Cloudflare (NYSE:NET) Price Target Raised to $45.00

Cloudflare (NYSE:NET) had its price target boosted by Robert W. Baird from $30.00 to $45.00 in a report published on Thursday, The Fly reports. They currently have an outperform rating on the stock. The analysts noted that the move was a valuation call.

Several other research firms also recently commented on NET. Piper Sandler boosted their target price on Cloudflare from $29.00 to $41.00 and gave the stock an overweight rating in a report on Monday, July 6th. Wells Fargo & Co boosted their target price on Cloudflare from $27.50 to $30.00 and gave the stock an overweight rating in a report on Friday, May 15th. Needham & Company LLC boosted their target price on Cloudflare from $38.00 to $47.00 and gave the stock a buy rating in a report on Wednesday, July 22nd. Morgan Stanley upgraded Cloudflare from an underweight rating to an equal weight rating and set a $34.00 price target for the company in a research note on Thursday, June 18th. Finally, JPMorgan Chase & Co. boosted their price target on Cloudflare from $30.00 to $52.00 and gave the stock an overweight rating in a research note on Friday, July 10th. Five equities research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company’s stock. The stock presently has a consensus rating of Buy and a consensus target price of $36.44.

Shares of NYSE NET traded up $0.49 during mid-day trading on Thursday, hitting $41.62. 5,300,004 shares of the stock traded hands, compared to its average volume of 4,953,159. Cloudflare has a 52 week low of $14.50 and a 52 week high of $42.60. The company has a market cap of $12.64 billion and a price-to-earnings ratio of -57.81. The stock has a fifty day moving average price of $36.15 and a 200-day moving average price of $26.00.

Cloudflare (NYSE:NET) last released its quarterly earnings results on Thursday, May 7th. The company reported ($0.04) earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.06) by $0.02. The firm had revenue of $91.25 million for the quarter, compared to the consensus estimate of $86.85 million. During the same quarter in the prior year, the firm earned ($0.19) earnings per share. The company’s revenue for the quarter was up 47.8% compared to the same quarter last year. Analysts forecast that Cloudflare will post -0.35 EPS for the current fiscal year.

In other Cloudflare news, CEO Matthew Prince sold 52,385 shares of the company’s stock in a transaction dated Friday, July 10th. The stock was sold at an average price of $40.48, for a total value of $2,120,544.80. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, major shareholder Associates V. Lp Venrock sold 7,000,000 shares of the company’s stock in a transaction dated Monday, July 6th. The stock was sold at an average price of $37.60, for a total value of $263,200,000.00. The disclosure for this sale can be found here. In the last 90 days, insiders sold 10,906,574 shares of company stock valued at $379,631,418. Company insiders own 35.89% of the company’s stock.

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Psagot Investment House Ltd. bought a new position in shares of Cloudflare in the second quarter worth about $29,000. Global Trust Asset Management LLC bought a new position in shares of Cloudflare in the first quarter worth about $43,000. Jaffetilchin Investment Partners LLC bought a new position in shares of Cloudflare in the second quarter worth about $46,000. NEXT Financial Group Inc bought a new position in shares of Cloudflare in the first quarter worth about $55,000. Finally, Exchange Traded Concepts LLC bought a new position in shares of Cloudflare in the second quarter worth about $69,000. 25.40% of the stock is owned by hedge funds and other institutional investors.

Cloudflare Company Profile

CloudFlare, Inc operates a cloud platform that delivers a range of network 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 Internet of Things (IoT) devices.

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