thomas J. Seifert sold 15,000 shares of the stock in a transaction dated Friday, May 3rd. The shares were sold at an average price of $73.97, for a total value of $1,109,550.00. Following the sale, the chief financial officer now directly owns 338,469 shares of the company’s stock, valued at $25,036,551.93. The sale was disclosed in a legal filing with the SEC, which is available at this link. In related news, Director Carl Ledbetter sold 7,962 shares of Cloudflare stock in a transaction 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 completion of the sale, the director now owns 1,446,957 shares of the company’s stock, valued at $117,811,238.94. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CFO Thomas J. Seifert sold 15,000 shares of the firm’s stock in a transaction dated Friday, May 3rd. The shares were sold at an average price of $73.97, for a total value of $1,109,550.00. Following the completion of the sale, the chief financial officer now directly owns 338,469 shares in the company, valued at approximately $25,036,551.93. The disclosure for this sale can be found here. Insiders sold a total of 1,044,347 shares of company stock worth $101,703,776 in the last quarter. 12.83% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of NET. Deutsche Bank AG increased its holdings in shares of Cloudflare by 5.1% in the 3rd quarter. Deutsche Bank AG now owns 1,352,203 shares of the company’s stock worth $85,243,000 after buying an additional 65,596 shares during the last quarter. Envestnet Portfolio Solutions Inc. bought a new position in Cloudflare in the third quarter valued at $569,000. International Assets Investment Management LLC purchased a new stake in Cloudflare during the fourth quarter valued at about $11,639,000. Blueshift Asset Management LLC lifted its stake in Cloudflare by 100.2% during the third quarter. Blueshift Asset Management LLC now owns 25,926 shares of the company’s stock worth $1,634,000 after purchasing an additional 12,974 shares during the last quarter. Finally, LA Financiere DE L Echiquier boosted its holdings in shares of Cloudflare by 4.5% in the 4th quarter. LA Financiere DE L Echiquier now owns 407,600 shares of the company’s stock worth $33,937,000 after purchasing an additional 17,600 shares in the last quarter. 82.68% of the stock is currently owned by institutional investors.

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.