Needham & Company LLC Raises Cloudflare (NYSE:NET) Price Target to $160.00

Cloudflare (NYSE:NET) had its price objective upped by Needham & Company LLC from $110.00 to $160.00 in a report published on Monday morning,Benzinga reports. They currently have a buy rating on the stock.

Several other equities analysts also recently weighed in on NET. BNP Paribas started coverage on Cloudflare in a research report on Tuesday, October 8th. They issued an “underperform” rating and a $65.00 target price for the company. Scotiabank upped their target price on shares of Cloudflare from $87.00 to $110.00 and gave the stock a “sector perform” rating in a research note on Tuesday, January 21st. Royal Bank of Canada raised their price target on shares of Cloudflare from $99.00 to $123.00 and gave the company an “outperform” rating in a research report on Friday, January 3rd. Wells Fargo & Company upped their price objective on Cloudflare from $135.00 to $150.00 and gave the stock an “overweight” rating in a research report on Monday, January 27th. Finally, Stifel Nicolaus upgraded Cloudflare from a “hold” rating to a “buy” rating and lifted their target price for the company from $95.00 to $136.00 in a report on Tuesday, December 17th. Three equities research analysts have rated the stock with a sell rating, eleven have given a hold rating and thirteen have issued a buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $112.32.

Cloudflare Stock Up 2.9 %

Cloudflare stock opened at $144.14 on Monday. The company has a market capitalization of $49.47 billion, a PE ratio of -554.38 and a beta of 1.12. The company has a debt-to-equity ratio of 1.32, a quick ratio of 3.37 and a current ratio of 3.37. Cloudflare has a fifty-two week low of $66.24 and a fifty-two week high of $144.30. The firm has a 50 day moving average price of $116.71 and a 200 day moving average price of $95.92.

Cloudflare (NYSE:NET) last issued its quarterly earnings data on Thursday, November 7th. The company reported ($0.03) earnings per share for the quarter, meeting analysts’ consensus estimates of ($0.03). Cloudflare had a negative return on equity of 7.18% and a negative net margin of 5.97%. The business had revenue of $430.08 million during the quarter, compared to analysts’ expectations of $423.65 million. Research analysts expect that Cloudflare will post -0.1 earnings per share for the current year.

Insider Activity

In other Cloudflare news, CFO Thomas J. Seifert sold 15,000 shares of the firm’s stock in a transaction on Wednesday, December 4th. The shares were sold at an average price of $109.90, for a total transaction of $1,648,500.00. Following the transaction, the chief financial officer now directly owns 252,869 shares of the company’s stock, valued at approximately $27,790,303.10. This trade represents a 5.60 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider Douglas James Kramer sold 2,481 shares of the company’s stock in a transaction dated Monday, February 3rd. The shares were sold at an average price of $131.66, for a total transaction of $326,648.46. Following the completion of the sale, the insider now directly owns 175,688 shares of the company’s stock, valued at $23,131,082.08. The trade was a 1.39 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 633,738 shares of company stock valued at $69,632,506. Insiders own 12.83% of the company’s stock.

Hedge Funds Weigh In On Cloudflare

Several institutional investors have recently added to or reduced their stakes in NET. Hartline Investment Corp grew its stake in shares of Cloudflare by 7.6% in the 3rd quarter. Hartline Investment Corp now owns 260,379 shares of the company’s stock valued at $21,062,000 after purchasing an additional 18,426 shares during the last quarter. WIM INVESTMENT MANAGEMENT Ltd acquired a new stake in shares of Cloudflare during the third quarter worth $25,588,000. Charles Schwab Investment Management Inc. grew its position in Cloudflare by 2.7% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,157,815 shares of the company’s stock valued at $93,656,000 after buying an additional 29,960 shares during the last quarter. National Pension Service increased its stake in Cloudflare by 0.9% in the 3rd quarter. National Pension Service now owns 471,923 shares of the company’s stock valued at $38,174,000 after buying an additional 4,062 shares during the period. Finally, Banque Cantonale Vaudoise lifted its stake in shares of Cloudflare by 20.8% in the 3rd quarter. Banque Cantonale Vaudoise now owns 36,753 shares of the company’s stock worth $2,973,000 after acquiring an additional 6,326 shares during the period. Institutional investors and hedge funds 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.