Cloudflare (NYSE:NET) Price Target Cut to $77.00 by Analysts at The Goldman Sachs Group

Cloudflare (NYSE:NET) had its price target cut by The Goldman Sachs Group from $89.00 to $77.00 in a report issued on Monday, Benzinga reports. They currently have a sell rating on the stock.

Several other brokerages have also recently commented on NET. Needham & Company LLC reaffirmed a buy rating and issued a $135.00 target price on shares of Cloudflare in a research report on Friday. Wells Fargo & Company dropped their price objective on shares of Cloudflare from $125.00 to $105.00 and set an overweight rating on the stock in a research note on Friday. KeyCorp decreased their target price on shares of Cloudflare from $132.00 to $94.00 and set an overweight rating for the company in a research note on Friday. Bank of America lifted their price objective on Cloudflare from $52.00 to $60.00 and gave the company an underperform rating in a research report on Friday. Finally, Susquehanna reduced their price target on Cloudflare from $115.00 to $80.00 and set a neutral rating for the company in a report on Monday. Four equities research analysts have rated the stock with a sell rating, nine have issued a hold rating and ten have assigned a buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of Hold and an average target price of $89.48.

Cloudflare Price Performance

Shares of NYSE NET opened at $73.86 on Monday. The firm has a 50-day moving average of $93.17 and a two-hundred day moving average of $83.83. The company has a market capitalization of $24.94 billion, a price-to-earnings ratio of -140.17 and a beta of 1.15. The company has a current ratio of 3.51, a quick ratio of 3.51 and a debt-to-equity ratio of 1.61. Cloudflare has a twelve month low of $44.60 and a twelve month high of $116.00.

Cloudflare (NYSE:NET) last posted its quarterly earnings results on Thursday, February 8th. The company reported ($0.06) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.07) by $0.01. The company had revenue of $362.47 million for the quarter, compared to analysts’ expectations of $352.70 million. Cloudflare had a negative return on equity of 12.78% and a negative net margin of 13.10%. As a group, analysts expect that Cloudflare will post -0.2 earnings per share for the current fiscal year.

Insider Buying and Selling at Cloudflare

In related news, Director Carl Ledbetter sold 7,962 shares of Cloudflare stock in a transaction dated Wednesday, February 7th. The stock was sold at an average price of $81.42, for a total transaction of $648,266.04. Following the sale, the director now directly owns 1,446,957 shares of the company’s stock, valued at $117,811,238.94. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. In related news, insider Douglas James Kramer sold 6,000 shares of the firm’s stock in a transaction on Friday, February 9th. The stock was sold at an average price of $110.08, for a total value of $660,480.00. Following the completion of the transaction, the insider now directly owns 216,114 shares of the company’s stock, valued at $23,789,829.12. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Carl Ledbetter sold 7,962 shares of the business’s stock in a transaction on Wednesday, February 7th. The shares were sold at an average price of $81.42, for a total transaction of $648,266.04. Following the completion of the sale, the director now directly owns 1,446,957 shares in the company, valued at approximately $117,811,238.94. The disclosure for this sale can be found here. Insiders sold a total of 1,044,347 shares of company stock valued at $101,703,776 in the last ninety days. Company insiders own 12.83% of the company’s stock.

Institutional Trading of Cloudflare

Several institutional investors have recently made changes to their positions in the business. Riverview Trust Co acquired a new position in Cloudflare in the first quarter worth about $27,000. Allspring Global Investments Holdings LLC raised its holdings in shares of Cloudflare by 595.0% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 278 shares of the company’s stock worth $27,000 after buying an additional 238 shares in the last quarter. ICA Group Wealth Management LLC bought a new position in shares of Cloudflare during the 4th quarter worth approximately $38,000. GAMMA Investing LLC acquired a new stake in Cloudflare in the 4th quarter valued at $39,000. Finally, Pingora Partners LLC bought a new stake in Cloudflare in the fourth quarter valued at $42,000. 82.68% of the stock is currently owned by institutional investors and hedge funds.

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.