Cloudflare’s (NET) Neutral Rating Reaffirmed at Piper Sandler

Piper Sandler reissued their neutral rating on shares of Cloudflare (NYSE:NET) in a report published on Friday morning,Benzinga reports. They currently have a $151.00 price objective on the stock, up from their previous price objective of $112.00.

Several other brokerages also recently weighed in on NET. Morgan Stanley lowered their target price on shares of Cloudflare from $154.00 to $144.00 and set an “overweight” rating for the company in a research note on Wednesday, April 16th. Needham & Company LLC raised their price objective on Cloudflare from $145.00 to $160.00 and gave the stock a “buy” rating in a research report on Friday. Robert W. Baird reaffirmed a “neutral” rating and set a $140.00 target price (up from $125.00) on shares of Cloudflare in a research report on Monday, February 3rd. UBS Group lowered their price target on Cloudflare from $165.00 to $135.00 and set a “neutral” rating for the company in a report on Thursday, March 13th. Finally, Baird R W downgraded shares of Cloudflare from a “strong-buy” rating to a “hold” rating in a report on Monday, February 3rd. Three investment analysts have rated the stock with a sell rating, ten have assigned a hold rating and twelve have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, Cloudflare has an average rating of “Hold” and a consensus price target of $142.57.

Cloudflare Price Performance

NYSE NET opened at $132.42 on Friday. The company has a market cap of $45.69 billion, a PE ratio of -601.91 and a beta of 1.78. Cloudflare has a 52-week low of $66.24 and a 52-week high of $177.37. The company has a debt-to-equity ratio of 1.32, a quick ratio of 3.37 and a current ratio of 3.37. The firm’s 50 day moving average price is $116.02 and its 200-day moving average price is $117.55.

Cloudflare (NYSE:NET) last released its quarterly earnings results on Thursday, May 8th. The company reported $0.16 EPS for the quarter, missing the consensus estimate of $0.17 by ($0.01). Cloudflare had a negative return on equity of 5.52% and a negative net margin of 4.72%. The company had revenue of $479.09 million during the quarter, compared to the consensus estimate of $469.49 million. During the same period in the previous year, the firm posted $0.16 earnings per share. The company’s revenue was up 26.5% on a year-over-year basis. Sell-side analysts forecast that Cloudflare will post -0.11 EPS for the current fiscal year.

Insider Activity at Cloudflare

In other news, CAO Janel Riley sold 4,327 shares of the stock in a transaction that occurred on Tuesday, February 18th. The stock was sold at an average price of $167.60, for a total transaction of $725,205.20. Following the transaction, the chief accounting officer now owns 74,698 shares in the company, valued at $12,519,384.80. This trade represents a 5.48 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, CEO Matthew Prince sold 52,384 shares of Cloudflare stock in a transaction dated Tuesday, February 25th. The shares were sold at an average price of $143.39, for a total transaction of $7,511,341.76. Following the completion of the sale, the chief executive officer now owns 413,413 shares in the company, valued at approximately $59,279,290.07. This trade represents a 11.25 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 492,492 shares of company stock worth $63,757,685. 12.83% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Cloudflare

Several hedge funds and other institutional investors have recently modified their holdings of the business. Mather Group LLC. increased its stake in shares of Cloudflare by 1,188.2% in the 1st quarter. Mather Group LLC. now owns 219 shares of the company’s stock worth $25,000 after acquiring an additional 202 shares during the last quarter. NBC Securities Inc. acquired a new position in Cloudflare during the first quarter worth $27,000. GPS Wealth Strategies Group LLC boosted its position in shares of Cloudflare by 213.4% during the first quarter. GPS Wealth Strategies Group LLC now owns 257 shares of the company’s stock worth $29,000 after buying an additional 175 shares during the period. MassMutual Private Wealth & Trust FSB grew its stake in shares of Cloudflare by 115.4% in the first quarter. MassMutual Private Wealth & Trust FSB now owns 265 shares of the company’s stock valued at $30,000 after buying an additional 142 shares in the last quarter. Finally, Gordian Capital Singapore Pte Ltd acquired a new position in Cloudflare during the 4th quarter worth about $43,000. 82.68% of the stock is 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.