Cloudflare (NYSE:NET) Price Target Increased to $60.00 by Analysts at Bank of America

Cloudflare (NYSE:NET) had its price target upped by Bank of America from $52.00 to $60.00 in a research note issued to investors on Friday morning, Benzinga reports. Bank of America currently has an underperform rating on the stock.

Several other analysts also recently issued reports on the stock. Needham & Company LLC upped their price target on shares of Cloudflare from $110.00 to $135.00 and gave the company a buy rating in a report on Friday, February 9th. Susquehanna lifted their target price on shares of Cloudflare from $75.00 to $115.00 and gave the stock a neutral rating in a research note on Friday, February 9th. JPMorgan Chase & Co. increased their price target on Cloudflare from $53.00 to $90.00 and gave the stock a neutral rating in a research note on Friday, February 9th. Cantor Fitzgerald dropped their target price on Cloudflare from $100.00 to $80.00 and set a neutral rating for the company in a research note on Friday. Finally, KeyCorp lifted their price target on Cloudflare from $94.00 to $132.00 and gave the company an overweight rating in a report on Friday, February 9th. Four analysts have rated the stock with a sell rating, ten have issued a hold rating and nine have issued a buy rating to the company’s stock. According to MarketBeat.com, Cloudflare currently has a consensus rating of Hold and an average target price of $90.17.

Cloudflare Stock Performance

Shares of NET stock traded down $14.57 during mid-day trading on Friday, hitting $74.40. The stock had a trading volume of 18,650,549 shares, compared to its average volume of 2,884,762. Cloudflare has a fifty-two week low of $39.90 and a fifty-two week high of $116.00. The firm has a market cap of $25.12 billion, a PE ratio of -140.60 and a beta of 1.15. The company has a debt-to-equity ratio of 1.68, a current ratio of 3.50 and a quick ratio of 3.50. The company’s 50-day simple moving average is $93.67 and its 200-day simple moving average is $83.47.

Cloudflare (NYSE:NET) last announced its quarterly earnings data on Thursday, February 8th. The company reported ($0.06) EPS for the quarter, beating the consensus estimate of ($0.07) by $0.01. Cloudflare had a negative net margin of 13.10% and a negative return on equity of 13.22%. The firm had revenue of $362.47 million during the quarter, compared to analysts’ expectations of $352.70 million. Sell-side analysts anticipate that Cloudflare will post -0.2 earnings per share for the current year.

Insiders Place Their Bets

In related news, Director Carl Ledbetter sold 7,962 shares of the firm’s stock in a transaction that occurred on Wednesday, February 7th. The shares were sold at an average price of $81.42, for a total transaction of $648,266.04. Following the transaction, the director now owns 1,446,957 shares in the company, valued at $117,811,238.94. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. In related news, Director Carl Ledbetter sold 7,962 shares of the firm’s stock in a transaction dated 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 $117,811,238.94. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Douglas James Kramer sold 3,000 shares of the business’s stock in a transaction dated 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 owns 205,238 shares in the company, valued at $18,085,572.56. The disclosure for this sale can be found here. In the last quarter, insiders sold 1,029,347 shares of company stock worth $100,594,226. 12.83% of the stock is owned by company insiders.

Institutional Investors Weigh In On Cloudflare

Several large investors have recently modified their holdings of the stock. Riverview Trust Co purchased a new stake in Cloudflare during the first quarter valued at about $27,000. Allspring Global Investments Holdings LLC raised its stake in Cloudflare by 595.0% during the 1st 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 period. ICA Group Wealth Management LLC purchased a new stake in shares of Cloudflare in the fourth quarter valued at $38,000. GAMMA Investing LLC acquired a new stake in shares of Cloudflare in the fourth quarter worth $39,000. Finally, Pingora Partners LLC purchased a new position in shares of Cloudflare during the fourth quarter valued at $42,000. 82.68% of the stock is owned by institutional investors.

Cloudflare Company Profile

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.