JPMorgan Chase & Co. Lowers Cloudflare (NYSE:NET) Price Target to $80.00

Cloudflare (NYSE:NET) had its price objective cut by JPMorgan Chase & Co. from $90.00 to $80.00 in a report issued on Friday, Benzinga reports. They currently have a neutral rating on the stock.

NET has been the topic of a number of other reports. Oppenheimer lowered their price objective on shares of Cloudflare from $122.00 to $110.00 and set an outperform rating on the stock in a report on Friday. Sanford C. Bernstein initiated coverage on Cloudflare in a report on Thursday, January 18th. They issued a market perform rating and a $85.00 price objective for the company. Mizuho dropped their price target on shares of Cloudflare from $95.00 to $88.00 and set a neutral rating on the stock in a research report on Friday. KeyCorp boosted their price objective on shares of Cloudflare from $94.00 to $132.00 and gave the stock an overweight rating in a research note on Friday, February 9th. Finally, Wells Fargo & Company raised their target price on shares of Cloudflare from $95.00 to $125.00 and gave the company an overweight rating in a research note on Friday, February 9th. Four research analysts have rated the stock with a sell rating, ten have issued a hold rating and nine have given a buy rating to the company. Based on data from MarketBeat, Cloudflare presently has an average rating of Hold and an average price target of $90.17.

Cloudflare Trading Down 16.2 %

Shares of Cloudflare stock opened at $74.52 on Friday. Cloudflare has a 52-week low of $39.90 and a 52-week high of $116.00. 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 firm has a market capitalization of $25.16 billion, a PE ratio of -140.60 and a beta of 1.15. The company’s fifty day moving average price is $93.67 and its two-hundred day moving average price is $83.47.

Cloudflare (NYSE:NET) last released its earnings results on Thursday, February 8th. The company reported ($0.06) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.07) by $0.01. The company had revenue of $362.47 million during the quarter, compared to the consensus estimate of $352.70 million. Cloudflare had a negative return on equity of 13.22% and a negative net margin of 13.10%. On average, analysts expect that Cloudflare will post -0.2 EPS for the current year.

Insider Buying and Selling at Cloudflare

In other news, Director Carl Ledbetter sold 8,022 shares of the firm’s stock in a transaction dated Wednesday, May 1st. The shares were sold at an average price of $87.49, for a total value of $701,844.78. Following the completion of the sale, the director now directly owns 1,196,793 shares of the company’s stock, valued at approximately $104,707,419.57. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. In other news, Director Carl Ledbetter sold 8,022 shares of the company’s stock in a transaction dated Wednesday, May 1st. The shares were sold at an average price of $87.49, for a total value of $701,844.78. Following the sale, the director now directly owns 1,196,793 shares of the company’s stock, valued at approximately $104,707,419.57. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Thomas J. Seifert sold 50,000 shares of Cloudflare stock in a transaction dated Friday, February 9th. The shares were sold at an average price of $110.11, for a total transaction of $5,505,500.00. Following the transaction, the chief financial officer now directly owns 366,465 shares of the company’s stock, valued at $40,351,461.15. The disclosure for this sale can be found here. Insiders sold 1,029,347 shares of company stock valued at $100,594,226 in the last 90 days. Insiders own 12.83% of the company’s stock.

Institutional Investors Weigh In On Cloudflare

Hedge funds have recently added to or reduced their stakes in the stock. Norges Bank purchased a new position in shares of Cloudflare in the 4th quarter worth about $221,858,000. 1832 Asset Management L.P. increased its stake in Cloudflare by 121.2% during 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 purchasing an additional 1,597,900 shares in the last quarter. Vanguard Group Inc. grew its holdings in shares of Cloudflare by 2.7% during the fourth quarter. Vanguard Group Inc. now owns 28,159,189 shares of the company’s stock valued at $2,344,534,000 after buying an additional 740,914 shares during the last quarter. Capital World Investors raised its holdings in Cloudflare by 1.8% in the 4th quarter. Capital World Investors now owns 27,543,956 shares of the company’s stock worth $2,293,310,000 after acquiring an additional 487,308 shares during the last quarter. Finally, SpiderRock Advisors LLC purchased a new stake in Cloudflare during the 1st quarter valued at $37,740,000. 82.68% of the stock is 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.