Cloudflare (NYSE:NET) Price Target Cut to $94.00 by Analysts at KeyCorp

Cloudflare (NYSE:NET) had its price target cut by KeyCorp from $132.00 to $94.00 in a research report released on Friday, Benzinga reports. They currently have an overweight rating on the stock.

Several other analysts also recently commented on the company. Wells Fargo & Company reduced their price objective on Cloudflare from $125.00 to $105.00 and set an overweight rating for the company in a research note on Friday. Cantor Fitzgerald cut their price target on Cloudflare from $100.00 to $80.00 and set a neutral rating for the company in a research note on Friday. JPMorgan Chase & Co. lowered their price objective on shares of Cloudflare from $90.00 to $80.00 and set a neutral rating on the stock in a research report on Friday. Capital One Financial initiated coverage on shares of Cloudflare in a research report on Wednesday, January 17th. They set an equal weight rating and a $83.00 price objective for the company. Finally, 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 report on Friday. Four equities research analysts have rated the stock with a sell rating, ten have assigned a hold rating and nine have issued a buy rating to the company. According to MarketBeat, the stock has an average rating of Hold and an average target price of $90.13.

Cloudflare Stock Performance

Shares of Cloudflare stock traded down $0.10 during trading on Friday, reaching $74.30. The company’s stock had a trading volume of 6,403,901 shares, compared to its average volume of 3,950,150. The company has a 50-day moving average price of $93.67 and a two-hundred day moving average price of $83.75. Cloudflare has a fifty-two week low of $44.60 and a fifty-two week high of $116.00. The firm has a market cap of $25.09 billion, a PE ratio of -141.34 and a beta of 1.15. The company has a current ratio of 3.51, a quick ratio of 3.51 and a debt-to-equity ratio of 1.61.

Cloudflare (NYSE:NET) last issued its quarterly earnings data on Thursday, February 8th. The company reported ($0.06) earnings per share (EPS) for the quarter, topping 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 12.78%. The company had revenue of $362.47 million for the quarter, compared to the consensus estimate of $352.70 million. On average, analysts forecast that Cloudflare will post -0.2 EPS for the current year.

Insider Transactions at Cloudflare

In other Cloudflare news, Director Carl Ledbetter sold 8,022 shares of Cloudflare stock in a transaction dated Wednesday, May 1st. The shares were sold at an average price of $87.49, for a total transaction of $701,844.78. Following the completion of the transaction, the director now owns 1,196,793 shares in the company, valued at $104,707,419.57. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In other news, Director Carl Ledbetter sold 8,022 shares of the firm’s stock in a transaction that occurred on Wednesday, May 1st. The shares were sold at an average price of $87.49, for a total transaction of $701,844.78. Following the completion of the transaction, the director now directly owns 1,196,793 shares of the company’s stock, valued at approximately $104,707,419.57. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Douglas James Kramer sold 6,000 shares of the company’s stock in a transaction that occurred on Friday, February 9th. The shares were sold at an average price of $110.08, for a total value of $660,480.00. Following the completion of the sale, the insider now directly owns 216,114 shares in the company, valued at approximately $23,789,829.12. 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. 12.83% of the stock is currently owned by insiders.

Institutional Trading of Cloudflare

A number of large investors have recently made changes to their positions in NET. Deutsche Bank AG lifted its holdings in Cloudflare by 5.1% in the 3rd quarter. Deutsche Bank AG now owns 1,352,203 shares of the company’s stock valued at $85,243,000 after purchasing an additional 65,596 shares in the last quarter. Envestnet Portfolio Solutions Inc. purchased a new position in shares of Cloudflare during the third quarter valued at approximately $569,000. International Assets Investment Management LLC acquired a new stake in Cloudflare during the fourth quarter worth approximately $11,639,000. Blueshift Asset Management LLC grew its stake in Cloudflare by 100.2% in the 3rd quarter. Blueshift Asset Management LLC now owns 25,926 shares of the company’s stock worth $1,634,000 after acquiring an additional 12,974 shares during the period. Finally, LA Financiere DE L Echiquier raised its holdings in Cloudflare by 4.5% in the 4th quarter. LA Financiere DE L Echiquier now owns 407,600 shares of the company’s stock valued at $33,937,000 after acquiring an additional 17,600 shares during the last quarter. Institutional investors and hedge funds own 82.68% of the company’s stock.

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.