Cloudflare (NYSE:NET) Rating Increased to Buy at Citigroup

Cloudflare (NYSE:NET) was upgraded by equities research analysts at Citigroup from a “neutral” rating to a “buy” rating in a research note issued on Friday,Benzinga reports. The firm presently has a $145.00 target price on the stock, up from their prior target price of $95.00. Citigroup’s price objective indicates a potential upside of 25.98% from the stock’s current price.

A number of other brokerages have also weighed in on NET. Mizuho increased their price objective on Cloudflare from $102.00 to $125.00 and gave the company a “neutral” rating in a report on Friday, December 13th. Morgan Stanley upgraded shares of Cloudflare from an “equal weight” rating to an “overweight” rating and increased their price target for the stock from $92.00 to $130.00 in a report on Monday, December 2nd. The Goldman Sachs Group upgraded shares of Cloudflare from a “sell” rating to a “buy” rating and lifted their price objective for the company from $77.00 to $140.00 in a research note on Thursday, January 2nd. Wells Fargo & Company increased their price objective on shares of Cloudflare from $110.00 to $135.00 and gave the stock an “overweight” rating in a research note on Tuesday, January 7th. Finally, Piper Sandler boosted their target price on shares of Cloudflare from $83.00 to $92.00 and gave the company a “neutral” rating in a research report on Friday, November 8th. Three research analysts have rated the stock with a sell rating, eleven have issued a hold rating and fourteen have assigned a buy rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $104.33.

Cloudflare Stock Up 0.5 %

NYSE:NET opened at $115.10 on Friday. The company has a current ratio of 3.37, a quick ratio of 3.37 and a debt-to-equity ratio of 1.32. Cloudflare has a twelve month low of $66.24 and a twelve month high of $119.42. The company has a market cap of $39.50 billion, a PE ratio of -442.68 and a beta of 1.10. The company’s 50 day moving average is $107.20 and its two-hundred day moving average is $91.22.

Cloudflare (NYSE:NET) last announced its quarterly earnings data on Thursday, November 7th. The company reported ($0.03) earnings per share for the quarter, meeting analysts’ consensus estimates 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 for the quarter, compared to analyst estimates of $423.65 million. Analysts anticipate that Cloudflare will post -0.1 EPS for the current year.

Insider Transactions at Cloudflare

In related news, CFO Thomas J. Seifert sold 15,000 shares of the stock in a transaction that occurred on Friday, January 3rd. The stock was sold at an average price of $113.81, for a total value of $1,707,150.00. Following the completion of the sale, the chief financial officer now owns 252,869 shares of the company’s stock, valued at approximately $28,779,020.89. This trade represents a 5.60 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Matthew Prince sold 52,384 shares of the business’s stock in a transaction on Wednesday, January 8th. The stock was sold at an average price of $113.73, for a total value of $5,957,632.32. Following the transaction, the chief executive officer now directly owns 10,762 shares in the company, valued at $1,223,962.26. This trade represents a 82.96 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 524,852 shares of company stock valued at $55,386,256 over the last 90 days. Corporate insiders own 12.83% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of the company. Atomi Financial Group Inc. lifted its holdings in 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 acquiring an additional 94 shares during the last quarter. Wealth Management Partners LLC lifted its stake in 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 in the last quarter. Allspring Global Investments Holdings LLC boosted its position in shares of Cloudflare by 13.7% during the third quarter. Allspring Global Investments Holdings LLC now owns 987 shares of the company’s stock worth $80,000 after buying an additional 119 shares during the period. Quarry LP raised its holdings in shares of Cloudflare by 38.6% in the 3rd quarter. Quarry LP now owns 478 shares of the company’s stock valued at $39,000 after buying an additional 133 shares during the period. Finally, Elo Mutual Pension Insurance Co boosted its holdings in Cloudflare by 0.5% during the 2nd quarter. Elo Mutual Pension Insurance Co now owns 27,196 shares of the company’s stock valued at $2,253,000 after acquiring an additional 136 shares during the period. 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.