Cantor Fitzgerald Raises Cloudflare (NYSE:NET) Price Target to $85.00

Cloudflare (NYSE:NET) had its price target hoisted by Cantor Fitzgerald from $80.00 to $85.00 in a research report sent to investors on Friday morning, Benzinga reports. The firm currently has a neutral rating on the stock.

NET has been the topic of several other reports. Citigroup lowered their target price on shares of Cloudflare from $95.00 to $90.00 and set a neutral rating on the stock in a research report on Thursday, May 9th. Scotiabank started coverage on Cloudflare in a research report on Monday, July 8th. They issued a sector perform rating and a $85.00 price target on the stock. Mizuho raised their price target on Cloudflare from $88.00 to $92.00 and gave the company a neutral rating in a research report on Tuesday, July 16th. JMP Securities reissued a market outperform rating and set a $120.00 target price on shares of Cloudflare in a research report on Tuesday, May 14th. Finally, Susquehanna decreased their target price on Cloudflare from $115.00 to $80.00 and set a neutral rating on the stock in a research report on Monday, May 6th. Three research analysts have rated the stock with a sell rating, twelve have assigned a hold rating and ten have given a buy rating to the company. According to data from MarketBeat, the stock has an average rating of Hold and an average price target of $92.29.

Cloudflare Stock Down 0.9 %

Shares of NYSE:NET traded down $0.68 during midday trading on Friday, hitting $78.78. 3,851,152 shares of the stock were exchanged, compared to its average volume of 3,594,169. The company has a debt-to-equity ratio of 1.61, a quick ratio of 3.51 and a current ratio of 3.51. Cloudflare has a 52-week low of $53.88 and a 52-week high of $116.00. The business’s fifty day simple moving average is $77.83 and its two-hundred day simple moving average is $85.28. The company has a market capitalization of $26.77 billion, a PE ratio of -149.53 and a beta of 1.10.

Cloudflare (NYSE:NET) last announced its quarterly earnings data on Thursday, August 1st. The company reported $0.20 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.14 by $0.06. The business had revenue of $401.00 million during the quarter, compared to analyst estimates of $394.11 million. Cloudflare had a negative return on equity of 8.90% and a negative net margin of 6.90%. Cloudflare’s quarterly revenue was up 30.0% compared to the same quarter last year. During the same period last year, the company earned ($0.12) earnings per share. As a group, research analysts predict that Cloudflare will post -0.19 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, insider Douglas James Kramer sold 3,000 shares of the business’s stock in a transaction that occurred on Monday, July 1st. The shares were sold at an average price of $82.65, for a total value of $247,950.00. Following the completion of the transaction, the insider now owns 195,303 shares in the company, valued at approximately $16,141,792.95. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other Cloudflare news, insider Douglas James Kramer sold 3,000 shares of Cloudflare stock in a transaction on Monday, July 1st. The shares were sold at an average price of $82.65, for a total transaction of $247,950.00. Following the completion of the sale, the insider now owns 195,303 shares of the company’s stock, valued at approximately $16,141,792.95. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Matthew Prince sold 52,384 shares of Cloudflare stock in a transaction on Wednesday, May 8th. The stock was sold at an average price of $72.51, for a total transaction of $3,798,363.84. Following the sale, the chief executive officer now directly owns 230,612 shares of the company’s stock, valued at approximately $16,721,676.12. The disclosure for this sale can be found here. Insiders sold 638,826 shares of company stock worth $49,667,368 in the last quarter. Insiders own 12.83% of the company’s stock.

Institutional Trading of Cloudflare

A number of institutional investors have recently bought and sold shares of the business. Baillie Gifford & Co. lifted its position in Cloudflare by 8.5% in the 2nd quarter. Baillie Gifford & Co. now owns 32,722,670 shares of the company’s stock valued at $2,710,419,000 after acquiring an additional 2,575,396 shares in the last quarter. Vanguard Group Inc. grew its stake in Cloudflare by 1.5% in the 1st quarter. Vanguard Group Inc. now owns 28,572,053 shares of the company’s stock valued at $2,766,632,000 after buying an additional 412,864 shares during the last quarter. Capital World Investors grew its stake in Cloudflare by 2.1% in the 1st quarter. Capital World Investors now owns 28,128,522 shares of the company’s stock valued at $2,723,685,000 after buying an additional 584,566 shares during the last quarter. 1832 Asset Management L.P. grew its stake in Cloudflare by 121.2% in the 4th quarter. 1832 Asset Management L.P. now owns 2,916,600 shares of the company’s stock valued at $242,836,000 after buying an additional 1,597,900 shares during the last quarter. Finally, Norges Bank acquired a new position in Cloudflare in the 4th quarter valued at about $221,858,000. 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.