Piper Sandler Increases Cloudflare (NYSE:NET) Price Target to $83.00

Cloudflare (NYSE:NET) had its price objective upped by Piper Sandler from $82.00 to $83.00 in a research report sent to investors on Friday, Benzinga reports. Piper Sandler currently has a neutral rating on the stock.

Other equities research analysts also recently issued research reports about the company. Scotiabank initiated coverage on Cloudflare in a report on Monday, July 8th. They issued a sector perform rating and a $85.00 price objective for the company. KeyCorp reduced their target price on Cloudflare from $132.00 to $94.00 and set an overweight rating on the stock in a report on Friday, May 3rd. Wolfe Research initiated coverage on shares of Cloudflare in a research report on Tuesday, July 16th. They set a peer perform rating on the stock. Morgan Stanley reaffirmed an equal weight rating and issued a $92.00 target price on shares of Cloudflare in a report on Monday, June 17th. Finally, Cantor Fitzgerald increased their target price on shares of Cloudflare from $80.00 to $85.00 and gave the stock a neutral rating in a report on Friday. 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’s stock. Based on data from MarketBeat, Cloudflare currently has a consensus rating of Hold and a consensus target price of $92.29.

Cloudflare Stock Performance

Cloudflare stock traded down $0.13 on Friday, hitting $77.57. The company’s stock had a trading volume of 1,439,797 shares, compared to its average volume of 3,591,129. Cloudflare has a one year low of $53.88 and a one year high of $116.00. The firm has a market cap of $26.36 billion, a P/E ratio of -146.47 and a beta of 1.10. The company has a fifty day moving average price of $77.83 and a 200-day moving average price of $85.28. The company has a quick ratio of 3.51, a current ratio of 3.51 and a debt-to-equity ratio of 1.61.

Cloudflare (NYSE:NET) last released its quarterly earnings results on Thursday, August 1st. The company reported $0.20 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.14 by $0.06. The business had revenue of $401.00 million during the quarter, compared to analysts’ expectations 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% compared to the same quarter last year. During the same period in the previous year, the business posted ($0.12) earnings per share. On average, equities analysts anticipate that Cloudflare will post -0.19 earnings per share for the current year.

Insider Buying and Selling

In other Cloudflare news, Director Carl Ledbetter sold 30,145 shares of the company’s stock in a transaction dated Wednesday, May 8th. The shares were sold at an average price of $72.86, for a total value of $2,196,364.70. Following the sale, the director now owns 1,166,648 shares in the company, valued at $85,001,973.28. The sale was disclosed in a filing with the SEC, which is available through the SEC website. In other news, insider Douglas James Kramer sold 3,000 shares of the 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 transaction, the insider now owns 195,303 shares in the company, valued at approximately $16,141,792.95. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Carl Ledbetter sold 30,145 shares of the stock in a transaction that occurred on Wednesday, May 8th. The stock was sold at an average price of $72.86, for a total transaction of $2,196,364.70. Following the completion of the transaction, the director now owns 1,166,648 shares in the company, valued at $85,001,973.28. The disclosure for this sale can be found here. Insiders sold a total of 653,826 shares of company stock worth $50,848,018 in the last three months. 12.83% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Cloudflare

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Riverview Trust Co bought a new position in shares of Cloudflare during the 1st quarter valued at approximately $27,000. Allspring Global Investments Holdings LLC boosted its stake in Cloudflare by 595.0% during the first quarter. Allspring Global Investments Holdings LLC now owns 278 shares of the company’s stock worth $27,000 after buying an additional 238 shares during the period. Thurston Springer Miller Herd & Titak Inc. purchased a new stake in Cloudflare in the 2nd quarter worth about $29,000. Versant Capital Management Inc grew its stake in shares of Cloudflare by 1,202.9% during the second quarter. Versant Capital Management Inc now owns 456 shares of the company’s stock valued at $38,000 after buying an additional 421 shares during the last quarter. Finally, ICA Group Wealth Management LLC bought a new stake in shares of Cloudflare during the 4th quarter worth approximately $38,000. 82.68% of the stock is currently owned by hedge funds and other 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.