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

Cloudflare (NYSE:NET) had its target price trimmed by Oppenheimer from $122.00 to $110.00 in a research report released on Friday, Benzinga reports. The brokerage currently has an outperform rating on the stock.

NET has been the subject of a number of other research reports. Morgan Stanley boosted their price objective on shares of Cloudflare from $66.00 to $92.00 and gave the company an equal weight rating in a research report on Monday, February 12th. Truist Financial boosted their price target on Cloudflare from $90.00 to $120.00 and gave the company a buy rating in a report on Friday, February 9th. JMP Securities raised their price objective on Cloudflare from $75.00 to $90.00 and gave the stock a market outperform rating in a report on Wednesday, January 31st. DZ Bank lowered Cloudflare from a buy rating to a hold rating and set a $110.00 target price for the company. in a research note on Tuesday, February 13th. Finally, Piper Sandler reissued a neutral rating and issued a $81.00 price target (down from $110.00) on shares of Cloudflare in a research note on Friday. Four research analysts have rated the stock with a sell rating, ten have issued a hold rating and nine have assigned a buy rating to the stock. According to MarketBeat.com, Cloudflare presently has a consensus rating of Hold and a consensus price target of $90.13.

Cloudflare Price Performance

Cloudflare stock traded down $0.10 during midday 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 firm has a market capitalization of $25.09 billion, a PE ratio of -141.34 and a beta of 1.15. Cloudflare has a fifty-two week low of $44.60 and a fifty-two week high of $116.00. The stock’s 50 day simple moving average is $93.67 and its 200 day simple moving average is $83.75. The company has a debt-to-equity ratio of 1.61, a quick ratio of 3.51 and a current ratio of 3.51.

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 12.78%. The firm had revenue of $362.47 million during the quarter, compared to analysts’ expectations of $352.70 million. On average, equities research analysts forecast that Cloudflare will post -0.2 earnings per share for the current year.

Insider Activity

In other Cloudflare news, Director Carl Ledbetter sold 7,962 shares of the business’s stock in a transaction 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 transaction, the director now owns 1,446,957 shares in the company, valued at approximately $117,811,238.94. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In other Cloudflare news, Director Carl Ledbetter sold 7,962 shares of the company’s stock in a transaction that occurred 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 transaction, the director now directly owns 1,446,957 shares of the company’s stock, valued at approximately $117,811,238.94. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, insider Douglas James Kramer sold 3,000 shares of Cloudflare stock in a transaction on Monday, March 4th. The stock was sold at an average price of $99.64, for a total transaction of $298,920.00. Following the completion of the sale, the insider now owns 205,238 shares of the company’s stock, valued at approximately $20,449,914.32. The disclosure for this sale can be found here. Over the last three months, insiders sold 1,029,347 shares of company stock worth $100,594,226. 12.83% of the stock is currently owned by company insiders.

Institutional Trading of Cloudflare

Several institutional investors and hedge funds have recently bought and sold shares of NET. Deutsche Bank AG raised its position in shares of Cloudflare by 5.1% during the 3rd quarter. Deutsche Bank AG now owns 1,352,203 shares of the company’s stock valued at $85,243,000 after acquiring an additional 65,596 shares in the last quarter. Envestnet Portfolio Solutions Inc. bought a new position in shares of Cloudflare in the 3rd quarter worth about $569,000. International Assets Investment Management LLC acquired a new position in shares of Cloudflare in the 4th quarter valued at about $11,639,000. Blueshift Asset Management LLC grew its position in shares of Cloudflare by 100.2% during the 3rd quarter. Blueshift Asset Management LLC now owns 25,926 shares of the company’s stock valued at $1,634,000 after buying an additional 12,974 shares during the last quarter. Finally, LA Financiere DE L Echiquier lifted its holdings in Cloudflare by 4.5% in the fourth quarter. LA Financiere DE L Echiquier now owns 407,600 shares of the company’s stock worth $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.

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.