Wells Fargo & Company Forecasts Strong Price Appreciation for Cloudflare (NYSE:NET) Stock

Cloudflare (NYSE:NET) had its price objective hoisted by stock analysts at Wells Fargo & Company from $110.00 to $135.00 in a report issued on Tuesday,Benzinga reports. The firm currently has an “overweight” rating on the stock. Wells Fargo & Company‘s price target points to a potential upside of 18.11% from the stock’s previous close.

A number of other brokerages have also issued reports on NET. Morgan Stanley raised shares of Cloudflare from an “equal weight” rating to an “overweight” rating and increased their price objective for the company from $92.00 to $130.00 in a report on Monday, December 2nd. Royal Bank of Canada raised their price objective on Cloudflare from $99.00 to $123.00 and gave the company an “outperform” rating in a research note on Friday. Scotiabank boosted their target price on Cloudflare from $85.00 to $87.00 and gave the company a “sector perform” rating in a research report on Friday, November 8th. BNP Paribas began coverage on Cloudflare in a research report on Tuesday, October 8th. They issued an “underperform” rating and a $65.00 price target for the company. Finally, Piper Sandler increased their target price on shares of Cloudflare from $83.00 to $92.00 and gave the company a “neutral” rating in a research note on Friday, November 8th. Three investment analysts have rated the stock with a sell rating, twelve have given a hold rating and thirteen have assigned a buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $102.30.

Cloudflare Stock Performance

NET traded up $0.31 during midday trading on Tuesday, hitting $114.30. 1,272,042 shares of the company traded hands, compared to its average volume of 2,644,674. The firm has a market capitalization of $39.23 billion, a PE ratio of -439.62 and a beta of 1.10. Cloudflare has a 52 week low of $66.24 and a 52 week high of $119.42. The company has a quick ratio of 3.37, a current ratio of 3.37 and a debt-to-equity ratio of 1.32. The company’s 50-day moving average is $103.34 and its 200 day moving average is $89.48.

Cloudflare (NYSE:NET) last released its quarterly earnings results on Thursday, November 7th. The company reported ($0.03) EPS for the quarter, meeting the consensus estimate of ($0.03). Cloudflare had a negative net margin of 5.97% and a negative return on equity of 7.18%. The firm had revenue of $430.08 million during the quarter, compared to analyst estimates of $423.65 million. On average, research analysts expect that Cloudflare will post -0.1 EPS for the current year.

Insiders Place Their Bets

In related news, COO Michelle Zatlyn sold 25,640 shares of the company’s stock in a transaction that occurred on Wednesday, October 9th. The shares were sold at an average price of $82.60, for a total transaction of $2,117,864.00. Following the transaction, the chief operating officer now owns 192,177 shares of the company’s stock, valued at approximately $15,873,820.20. This represents a 11.77 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Douglas James Kramer sold 3,000 shares of the firm’s stock in a transaction on Friday, November 1st. The stock was sold at an average price of $88.60, for a total value of $265,800.00. Following the sale, the insider now owns 185,386 shares in the company, valued at $16,425,199.60. This trade represents a 1.59 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 565,492 shares of company stock worth $56,623,190. 12.83% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Cloudflare

Several large investors have recently made changes to their positions in the business. CVA Family Office LLC boosted its holdings in Cloudflare by 121.3% in the 3rd quarter. CVA Family Office LLC now owns 312 shares of the company’s stock worth $25,000 after acquiring an additional 171 shares during the period. Quarry LP boosted its holdings in Cloudflare by 73.4% in the second quarter. Quarry LP now owns 345 shares of the company’s stock valued at $29,000 after purchasing an additional 146 shares during the last quarter. Capital Performance Advisors LLP acquired a new stake in Cloudflare during the 3rd quarter valued at approximately $38,000. Versant Capital Management Inc raised its position in shares of Cloudflare by 44.9% in the 4th quarter. Versant Capital Management Inc now owns 549 shares of the company’s stock valued at $59,000 after purchasing an additional 170 shares in the last quarter. Finally, GAMMA Investing LLC grew its position in shares of Cloudflare by 59.0% during the fourth quarter. GAMMA Investing LLC now owns 585 shares of the company’s stock worth $63,000 after buying an additional 217 shares in 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.