Brokerages Set Cloudflare, Inc. (NYSE:NET) Price Target at $233.38

Shares of Cloudflare, Inc. (NYSE:NET) have received a consensus rating of “Moderate Buy” from the twenty-nine research firms that are covering the stock, Marketbeat.com reports. Two analysts have rated the stock with a sell recommendation, eight have assigned a hold recommendation, eighteen have given a buy recommendation and one has assigned a strong buy recommendation to the company. The average 1-year target price among brokers that have covered the stock in the last year is $233.3846.

A number of brokerages recently weighed in on NET. UBS Group reissued a “neutral” rating and issued a $220.00 price target on shares of Cloudflare in a research report on Wednesday, February 11th. TD Cowen reaffirmed a “buy” rating on shares of Cloudflare in a report on Tuesday, January 27th. KeyCorp reiterated an “overweight” rating on shares of Cloudflare in a research report on Wednesday, February 11th. Barclays boosted their target price on Cloudflare from $235.00 to $250.00 and gave the company an “overweight” rating in a report on Wednesday, February 11th. Finally, Mizuho decreased their target price on Cloudflare from $280.00 to $255.00 and set an “outperform” rating for the company in a research report on Wednesday, January 21st.

Insider Transactions at Cloudflare

In other news, insider Michelle Zatlyn sold 25,641 shares of the stock in a transaction that occurred on Thursday, March 5th. The stock was sold at an average price of $189.50, for a total value of $4,858,969.50. Following the completion of the sale, the insider directly owned 34,514 shares of the company’s stock, valued at approximately $6,540,403. This represents a 42.62% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Thomas J. Seifert sold 10,341 shares of the firm’s stock in a transaction that occurred on Tuesday, March 17th. The stock was sold at an average price of $212.30, for a total transaction of $2,195,394.30. Following the transaction, the chief financial officer owned 224,625 shares in the company, valued at approximately $47,687,887.50. This trade represents a 4.40% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 534,031 shares of company stock worth $99,017,195 in the last three months. Corporate insiders own 10.89% of the company’s stock.

Institutional Trading of Cloudflare

A number of large investors have recently bought and sold shares of NET. Vanguard Group Inc. raised its holdings in shares of Cloudflare by 0.3% in the fourth quarter. Vanguard Group Inc. now owns 32,407,646 shares of the company’s stock valued at $6,389,167,000 after buying an additional 90,397 shares during the last quarter. Geode Capital Management LLC grew its holdings in shares of Cloudflare by 4.2% during the fourth quarter. Geode Capital Management LLC now owns 6,018,175 shares of the company’s stock worth $1,184,044,000 after buying an additional 241,981 shares during the last quarter. First Trust Advisors LP grew its holdings in shares of Cloudflare by 1.6% during the fourth quarter. First Trust Advisors LP now owns 4,019,157 shares of the company’s stock worth $792,377,000 after buying an additional 63,198 shares during the last quarter. Invesco Ltd. increased its position in Cloudflare by 1.3% in the 3rd quarter. Invesco Ltd. now owns 3,964,733 shares of the company’s stock valued at $850,792,000 after acquiring an additional 49,485 shares during the period. Finally, Norges Bank acquired a new position in Cloudflare in the 4th quarter valued at about $718,316,000. Institutional investors and hedge funds own 82.68% of the company’s stock.

Cloudflare Price Performance

NET stock opened at $211.83 on Friday. The business has a 50 day moving average price of $185.89 and a 200 day moving average price of $202.98. The stock has a market cap of $74.20 billion, a price-to-earnings ratio of -730.44 and a beta of 1.98. Cloudflare has a fifty-two week low of $89.42 and a fifty-two week high of $260.00. The company has a quick ratio of 1.98, a current ratio of 1.98 and a debt-to-equity ratio of 1.35.

Cloudflare (NYSE:NET) last released its quarterly earnings data on Tuesday, February 10th. The company reported $0.28 earnings per share for the quarter, topping analysts’ consensus estimates of $0.27 by $0.01. Cloudflare had a negative net margin of 4.72% and a negative return on equity of 7.24%. The company had revenue of $614.51 million for the quarter, compared to analysts’ expectations of $591.67 million. During the same quarter last year, the company earned $0.19 earnings per share. The firm’s revenue for the quarter was up 33.6% on a year-over-year basis. Equities research analysts anticipate that Cloudflare will post -0.11 earnings per share for the current fiscal year.

About Cloudflare

Cloudflare, Inc is a global web infrastructure and security company that provides a suite of services designed to improve the performance, reliability and security of internet properties. Its core offerings include a content delivery network (CDN), distributed denial-of-service (DDoS) protection, managed DNS, and a web application firewall (WAF). Cloudflare also provides tools for bot management, SSL/TLS, load balancing and rate limiting to help organizations maintain uptime and protect web applications from attack.

In addition to traditional edge and security services, Cloudflare has expanded into edge computing and developer platforms.