Cloudflare (NYSE:NET) Given New $76.00 Price Target at UBS Group

Cloudflare (NYSE:NET) had its price objective lowered by research analysts at UBS Group from $88.00 to $76.00 in a report issued on Friday, Benzinga reports. The firm currently has a “sell” rating on the stock. UBS Group’s target price indicates a potential upside of 1.99% from the stock’s current price.

Several other equities analysts have also commented on NET. Cantor Fitzgerald dropped their price target on shares of Cloudflare from $100.00 to $80.00 and set a “neutral” rating for the company in a research report on Friday. Robert W. Baird dropped their price target on shares of Cloudflare from $100.00 to $94.00 and set an “outperform” rating for the company in a research report on Friday. JPMorgan Chase & Co. dropped their price target on shares of Cloudflare from $90.00 to $80.00 and set a “neutral” rating for the company in a research report on Friday. Wells Fargo & Company dropped their price target on shares of Cloudflare from $125.00 to $105.00 and set an “overweight” rating for the company in a research report on Friday. Finally, TD Cowen dropped their price target on shares of Cloudflare from $117.00 to $110.00 and set a “buy” rating for the company in a research report on Friday. Four research analysts have rated the stock with a sell rating, ten have assigned a hold rating and nine have issued a buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $90.17.

Cloudflare Trading Down 16.2 %

Shares of NYSE:NET traded down $14.45 during trading on Friday, reaching $74.52. The stock had a trading volume of 18,643,020 shares, compared to its average volume of 3,930,820. The business has a fifty day moving average price of $93.67 and a 200-day moving average price of $83.47. The company has a quick ratio of 3.50, a current ratio of 3.50 and a debt-to-equity ratio of 1.68. The stock has a market cap of $25.16 billion, a P/E ratio of -135.49 and a beta of 1.15. Cloudflare has a fifty-two week low of $39.90 and a fifty-two week high of $116.00.

Cloudflare (NYSE:NET) last posted its quarterly earnings data on Thursday, February 8th. The company reported ($0.06) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.07) by $0.01. The business had revenue of $362.47 million during the quarter, compared to analyst estimates of $352.70 million. Cloudflare had a negative net margin of 14.19% and a negative return on equity of 15.92%. As a group, analysts anticipate that Cloudflare will post -0.2 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Cloudflare news, insider Douglas James Kramer sold 6,000 shares of the stock in a transaction that occurred on Friday, February 9th. The shares were sold at an average price of $110.08, for a total value of $660,480.00. Following the completion of the sale, the insider now owns 216,114 shares in the company, valued at approximately $23,789,829.12. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. In other Cloudflare news, CFO Thomas J. Seifert sold 50,000 shares of the firm’s stock in a transaction on Friday, February 9th. The shares were sold at an average price of $110.11, for a total value of $5,505,500.00. Following the sale, the chief financial officer now directly owns 366,465 shares in the company, valued at approximately $40,351,461.15. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Douglas James Kramer sold 6,000 shares of Cloudflare stock in a transaction dated Friday, February 9th. The shares were sold at an average price of $110.08, for a total transaction of $660,480.00. Following the sale, the insider now owns 216,114 shares in the company, valued at $23,789,829.12. The disclosure for this sale can be found here. In the last 90 days, insiders sold 1,029,347 shares of company stock valued at $100,594,226. Company insiders own 12.83% of the company’s stock.

Hedge Funds Weigh In On Cloudflare

Institutional investors have recently added to or reduced their stakes in the company. Vanguard Group Inc. boosted its stake in shares of Cloudflare by 2.7% in the 4th quarter. Vanguard Group Inc. now owns 28,159,189 shares of the company’s stock valued at $2,344,534,000 after purchasing an additional 740,914 shares in the last quarter. Capital World Investors raised its holdings in Cloudflare by 1.8% in the 4th quarter. Capital World Investors now owns 27,543,956 shares of the company’s stock valued at $2,293,310,000 after buying an additional 487,308 shares during the last quarter. 1832 Asset Management L.P. raised its holdings 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. Norges Bank bought a new position in Cloudflare in the 4th quarter valued at approximately $221,858,000. Finally, Sumitomo Mitsui Trust Holdings Inc. raised its holdings in Cloudflare by 0.9% in the 3rd quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 1,736,212 shares of the company’s stock valued at $109,451,000 after buying an additional 14,984 shares during the last quarter. 82.68% of the stock is owned by institutional investors.

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.