Truist Financial Forecasts Strong Price Appreciation for Cloudflare (NYSE:NET) Stock

Cloudflare (NYSE:NET) had its price objective raised by Truist Financial from $120.00 to $140.00 in a report issued on Tuesday morning,Benzinga reports. The firm currently has a buy rating on the stock.

NET has been the subject of a number of other research reports. Mizuho lifted their price target on Cloudflare from $102.00 to $125.00 and gave the company a “neutral” rating in a research note on Friday, December 13th. Scotiabank upped their price target on Cloudflare from $87.00 to $110.00 and gave the stock a “sector perform” rating in a report on Tuesday, January 21st. Royal Bank of Canada raised their price objective on Cloudflare from $99.00 to $123.00 and gave the company an “outperform” rating in a research note on Friday, January 3rd. Cantor Fitzgerald initiated coverage on shares of Cloudflare in a research note on Friday, January 17th. They issued a “neutral” rating and a $111.00 target price for the company. Finally, Piper Sandler increased their target price on shares of Cloudflare from $83.00 to $92.00 and gave the company a “neutral” rating in a report on Friday, November 8th. Three analysts have rated the stock with a sell rating, nine have assigned a hold rating and fourteen have given a buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $109.72.

Cloudflare Price Performance

Shares of NYSE:NET opened at $137.20 on Tuesday. Cloudflare has a twelve month low of $66.24 and a twelve month high of $140.25. The stock’s 50 day moving average is $113.71 and its 200-day moving average is $94.18. The company has a quick ratio of 3.37, a current ratio of 3.37 and a debt-to-equity ratio of 1.32. The firm has a market capitalization of $47.09 billion, a price-to-earnings ratio of -527.70 and a beta of 1.10.

Cloudflare (NYSE:NET) last released its quarterly earnings data on Thursday, November 7th. The company reported ($0.03) earnings per share for the quarter, hitting the consensus estimate of ($0.03). The firm had revenue of $430.08 million for the quarter, compared to the consensus estimate of $423.65 million. Cloudflare had a negative net margin of 5.97% and a negative return on equity of 7.18%. Sell-side analysts forecast that Cloudflare will post -0.1 EPS for the current fiscal 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 Monday, November 4th. The stock was sold at an average price of $86.79, for a total transaction of $1,301,850.00. Following the sale, the chief financial officer now directly owns 281,403 shares in the company, valued at $24,422,966.37. This represents a 5.06 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. Also, COO Michelle Zatlyn sold 35,118 shares of the firm’s stock in a transaction that occurred on Monday, November 25th. The shares were sold at an average price of $105.30, for a total transaction of $3,697,925.40. Following the completion of the transaction, the chief operating officer now owns 172,959 shares of the company’s stock, valued at $18,212,582.70. This trade represents a 16.88 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 631,257 shares of company stock valued at $68,558,258. Company insiders own 12.83% of the company’s stock.

Institutional Trading of Cloudflare

Several institutional investors and hedge funds have recently bought and sold shares of the company. CVA Family Office LLC increased its holdings in shares of Cloudflare by 121.3% in the third quarter. CVA Family Office LLC now owns 312 shares of the company’s stock worth $25,000 after purchasing an additional 171 shares during the period. Quarry LP boosted its position in shares of Cloudflare by 73.4% during the 2nd quarter. Quarry LP now owns 345 shares of the company’s stock valued at $29,000 after acquiring an additional 146 shares during the last quarter. Capital Performance Advisors LLP purchased a new position in shares of Cloudflare during the third quarter worth about $38,000. Versant Capital Management Inc raised its stake in Cloudflare by 44.9% in the fourth quarter. Versant Capital Management Inc now owns 549 shares of the company’s stock valued at $59,000 after purchasing an additional 170 shares in the last quarter. Finally, GAMMA Investing LLC lifted its position in Cloudflare by 59.0% during the fourth quarter. GAMMA Investing LLC now owns 585 shares of the company’s stock valued at $63,000 after purchasing an additional 217 shares during the last quarter. 82.68% of the stock is currently owned by hedge funds and other 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.