Cloudflare (NYSE:NET) Stock Rating Upgraded by The Goldman Sachs Group

Cloudflare (NYSE:NET) was upgraded by equities researchers at The Goldman Sachs Group from a “sell” rating to a “buy” rating in a report issued on Thursday, MarketBeat reports. The brokerage presently has a $140.00 target price on the stock, up from their prior target price of $77.00. The Goldman Sachs Group’s price objective would indicate a potential upside of 22.03% from the company’s current price.

Several other research analysts have also issued reports on NET. Scotiabank increased their price target on shares of Cloudflare from $85.00 to $87.00 and gave the stock a “sector perform” rating in a research note on Friday, November 8th. Jefferies Financial Group lifted their target price on shares of Cloudflare from $100.00 to $125.00 and gave the company a “hold” rating in a report on Thursday, December 19th. UBS Group upped their price target on Cloudflare from $88.00 to $95.00 and gave the stock a “neutral” rating in a research note on Friday, November 8th. BNP Paribas began coverage on Cloudflare in a research note on Tuesday, October 8th. They set an “underperform” rating and a $65.00 price objective for the company. Finally, Wells Fargo & Company increased their target price on Cloudflare from $105.00 to $110.00 and gave the stock an “overweight” rating in a research note on Friday, November 8th. Three research analysts have rated the stock with a sell rating, twelve have assigned a hold rating and thirteen have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $101.37.

Cloudflare Trading Up 1.9 %

NYSE:NET opened at $114.73 on Thursday. The company has a 50-day moving average price of $102.82 and a 200-day moving average price of $89.09. The stock has a market cap of $39.37 billion, a price-to-earnings ratio of -441.27 and a beta of 1.10. 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 12 month low of $66.24 and a 12 month high of $119.42.

Cloudflare (NYSE:NET) last posted its quarterly earnings data on Thursday, November 7th. The company reported ($0.03) earnings per share for the quarter, meeting the consensus estimate of ($0.03). The business had revenue of $430.08 million for the quarter, compared to analysts’ expectations of $423.65 million. Cloudflare had a negative return on equity of 7.18% and a negative net margin of 5.97%. Equities analysts predict that Cloudflare will post -0.1 EPS for the current year.

Insider Transactions at Cloudflare

In related news, CEO Matthew Prince sold 52,384 shares of the company’s stock in a transaction on Tuesday, October 15th. The shares were sold at an average price of $93.95, for a total value of $4,921,476.80. Following the completion of the transaction, the chief executive officer now owns 10,761 shares of the company’s stock, valued at approximately $1,010,995.95. This represents a 82.96 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, COO Michelle Zatlyn sold 64,100 shares of the firm’s stock in a transaction dated Monday, October 7th. The shares were sold at an average price of $81.60, for a total value of $5,230,560.00. Following the sale, the chief operating officer now directly owns 192,177 shares in the company, valued at approximately $15,681,643.20. This represents a 25.01 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 614,592 shares of company stock worth $60,146,600 in the last three months. Corporate insiders own 12.83% of the company’s stock.

Institutional Trading of Cloudflare

Institutional investors have recently made changes to their positions in the business. CVA Family Office LLC boosted its stake in Cloudflare by 121.3% in the 3rd quarter. CVA Family Office LLC now owns 312 shares of the company’s stock worth $25,000 after purchasing an additional 171 shares during the period. Quarry LP lifted its holdings in shares of Cloudflare by 73.4% in the second quarter. Quarry LP now owns 345 shares of the company’s stock worth $29,000 after buying an additional 146 shares in the last quarter. Capital Performance Advisors LLP bought a new position in shares of Cloudflare during the third quarter worth $38,000. Quest Partners LLC purchased a new position in Cloudflare during the third quarter valued at $54,000. Finally, Versant Capital Management Inc increased its holdings in Cloudflare by 44.9% in the 4th quarter. Versant Capital Management Inc now owns 549 shares of the company’s stock valued at $59,000 after acquiring an additional 170 shares during the last quarter. Hedge funds and other institutional investors 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.