Cloudflare (NYSE:NET) Price Target Cut to $80.00

Cloudflare (NYSE:NET) had its price objective cut by research analysts at JPMorgan Chase & Co. from $90.00 to $80.00 in a note issued to investors on Friday, Benzinga reports. The brokerage presently has a “neutral” rating on the stock. JPMorgan Chase & Co.‘s target price indicates a potential upside of 7.53% from the stock’s previous close.

Several other equities research analysts have also commented on NET. DZ Bank lowered Cloudflare from a “buy” rating to a “hold” rating and set a $110.00 price objective for the company. in a research note on Tuesday, February 13th. Bank of America upped their price target on Cloudflare from $52.00 to $60.00 and gave the stock an “underperform” rating in a research report on Friday. Cantor Fitzgerald decreased their price objective on Cloudflare from $100.00 to $80.00 and set a “neutral” rating on the stock in a research note on Friday. Needham & Company LLC reiterated a “buy” rating and set a $135.00 price objective on shares of Cloudflare in a research note on Friday. Finally, Capital One Financial initiated coverage on shares of Cloudflare in a report on Wednesday, January 17th. They issued an “equal weight” rating and a $83.00 target price for the company. 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. According to MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $90.17.

Cloudflare Trading Down 16.4 %

Cloudflare stock opened at $74.40 on Friday. Cloudflare has a 52-week low of $39.90 and a 52-week high of $116.00. The company has a market cap of $25.12 billion, a P/E ratio of -140.38 and a beta of 1.15. 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 business has a 50-day simple moving average of $93.67 and a two-hundred day simple moving average of $83.60.

Cloudflare (NYSE:NET) last posted its quarterly earnings data on Thursday, February 8th. The company reported ($0.06) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.07) by $0.01. Cloudflare had a negative net margin of 13.10% and a negative return on equity of 13.22%. The company had revenue of $362.47 million for the quarter, compared to the consensus estimate of $352.70 million. Analysts predict that Cloudflare will post -0.2 EPS for the current year.

Insiders Place Their Bets

In related news, COO Michelle Zatlyn sold 277,376 shares of the firm’s stock in a transaction on Thursday, February 15th. The shares were sold at an average price of $101.17, for a total value of $28,062,129.92. Following the completion of the transaction, the chief operating officer now directly owns 38,545 shares of the company’s stock, valued at $3,899,597.65. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. In other Cloudflare news, Director Carl Ledbetter sold 8,022 shares of the business’s stock in a transaction that occurred on Wednesday, May 1st. The stock was sold at an average price of $87.49, for a total transaction of $701,844.78. Following the sale, the director now directly owns 1,196,793 shares of the company’s stock, valued at $104,707,419.57. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, COO Michelle Zatlyn sold 277,376 shares of the company’s stock in a transaction that occurred on Thursday, February 15th. The shares were sold at an average price of $101.17, for a total value of $28,062,129.92. Following the sale, the chief operating officer now owns 38,545 shares in the company, valued at $3,899,597.65. The disclosure for this sale can be found here. Insiders have sold a total of 1,029,347 shares of company stock valued at $100,594,226 in the last quarter. 12.83% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Cloudflare

Several large investors have recently modified their holdings of the stock. Vanguard Group Inc. grew its holdings in Cloudflare by 2.7% during 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 during the last quarter. Capital World Investors lifted its stake in Cloudflare by 1.8% in the fourth quarter. Capital World Investors now owns 27,543,956 shares of the company’s stock worth $2,293,310,000 after purchasing an additional 487,308 shares during the last quarter. 1832 Asset Management L.P. boosted its position in shares of Cloudflare by 121.2% during the fourth 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 period. Norges Bank bought a new position in shares of Cloudflare during the fourth quarter valued at approximately $221,858,000. Finally, Sumitomo Mitsui Trust Holdings Inc. raised its holdings in shares of Cloudflare by 0.9% in the third quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 1,736,212 shares of the company’s stock worth $109,451,000 after buying an additional 14,984 shares during the period. 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.