TD Cowen Cuts Cloudflare (NYSE:NET) Price Target to $110.00

Cloudflare (NYSE:NET) had its price objective decreased by analysts at TD Cowen from $117.00 to $110.00 in a research report issued to clients and investors on Friday, Benzinga reports. The firm presently has a “buy” rating on the stock. TD Cowen’s price objective would suggest a potential upside of 47.61% from the company’s previous close.

Other equities research analysts have also recently issued research reports about the stock. Mizuho lowered their target price on shares of Cloudflare from $95.00 to $88.00 and set a “neutral” rating on the stock in a research note on Friday. Morgan Stanley raised their price target on shares of Cloudflare from $66.00 to $92.00 and gave the stock an “equal weight” rating in a research note on Monday, February 12th. Truist Financial raised their price target on shares of Cloudflare from $90.00 to $120.00 and gave the stock a “buy” rating in a research note on Friday, February 9th. Royal Bank of Canada raised their price target on shares of Cloudflare from $95.00 to $108.00 and gave the stock an “outperform” rating in a research note on Friday, February 9th. Finally, JPMorgan Chase & Co. raised their price target on shares of Cloudflare from $53.00 to $90.00 and gave the stock a “neutral” rating in a research note on Friday, February 9th. Four investment analysts have rated the stock with a sell rating, ten have issued a hold rating and nine have assigned a buy rating to the company. According to MarketBeat.com, Cloudflare presently has an average rating of “Hold” and a consensus price target of $90.17.

Cloudflare Price Performance

Shares of NYSE NET traded down $14.45 during trading on Friday, hitting $74.52. The company had a trading volume of 18,643,020 shares, compared to its average volume of 3,930,820. The firm has a market capitalization of $25.16 billion, a price-to-earnings ratio of -135.49 and a beta of 1.15. The stock has a fifty day simple moving average of $94.15 and a two-hundred day simple moving average of $83.39. The company has a quick ratio of 3.50, a current ratio of 3.50 and a debt-to-equity ratio of 1.68. Cloudflare has a fifty-two week low of $39.90 and a fifty-two week high of $116.00.

Cloudflare (NYSE:NET) last posted its quarterly earnings data on Thursday, February 8th. The company reported ($0.06) EPS for the quarter, topping the consensus estimate of ($0.07) by $0.01. The company had revenue of $362.47 million during the quarter, compared to analyst estimates of $352.70 million. Cloudflare had a negative return on equity of 15.92% and a negative net margin of 14.19%. On average, research analysts expect that Cloudflare will post -0.2 earnings per share for the current year.

Insider Buying and Selling at Cloudflare

In related news, Director Carl Ledbetter sold 7,962 shares of Cloudflare stock in a transaction that occurred 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 completion of the transaction, the director now owns 1,446,957 shares in the company, valued at $117,811,238.94. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In related news, COO Michelle Zatlyn sold 277,376 shares of Cloudflare stock in a transaction that occurred on Thursday, February 15th. The shares were sold at an average price of $101.17, for a total value of $28,062,129.92. Following the completion of the transaction, the chief operating officer now owns 38,545 shares in the company, valued at $3,899,597.65. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, 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 completion of the transaction, the director now owns 1,446,957 shares of the company’s stock, valued at approximately $117,811,238.94. The disclosure for this sale can be found here. Insiders sold a total of 1,029,347 shares of company stock worth $100,594,226 over the last three months. Insiders own 12.83% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in NET. Norges Bank purchased a new position in Cloudflare in the fourth quarter worth approximately $221,858,000. 1832 Asset Management L.P. lifted its position in shares of Cloudflare by 121.2% during the 4th quarter. 1832 Asset Management L.P. now owns 2,916,600 shares of the company’s stock worth $242,836,000 after buying an additional 1,597,900 shares during the last quarter. Vanguard Group Inc. lifted its position in shares of Cloudflare by 2.7% during the 4th 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 during the last quarter. Capital World Investors lifted its position in shares of Cloudflare by 1.8% during the 4th quarter. Capital World Investors now owns 27,543,956 shares of the company’s stock worth $2,293,310,000 after buying an additional 487,308 shares during the last quarter. Finally, SpiderRock Advisors LLC purchased a new stake in shares of Cloudflare during the 1st quarter worth approximately $37,740,000. Hedge funds and other institutional investors own 82.68% of the company’s stock.

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.