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

Cloudflare (NYSE:NET) had its target price raised by Scotiabank from $87.00 to $110.00 in a report released on Tuesday morning,Benzinga reports. They currently have a sector perform rating on the stock.

Other equities analysts also recently issued research reports about the company. Morgan Stanley boosted their target price on Cloudflare from $130.00 to $140.00 and gave the stock an “overweight” rating in a research note on Tuesday. Mizuho upped their price objective on Cloudflare from $102.00 to $125.00 and gave the company a “neutral” rating in a research note on Friday, December 13th. Citigroup upgraded Cloudflare from a “neutral” rating to a “buy” rating and lifted their target price for the stock from $95.00 to $145.00 in a research note on Friday, January 17th. The Goldman Sachs Group upgraded shares of Cloudflare from a “sell” rating to a “buy” rating and raised their price objective for the stock from $77.00 to $140.00 in a report on Thursday, January 2nd. Finally, Stifel Nicolaus upgraded shares of Cloudflare from a “hold” rating to a “buy” rating and boosted their target price for the company from $95.00 to $136.00 in a research note on Tuesday, December 17th. Three analysts have rated the stock with a sell rating, nine have issued a hold rating and fourteen have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $108.32.

Cloudflare Stock Up 0.6 %

Shares of NYSE:NET opened at $123.89 on Tuesday. The business’s 50 day moving average is $109.35 and its 200 day moving average is $92.22. Cloudflare has a 12-month low of $66.24 and a 12-month high of $124.64. The stock has a market cap of $42.52 billion, a price-to-earnings ratio of -476.49 and a beta of 1.10. The company has a quick ratio of 3.37, a current ratio of 3.37 and a debt-to-equity ratio of 1.32.

Cloudflare (NYSE:NET) last posted its quarterly earnings data on Thursday, November 7th. The company reported ($0.03) earnings per share (EPS) for the quarter, hitting 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 firm had revenue of $430.08 million for the quarter, compared to the consensus estimate of $423.65 million. On average, sell-side analysts forecast that Cloudflare will post -0.1 earnings per share for the current fiscal year.

Insider Transactions at Cloudflare

In other news, CFO Thomas J. Seifert sold 31,136 shares of the business’s stock in a transaction dated Tuesday, January 21st. The stock was sold at an average price of $120.10, for a total transaction of $3,739,433.60. Following the completion of the transaction, the chief financial officer now owns 252,869 shares of the company’s stock, valued at approximately $30,369,566.90. The trade was a 10.96 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Douglas James Kramer sold 3,000 shares of the firm’s stock in a transaction that occurred on Friday, November 1st. The shares were sold at an average price of $88.60, for a total transaction of $265,800.00. Following the completion of the sale, the insider now directly owns 185,386 shares in the company, valued at $16,425,199.60. This represents a 1.59 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 589,852 shares of company stock valued at $63,169,052. 12.83% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in the company. Atomi Financial Group Inc. boosted its holdings in shares of Cloudflare by 3.3% in the 4th quarter. Atomi Financial Group Inc. now owns 2,966 shares of the company’s stock worth $319,000 after purchasing an additional 94 shares in the last quarter. Wealth Management Partners LLC grew its position in Cloudflare by 3.3% during the fourth quarter. Wealth Management Partners LLC now owns 3,549 shares of the company’s stock valued at $382,000 after acquiring an additional 114 shares during the last quarter. Allspring Global Investments Holdings LLC grew its position in Cloudflare by 13.7% during the third quarter. Allspring Global Investments Holdings LLC now owns 987 shares of the company’s stock valued at $80,000 after acquiring an additional 119 shares during the last quarter. Quarry LP lifted its holdings in shares of Cloudflare by 38.6% in the 3rd quarter. Quarry LP now owns 478 shares of the company’s stock worth $39,000 after acquiring an additional 133 shares during the last quarter. Finally, OneDigital Investment Advisors LLC boosted its stake in shares of Cloudflare by 3.5% in the 3rd quarter. OneDigital Investment Advisors LLC now owns 4,047 shares of the company’s stock valued at $327,000 after purchasing an additional 137 shares in the last quarter. Institutional investors own 82.68% of the company’s stock.

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.