Cloudflare (NYSE:NET) Shares Gap Up to $78.60

Cloudflare, Inc. (NYSE:NETGet Free Report) gapped up prior to trading on Tuesday . The stock had previously closed at $78.60, but opened at $80.58. Cloudflare shares last traded at $79.78, with a volume of 207,129 shares changing hands.

Analysts Set New Price Targets

NET has been the subject of a number of research analyst reports. Mizuho cut their price target on shares of Cloudflare from $95.00 to $88.00 and set a “neutral” rating for the company in a report on Friday, May 3rd. JPMorgan Chase & Co. reduced their price objective on shares of Cloudflare from $90.00 to $80.00 and set a “neutral” rating for the company in a research note on Friday, May 3rd. Wells Fargo & Company reduced their price objective on shares of Cloudflare from $125.00 to $105.00 and set an “overweight” rating for the company in a research note on Friday, May 3rd. KeyCorp reduced their price objective on shares of Cloudflare from $132.00 to $94.00 and set an “overweight” rating for the company in a research note on Friday, May 3rd. Finally, Oppenheimer reduced their price objective on shares of Cloudflare from $122.00 to $110.00 and set an “outperform” rating for the company in a research note on Friday, May 3rd. Three investment analysts have rated the stock with a sell rating, ten have assigned a hold rating and ten have issued a buy rating to the company’s stock. According to MarketBeat.com, Cloudflare has an average rating of “Hold” and an average target price of $90.96.

View Our Latest Stock Report on Cloudflare

Cloudflare Price Performance

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 stock’s 50 day simple moving average is $77.40 and its two-hundred day simple moving average is $85.37. The stock has a market cap of $26.91 billion, a price-to-earnings ratio of -148.30 and a beta of 1.08.

Cloudflare (NYSE:NETGet Free Report) last issued its earnings results on Thursday, May 2nd. The company reported ($0.03) EPS for the quarter, beating the consensus estimate of ($0.05) by $0.02. Cloudflare had a negative net margin of 13.10% and a negative return on equity of 12.78%. The company had revenue of $378.60 million for the quarter, compared to the consensus estimate of $372.93 million. On average, analysts forecast that Cloudflare, Inc. will post -0.19 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, Director Carl Ledbetter sold 9,993 shares of the company’s stock in a transaction dated Wednesday, March 27th. The shares were sold at an average price of $100.16, for a total transaction of $1,000,898.88. Following the transaction, the director now owns 1,275,004 shares in the company, valued at approximately $127,704,400.64. The sale was disclosed in a filing with the SEC, which can be accessed through this link. In other Cloudflare news, Director Carl Ledbetter sold 9,993 shares of the business’s stock in a transaction dated Wednesday, March 27th. The stock was sold at an average price of $100.16, for a total transaction of $1,000,898.88. Following the completion of the sale, the director now directly owns 1,275,004 shares of the company’s stock, valued at approximately $127,704,400.64. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Douglas James Kramer sold 3,000 shares of the business’s stock in a transaction dated Monday, April 1st. The stock was sold at an average price of $97.16, for a total value of $291,480.00. Following the sale, the insider now directly owns 205,238 shares of the company’s stock, valued at $19,940,924.08. The disclosure for this sale can be found here. Insiders have sold a total of 702,759 shares of company stock worth $57,278,985 in the last 90 days. Corporate insiders own 12.83% of the company’s stock.

Institutional Trading of Cloudflare

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Vanguard Group Inc. raised its holdings in Cloudflare by 1.5% during the 1st quarter. Vanguard Group Inc. now owns 28,572,053 shares of the company’s stock worth $2,766,632,000 after purchasing an additional 412,864 shares during the last quarter. Capital World Investors increased its stake in shares of Cloudflare by 2.1% in the 1st quarter. Capital World Investors now owns 28,128,522 shares of the company’s stock valued at $2,723,685,000 after acquiring an additional 584,566 shares during the last quarter. 1832 Asset Management L.P. increased its stake 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 valued at $242,836,000 after acquiring an additional 1,597,900 shares during the last quarter. Norges Bank bought a new stake in shares of Cloudflare in the 4th quarter valued at about $221,858,000. Finally, Northern Trust Corp increased its stake in shares of Cloudflare by 3.1% in the 3rd quarter. Northern Trust Corp now owns 1,733,639 shares of the company’s stock valued at $109,289,000 after acquiring an additional 51,345 shares during the last quarter. 82.68% of the stock is owned by institutional investors.

Cloudflare Company Profile

(Get Free Report)

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.

Featured Stories

Receive News & Ratings for Cloudflare Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Cloudflare and related companies with MarketBeat.com's FREE daily email newsletter.