Cloudflare (NYSE:NET) Sets New 1-Year High on Analyst Upgrade

Cloudflare, Inc. (NYSE:NET) reached a new 52-week high during trading on Wednesday after Truist Financial raised their price target on the stock from $120.00 to $140.00. Truist Financial currently has a buy rating on the stock. Cloudflare traded as high as $140.25 and last traded at $139.54, with a volume of 7634538 shares changing hands. The stock had previously closed at $126.47.

Several other research firms also recently commented on NET. Wells Fargo & Company raised their price objective on shares of Cloudflare from $135.00 to $150.00 and gave the stock an “overweight” rating in a report on Monday. Royal Bank of Canada raised their price target on Cloudflare from $99.00 to $123.00 and gave the stock an “outperform” rating in a report on Friday, January 3rd. Jefferies Financial Group boosted their price objective on Cloudflare from $100.00 to $125.00 and gave the company a “hold” rating in a research note on Thursday, December 19th. Scotiabank raised their target price on Cloudflare from $87.00 to $110.00 and gave the stock a “sector perform” rating in a research note on Tuesday, January 21st. Finally, Mizuho upped their price target on Cloudflare from $102.00 to $125.00 and gave the company a “neutral” rating in a research report on Friday, December 13th. Three analysts have rated the stock with a sell rating, nine have issued a hold rating and fourteen have given a buy rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Hold” and a consensus target price of $109.72.

Insider Activity

In other news, COO Michelle Zatlyn sold 35,118 shares of the firm’s stock in a transaction that occurred on Monday, November 25th. The shares were sold at an average price of $105.30, for a total value of $3,697,925.40. Following the transaction, the chief operating officer now owns 172,959 shares in the company, valued at approximately $18,212,582.70. This trade represents a 16.88 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Thomas J. Seifert sold 15,000 shares of Cloudflare stock in a transaction on Monday, November 4th. The stock was sold at an average price of $86.79, for a total transaction of $1,301,850.00. Following the completion of the transaction, the chief financial officer now directly owns 281,403 shares in the company, valued at approximately $24,422,966.37. The trade was a 5.06 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 631,257 shares of company stock valued at $68,558,258. Corporate insiders own 12.83% of the company’s stock.

Institutional Investors Weigh In On Cloudflare

Large investors have recently added to or reduced their stakes in the company. Stratos Wealth Partners LTD. lifted its position in Cloudflare by 1.2% during the 4th quarter. Stratos Wealth Partners LTD. now owns 6,583 shares of the company’s stock worth $709,000 after acquiring an additional 77 shares during the period. Atomi Financial Group Inc. increased its holdings in shares of Cloudflare by 3.3% in the fourth quarter. Atomi Financial Group Inc. now owns 2,966 shares of the company’s stock valued at $319,000 after purchasing an additional 94 shares during the period. Chicago Partners Investment Group LLC raised its stake in shares of Cloudflare by 4.3% in the fourth quarter. Chicago Partners Investment Group LLC now owns 2,529 shares of the company’s stock worth $293,000 after purchasing an additional 105 shares during the last quarter. Wealth Management Partners LLC lifted its holdings in shares of Cloudflare by 3.3% during the fourth quarter. Wealth Management Partners LLC now owns 3,549 shares of the company’s stock worth $382,000 after purchasing an additional 114 shares during the period. Finally, Allspring Global Investments Holdings LLC boosted its position in Cloudflare by 13.7% in the third quarter. Allspring Global Investments Holdings LLC now owns 987 shares of the company’s stock valued at $80,000 after buying an additional 119 shares during the last quarter. Institutional investors own 82.68% of the company’s stock.

Cloudflare Trading Up 0.6 %

The company has a debt-to-equity ratio of 1.32, a quick ratio of 3.37 and a current ratio of 3.37. The company has a market cap of $47.09 billion, a price-to-earnings ratio of -527.70 and a beta of 1.10. The company’s fifty day moving average is $113.71 and its two-hundred day moving average is $94.18.

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

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.