Oppenheimer Begins Coverage on Cloudflare (NYSE:NET)

Oppenheimer assumed coverage on shares of Cloudflare (NYSE:NET) in a research note issued to investors on Thursday. The firm set an “outperform” rating and a $150.00 price target on the stock. Oppenheimer’s price objective indicates a potential upside of 26.65% from the stock’s previous close.

A number of other analysts have also issued reports on NET. Truist Financial lifted their price target on shares of Cloudflare from $120.00 to $140.00 and gave the stock a “buy” rating in a research note on Tuesday, January 28th. Scotiabank boosted their price objective on Cloudflare from $87.00 to $110.00 and gave the company a “sector perform” rating in a report on Tuesday, January 21st. Robert W. Baird reaffirmed a “neutral” rating and set a $140.00 target price (up previously from $125.00) on shares of Cloudflare in a report on Monday, February 3rd. Royal Bank of Canada decreased their target price on Cloudflare from $170.00 to $148.00 and set an “outperform” rating for the company in a research report on Thursday, March 13th. Finally, UBS Group dropped their price target on Cloudflare from $165.00 to $135.00 and set a “neutral” rating on the stock in a research report on Thursday, March 13th. Four analysts have rated the stock with a sell rating, eleven have issued a hold rating and twelve have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, Cloudflare presently has an average rating of “Hold” and a consensus target price of $131.64.

Cloudflare Stock Up 0.7 %

NYSE:NET traded up $0.86 during trading hours on Thursday, hitting $118.44. The stock had a trading volume of 145,948 shares, compared to its average volume of 4,013,533. The company has a market cap of $40.87 billion, a PE ratio of -537.83 and a beta of 1.27. The business has a 50 day simple moving average of $136.54 and a two-hundred day simple moving average of $109.42. Cloudflare has a 1-year low of $66.24 and a 1-year high of $177.37. The company has a current ratio of 3.37, a quick ratio of 3.37 and a debt-to-equity ratio of 1.32.

Cloudflare (NYSE:NET) last posted its quarterly earnings data on Thursday, February 6th. The company reported ($0.03) earnings per share for the quarter, missing analysts’ consensus estimates of $0.18 by ($0.21). Cloudflare had a negative net margin of 4.72% and a negative return on equity of 5.52%. Analysts predict that Cloudflare will post -0.11 EPS for the current year.

Insider Activity at Cloudflare

In related news, insider Douglas James Kramer sold 2,481 shares of the firm’s stock in a transaction that occurred on Monday, February 3rd. The shares were sold at an average price of $131.66, for a total transaction of $326,648.46. Following the transaction, the insider now owns 175,688 shares in the company, valued at $23,131,082.08. This trade represents a 1.39 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Matthew Prince sold 52,384 shares of the company’s stock in a transaction that occurred on Friday, December 20th. The stock was sold at an average price of $111.90, for a total value of $5,861,769.60. Following the completion of the sale, the chief executive officer now owns 10,762 shares of the company’s stock, valued at $1,204,267.80. This trade represents a 82.96 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 609,150 shares of company stock worth $78,440,970 over the last ninety days. 12.83% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of NET. Hartline Investment Corp lifted its stake in Cloudflare by 1.5% during the fourth quarter. Hartline Investment Corp now owns 264,336 shares of the company’s stock valued at $28,464,000 after purchasing an additional 3,957 shares during the last quarter. Charles Schwab Investment Management Inc. grew its holdings in shares of Cloudflare by 2.7% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,157,815 shares of the company’s stock worth $93,656,000 after acquiring an additional 29,960 shares during the last quarter. Birchcreek Wealth Management LLC acquired a new stake in shares of Cloudflare during the fourth quarter worth $215,000. Strategic Blueprint LLC purchased a new stake in shares of Cloudflare during the fourth quarter valued at $265,000. Finally, B. Metzler seel. Sohn & Co. Holding AG purchased a new position in Cloudflare in the 3rd quarter worth about $591,000. 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.