Cloudflare (NYSE:NET) Upgraded at JPMorgan Chase & Co.

JPMorgan Chase & Co. upgraded shares of Cloudflare (NYSE:NET) from a neutral rating to an overweight rating in a research report report published on Tuesday morning, MarketBeat reports. They currently have $350.00 target price on the stock.

Several other brokerages also recently commented on NET. Guggenheim boosted their target price on Cloudflare from $140.00 to $160.00 and gave the stock a “sell” rating in a report on Friday, August 7th. Wells Fargo & Company raised their price target on Cloudflare from $380.00 to $400.00 and gave the company an “overweight” rating in a report on Wednesday, October 28th. Robert W. Baird set a $330.00 price objective on Cloudflare in a research report on Friday, August 7th. Deutsche Bank Aktiengesellschaft raised Cloudflare to a “buy” rating in a research note on Tuesday, July 7th. Finally, Royal Bank Of Canada increased their target price on Cloudflare from $290.00 to $346.00 and gave the stock an “outperform” rating in a report on Friday, August 7th. Twenty-four equities research analysts have rated the stock with a Buy rating, eight have given a Hold rating and five have issued a Sell rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $333.21.

Cloudflare Stock Performance

Shares of NYSE NET opened at $243.79 on Tuesday. The company has a quick ratio of 1.82, a current ratio of 1.82 and a debt-to-equity ratio of 1.22. The business’s 50 day moving average is $319.02 and its two-hundred day moving average is $249.31. The company has a market cap of $86.17 billion, a P/E ratio of -420.32, a P/E/G ratio of 206.44 and a beta of 1.37. Cloudflare has a 12 month low of $158.83 and a 12 month high of $370.35.

Cloudflare (NYSE:NET) last announced its quarterly earnings data on Thursday, November 5th. The company reported $0.38 EPS for the quarter, beating analysts’ consensus estimates of $0.34 by $0.04. The business had revenue of $782.51 million during the quarter, compared to analyst estimates of $737.16 million. Cloudflare had a negative net margin of 8.21% and a negative return on equity of 3.88%. The firm’s revenue for the quarter was up 39.2% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.27 earnings per share. On average, equities analysts expect that Cloudflare will post 0.03 EPS for the current year.

Insider Buying and Selling at Cloudflare

In related news, CFO Thomas J. Seifert sold 12,500 shares of the stock in a transaction that occurred on Monday, October 19th. The stock was sold at an average price of $299.59, for a total transaction of $3,744,875.00. Following the completion of the sale, the chief financial officer directly owned 104,958 shares of the company’s stock, valued at approximately $31,444,367.22. This represents a 10.64% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Carl Ledbetter sold 5,000 shares of the firm’s stock in a transaction on Monday, October 19th. The stock was sold at an average price of $304.40, for a total transaction of $1,522,000.00. Following the sale, the director owned 868,073 shares in the company, valued at approximately $264,241,421.20. The trade was a 0.57% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last 90 days, insiders sold 259,057 shares of company stock valued at $79,516,905. Corporate insiders own 10.66% of the company’s stock.

Institutional Trading of Cloudflare

A number of institutional investors have recently made changes to their positions in the business. GK Wealth Management LLC acquired a new stake in shares of Cloudflare in the 3rd quarter valued at $25,000. Toth Financial Advisory Corp acquired a new position in Cloudflare during the third quarter worth $36,000. Cornerstone Financial Management LLC increased its position in Cloudflare by 65.3% during the second quarter. Cornerstone Financial Management LLC now owns 119 shares of the company’s stock worth $29,000 after buying an additional 47 shares during the last quarter. C M Bidwell & Associates Ltd. acquired a new position in Cloudflare during the second quarter worth $30,000. Finally, CX Institutional raised its holdings in Cloudflare by 49.4% during the second quarter. CX Institutional now owns 133 shares of the company’s stock valued at $33,000 after buying an additional 44 shares in the last quarter. Institutional investors own 82.68% of the company’s stock.

Cloudflare News Roundup

Here are the key news stories impacting Cloudflare this week:

• Positive Sentiment: Cloudflare reported quarterly earnings of $0.38 per share, above analyst estimates, while revenue rose 39.2% year over year to $782.51 million and also topped expectations. Zacks earnings article
• Positive Sentiment: The company raised its full-year revenue outlook to about $2.96 billion, up from its prior range of $2.86 billion to $2.87 billion, signaling confidence in continued growth. Wall Street Journal outlook article
• Neutral Sentiment: Cloudflare appointed Christian Smith as President of Revenue to lead its worldwide go-to-market organization and support its growth ambitions. Appointment announcement
• Negative Sentiment: Cloudflare fell alongside other cybersecurity stocks amid a broader pullback in AI-related shares, suggesting sector-wide selling contributed to the decline. TIKR market article
• Negative Sentiment: Valuation concerns and recent share-price weakness had weighed on sentiment ahead of earnings. This may help explain why strong results and guidance did not prevent a pullback. Invezz article

Cloudflare Company Profile

Cloudflare, Inc (NYSE: NET) provides cloud connectivity, security and performance services for websites, applications, corporate networks and other internet-connected resources. Its global network is designed to help organizations improve the reliability, speed and security of digital services while reducing the complexity of managing internet infrastructure.

The company’s offerings include content delivery and authoritative domain name system services, distributed denial-of-service protection, web application and application programming interface security, bot management, and network security tools.