Needham & Company LLC Reaffirms Buy Rating for Cloudflare (NYSE:NET)

Needham & Company LLC reiterated their buy rating on shares of Cloudflare (NYSE:NET) in a research note released on Friday morning, Benzinga reports. Needham & Company LLC currently has a $135.00 price objective on the stock.

Other analysts have also recently issued research reports about the stock. TD Cowen lowered their price objective on shares of Cloudflare from $117.00 to $110.00 and set a buy rating for the company in a research note on Friday. JPMorgan Chase & Co. raised their price target on shares of Cloudflare from $53.00 to $90.00 and gave the company a neutral rating in a research report on Friday, February 9th. Robert W. Baird cut their price objective on Cloudflare from $100.00 to $94.00 and set an outperform rating on the stock in a research report on Friday. Cantor Fitzgerald decreased their target price on Cloudflare from $100.00 to $80.00 and set a neutral rating for the company in a report on Friday. Finally, Piper Sandler restated a neutral rating and set a $81.00 price target (down previously from $110.00) on shares of Cloudflare in a report on Friday. Four equities research analysts have rated the stock with a sell rating, ten have given a hold rating and nine have given a buy rating to the company. According to data from MarketBeat, Cloudflare presently has an average rating of Hold and an average price target of $90.13.

Cloudflare Trading Down 0.1 %

Cloudflare stock traded down $0.10 during trading on Friday, hitting $74.30. The company had a trading volume of 6,403,901 shares, compared to its average volume of 3,950,150. The stock has a market cap of $25.09 billion, a price-to-earnings 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 has a 1-year low of $44.60 and a 1-year high of $116.00. The company’s 50 day simple moving average is $93.67 and its 200-day simple moving average is $83.75.

Cloudflare (NYSE:NET) last issued its quarterly earnings data on Thursday, February 8th. The company reported ($0.06) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.07) by $0.01. Cloudflare had a negative return on equity of 12.78% and a negative net margin of 13.10%. The business had revenue of $362.47 million during the quarter, compared to analysts’ expectations of $352.70 million. As a group, analysts expect that Cloudflare will post -0.2 EPS for the current fiscal year.

Insider Transactions at Cloudflare

In other Cloudflare news, insider Douglas James Kramer sold 3,000 shares of the business’s stock in a transaction that occurred on Wednesday, May 1st. The stock was sold at an average price of $88.12, for a total transaction of $264,360.00. Following the transaction, the insider now owns 205,238 shares in the company, valued at approximately $18,085,572.56. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, insider Douglas James Kramer sold 3,000 shares of Cloudflare stock in a transaction that occurred on Wednesday, May 1st. The stock was sold at an average price of $88.12, for a total value of $264,360.00. Following the sale, the insider now directly owns 205,238 shares in the company, valued at $18,085,572.56. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, Director Carl Ledbetter sold 7,962 shares of the stock in a transaction on Wednesday, February 7th. The stock was 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 of the company’s stock, valued at approximately $117,811,238.94. 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. Company insiders own 12.83% of the company’s stock.

Institutional Trading of Cloudflare

A number of institutional investors have recently added to or reduced their stakes in NET. Cigna Investments Inc. New lifted its position in shares of Cloudflare by 4.2% during the 1st quarter. Cigna Investments Inc. New now owns 3,178 shares of the company’s stock valued at $307,000 after acquiring an additional 129 shares during the period. Yousif Capital Management LLC raised its holdings in Cloudflare by 4.0% during the fourth quarter. Yousif Capital Management LLC now owns 3,399 shares of the company’s stock worth $283,000 after purchasing an additional 130 shares during the last quarter. Kingswood Wealth Advisors LLC boosted its position in Cloudflare by 0.5% during the fourth quarter. Kingswood Wealth Advisors LLC now owns 27,358 shares of the company’s stock worth $2,278,000 after purchasing an additional 132 shares in the last quarter. Quent Capital LLC grew its holdings in Cloudflare by 8.1% in the fourth quarter. Quent Capital LLC now owns 1,877 shares of the company’s stock valued at $156,000 after purchasing an additional 140 shares during the last quarter. Finally, GAMMA Investing LLC raised its stake in shares of Cloudflare by 34.4% during the 1st quarter. GAMMA Investing LLC now owns 668 shares of the company’s stock worth $65,000 after buying an additional 171 shares during the last quarter. 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.