Cloudflare (NYSE:NET) Given New $74.00 Price Target at Royal Bank of Canada

Cloudflare (NYSE:NETGet Rating) had its target price hoisted by Royal Bank of Canada from $62.00 to $74.00 in a research note released on Friday morning, The Fly reports.

Several other research firms have also issued reports on NET. Jefferies Financial Group cut their price target on shares of Cloudflare from $75.00 to $55.00 in a research report on Monday, May 23rd. Evercore ISI cut their price target on shares of Cloudflare from $110.00 to $65.00 and set an outperform rating for the company in a research report on Tuesday, June 28th. Piper Sandler upped their price target on shares of Cloudflare from $57.00 to $73.00 and gave the company a neutral rating in a research report on Friday. Truist Financial cut their price target on shares of Cloudflare from $180.00 to $140.00 in a research report on Friday, May 6th. Finally, Cowen dropped their target price on shares of Cloudflare from $250.00 to $200.00 in a report on Monday, May 2nd. One analyst has rated the stock with a sell rating, ten have given a hold rating and nine have issued a buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of Hold and a consensus target price of $119.81.

Cloudflare Stock Performance

NET opened at $74.24 on Friday. The company has a debt-to-equity ratio of 2.78, a current ratio of 6.85 and a quick ratio of 6.85. Cloudflare has a 52 week low of $38.96 and a 52 week high of $221.64. The business’s fifty day simple moving average is $49.92 and its 200 day simple moving average is $79.80.

Cloudflare (NYSE:NETGet Rating) last released its earnings results on Thursday, May 5th. The company reported ($0.12) EPS for the quarter, missing analysts’ consensus estimates of ($0.09) by ($0.03). Cloudflare had a negative net margin of 35.66% and a negative return on equity of 22.43%. The firm had revenue of $212.20 million during the quarter, compared to the consensus estimate of $205.66 million. During the same period in the prior year, the company earned ($0.11) EPS. The firm’s revenue was up 53.7% compared to the same quarter last year. On average, analysts predict that Cloudflare will post -0.41 EPS for the current fiscal year.

Insider Activity at Cloudflare

In other news, Director Maria S. Eitel purchased 15,000 shares of Cloudflare stock in a transaction that occurred on Monday, May 9th. The stock was bought at an average price of $62.77 per share, with a total value of $941,550.00. Following the completion of the transaction, the director now directly owns 21,622 shares of the company’s stock, valued at $1,357,212.94. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In other news, Director Scott D. Sandell sold 2,441 shares of Cloudflare stock in a transaction on Tuesday, June 14th. The shares were sold at an average price of $40.91, for a total transaction of $99,861.31. Following the transaction, the director now owns 3,454 shares in the company, valued at approximately $141,303.14. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Maria S. Eitel purchased 15,000 shares of the company’s stock in a transaction dated Monday, May 9th. The shares were acquired at an average price of $62.77 per share, for a total transaction of $941,550.00. Following the purchase, the director now directly owns 21,622 shares in the company, valued at $1,357,212.94. The disclosure for this purchase can be found here. Insiders sold 264,361 shares of company stock valued at $14,350,405 over the last 90 days. Corporate insiders own 15.99% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the business. Maryland State Retirement & Pension System lifted its stake in shares of Cloudflare by 2.9% during the 1st quarter. Maryland State Retirement & Pension System now owns 20,259 shares of the company’s stock valued at $2,425,000 after buying an additional 571 shares in the last quarter. Spire Wealth Management lifted its stake in shares of Cloudflare by 208.8% during the 1st quarter. Spire Wealth Management now owns 2,257 shares of the company’s stock valued at $270,000 after buying an additional 1,526 shares in the last quarter. CIBC World Markets Inc. lifted its stake in shares of Cloudflare by 293.4% during the 4th quarter. CIBC World Markets Inc. now owns 18,671 shares of the company’s stock valued at $2,455,000 after buying an additional 13,925 shares in the last quarter. CWM LLC lifted its stake in shares of Cloudflare by 28.6% during the 1st quarter. CWM LLC now owns 2,946 shares of the company’s stock valued at $353,000 after buying an additional 656 shares in the last quarter. Finally, Wolf Hill Capital Management LP lifted its stake in shares of Cloudflare by 20.3% during the 4th quarter. Wolf Hill Capital Management LP now owns 6,606 shares of the company’s stock valued at $869,000 after buying an additional 1,113 shares in the last quarter. Hedge funds and other institutional investors own 69.96% of the company’s stock.

About Cloudflare

(Get Rating)

CloudFlare, Inc operates as a cloud services provider that delivers a range of services to businesses worldwide. The company offers 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.

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