Jefferies Financial Group Issues Positive Forecast for Cloudflare (NYSE:NET) Stock Price

Cloudflare (NYSE:NET) had its target price boosted by equities researchers at Jefferies Financial Group from $100.00 to $125.00 in a report released on Thursday,Benzinga reports. The firm currently has a “hold” rating on the stock. Jefferies Financial Group’s price objective would suggest a potential upside of 15.00% from the company’s current price.

Several other analysts have also recently issued reports on the company. Scotiabank increased their target price on Cloudflare from $85.00 to $87.00 and gave the company a “sector perform” rating in a research report on Friday, November 8th. Piper Sandler boosted their target price on shares of Cloudflare from $83.00 to $92.00 and gave the stock a “neutral” rating in a report on Friday, November 8th. Morgan Stanley raised shares of Cloudflare from an “equal weight” rating to an “overweight” rating and increased their target price for the company from $92.00 to $130.00 in a research report on Monday, December 2nd. Mizuho upped their price target on Cloudflare from $102.00 to $125.00 and gave the stock a “neutral” rating in a research report on Friday, December 13th. Finally, Wells Fargo & Company boosted 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. Four investment analysts have rated the stock with a sell rating, twelve have assigned a hold rating and twelve have issued a buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $97.81.

Cloudflare Stock Down 0.4 %

Shares of NET traded down $0.40 during midday trading on Thursday, reaching $108.70. 1,002,508 shares of the stock were exchanged, compared to its average volume of 3,150,175. The company has a current ratio of 3.37, a quick ratio of 3.37 and a debt-to-equity ratio of 1.32. The company’s 50 day moving average is $97.98 and its two-hundred day moving average is $85.94. The company has a market capitalization of $37.30 billion, a P/E ratio of -418.08 and a beta of 1.10. Cloudflare has a 52 week low of $66.24 and a 52 week high of $119.42.

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

Insider Buying and Selling

In other news, CFO Thomas J. Seifert sold 15,000 shares of the company’s stock in a transaction dated Thursday, October 3rd. The shares were sold at an average price of $79.19, for a total value of $1,187,850.00. Following the completion of the sale, the chief financial officer now directly owns 281,403 shares of the company’s stock, valued at approximately $22,284,303.57. This represents a 5.06 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, COO Michelle Zatlyn sold 25,640 shares of the firm’s stock in a transaction dated Thursday, December 12th. The stock was sold at an average price of $113.16, for a total value of $2,901,422.40. Following the transaction, the chief operating officer now directly owns 172,959 shares in the company, valued at approximately $19,572,040.44. This represents a 12.91 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 509,824 shares of company stock worth $47,862,488 over the last 90 days. 12.83% of the stock is owned by insiders.

Institutional Trading of Cloudflare

Hedge funds have recently modified their holdings of the business. Baillie Gifford & Co. boosted its position in Cloudflare by 8.5% during the second quarter. Baillie Gifford & Co. now owns 32,722,670 shares of the company’s stock worth $2,710,419,000 after purchasing an additional 2,575,396 shares in the last quarter. Marshall Wace LLP raised its stake in shares of Cloudflare by 123.4% during the 2nd quarter. Marshall Wace LLP now owns 1,548,535 shares of the company’s stock worth $128,265,000 after buying an additional 855,334 shares during the last quarter. WIM INVESTMENT MANAGEMENT Ltd acquired a new stake in Cloudflare in the 3rd quarter valued at about $25,588,000. American Century Companies Inc. increased its holdings in Cloudflare by 24.8% during the 2nd quarter. American Century Companies Inc. now owns 1,394,732 shares of the company’s stock valued at $115,526,000 after acquiring an additional 277,228 shares in the last quarter. Finally, Glynn Capital Management LLC purchased a new stake in Cloudflare in the 2nd quarter valued at approximately $16,765,000. 82.68% of the stock is 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.