Royal Bank of Canada Boosts Cloudflare (NYSE:NET) Price Target to $99.00

Cloudflare (NYSE:NET) had its price target hoisted by Royal Bank of Canada from $90.00 to $99.00 in a research note issued to investors on Friday, Benzinga reports. Royal Bank of Canada currently has an outperform rating on the stock.

Other research analysts have also recently issued reports about the stock. TD Cowen decreased their price objective on shares of Cloudflare from $117.00 to $110.00 and set a buy rating on the stock in a research note on Friday, May 3rd. Morgan Stanley restated an equal weight rating and set a $92.00 price target on shares of Cloudflare in a research note on Monday, June 17th. Cantor Fitzgerald lifted their target price on shares of Cloudflare from $80.00 to $85.00 and gave the stock a neutral rating in a research report on Friday. Piper Sandler boosted their price objective on shares of Cloudflare from $82.00 to $83.00 and gave the stock a neutral rating in a research note on Friday. Finally, Susquehanna reduced their target price on shares of Cloudflare from $115.00 to $80.00 and set a neutral rating for the company in a report on Monday, May 6th. Three equities 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 presently has an average rating of Hold and a consensus target price of $92.29.

Cloudflare Price Performance

Shares of NET stock traded down $1.77 during mid-day trading on Friday, hitting $77.70. 5,549,049 shares of the stock traded hands, compared to its average volume of 3,605,561. The company has a debt-to-equity ratio of 1.61, a quick ratio of 3.51 and a current ratio of 3.51. The firm has a market cap of $26.40 billion, a price-to-earnings ratio of -149.53 and a beta of 1.10. The company’s 50-day simple moving average is $77.83 and its 200-day simple moving average is $85.28. Cloudflare has a twelve month low of $53.88 and a twelve month high of $116.00.

Cloudflare (NYSE:NET) last posted its quarterly earnings data on Thursday, August 1st. The company reported $0.20 EPS for the quarter, topping analysts’ consensus estimates of $0.14 by $0.06. The business had revenue of $401.00 million for 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%. The firm’s revenue for the quarter was up 30.0% on a year-over-year basis. During the same period in the previous year, the company posted ($0.12) earnings per share. As a group, equities research analysts expect that Cloudflare will post -0.19 earnings per share for the current year.

Insider Activity

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

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the stock. Riverview Trust Co acquired a new position in shares of Cloudflare during the 1st quarter worth $27,000. Allspring Global Investments Holdings LLC raised its stake in shares of Cloudflare by 595.0% in the first quarter. Allspring Global Investments Holdings LLC now owns 278 shares of the company’s stock worth $27,000 after purchasing an additional 238 shares during the last quarter. Thurston Springer Miller Herd & Titak Inc. bought a new position in shares of Cloudflare in the second quarter valued at approximately $29,000. ICA Group Wealth Management LLC bought a new position in Cloudflare during the fourth quarter valued at $38,000. Finally, Versant Capital Management Inc boosted its holdings in shares of Cloudflare by 1,202.9% in the second quarter. Versant Capital Management Inc now owns 456 shares of the company’s stock worth $38,000 after acquiring an additional 421 shares during the period. 82.68% of the stock is currently owned by institutional investors.

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.