Cloudflare (NYSE:NET) Stock Rating Lowered by Zacks Investment Research

Zacks Investment Research downgraded shares of Cloudflare (NYSE:NET) from a buy rating to a hold rating in a research note published on Tuesday, Zacks.com reports.

According to Zacks, “Cloudflare Inc. provides platform protects and accelerates any Internet application online without adding hardware, installing software or changing a line of code. It operates principally in Austin, TX, Champaign, IL, New York, San Jose, Washington, D.C., Lisbon, London, Munich, Beijing, Singapore, and Sydney. Cloudflare Inc. is based in Denver, Colorado. “

NET has been the subject of a number of other reports. Truist lifted their price target on shares of Cloudflare from $130.00 to $185.00 and gave the company a buy rating in a research report on Monday, October 25th. Credit Suisse Group started coverage on shares of Cloudflare in a research report on Tuesday, November 16th. They set a neutral rating and a $205.00 price target for the company. DZ Bank started coverage on shares of Cloudflare in a research report on Thursday, December 9th. They set a buy rating and a $200.00 price target for the company. Oppenheimer downgraded shares of Cloudflare from an outperform rating to a market perform rating in a research report on Friday, September 24th. Finally, Wells Fargo & Company raised their price objective on shares of Cloudflare from $122.00 to $210.00 and gave the stock an equal weight rating in a research note on Friday, November 5th. One research analyst has rated the stock with a sell rating, ten have issued a hold rating and thirteen have issued a buy rating to the company. Based on data from MarketBeat, Cloudflare has a consensus rating of Buy and an average price target of $157.73.

Shares of NYSE:NET opened at $100.29 on Tuesday. The company has a quick ratio of 8.51, a current ratio of 8.51 and a debt-to-equity ratio of 1.34. The company has a market cap of $32.27 billion, a P/E ratio of -143.27 and a beta of 0.52. Cloudflare has a 52 week low of $60.96 and a 52 week high of $221.64. The company has a 50-day moving average price of $155.93 and a 200 day moving average price of $140.64.

Cloudflare (NYSE:NET) last announced its quarterly earnings data on Thursday, November 4th. The company reported ($0.09) EPS for the quarter, missing the Zacks’ consensus estimate of ($0.04) by ($0.05). The firm had revenue of $172.35 million during the quarter, compared to analyst estimates of $165.65 million. Cloudflare had a negative net margin of 36.83% and a negative return on equity of 13.32%. Cloudflare’s revenue for the quarter was up 51.0% on a year-over-year basis. During the same quarter in the previous year, the business earned ($0.06) EPS. Analysts expect that Cloudflare will post -0.32 EPS for the current year.

In other news, Director Carl Ledbetter sold 10,000 shares of the business’s stock in a transaction on Monday, January 10th. The shares were sold at an average price of $101.43, for a total transaction of $1,014,300.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Matthew Prince sold 52,385 shares of the business’s stock in a transaction on Wednesday, January 5th. The shares were sold at an average price of $109.56, for a total transaction of $5,739,300.60. The disclosure for this sale can be found here. Insiders sold a total of 706,965 shares of company stock valued at $116,637,770 over the last ninety days. 20.69% of the stock is owned by corporate insiders.

Hedge funds and other institutional investors have recently made changes to their positions in the company. Tradewinds Capital Management LLC grew its stake in shares of Cloudflare by 650.0% during the 3rd quarter. Tradewinds Capital Management LLC now owns 225 shares of the company’s stock valued at $25,000 after buying an additional 195 shares during the period. West Branch Capital LLC acquired a new position in shares of Cloudflare during the 2nd quarter valued at $28,000. Spire Wealth Management lifted its holdings in shares of Cloudflare by 35.4% during the 3rd quarter. Spire Wealth Management now owns 268 shares of the company’s stock valued at $30,000 after acquiring an additional 70 shares in the last quarter. Nelson Van Denburg & Campbell Wealth Management Group LLC lifted its holdings in shares of Cloudflare by 230.0% during the 3rd quarter. Nelson Van Denburg & Campbell Wealth Management Group LLC now owns 330 shares of the company’s stock valued at $37,000 after acquiring an additional 230 shares in the last quarter. Finally, Canada Pension Plan Investment Board lifted its holdings in shares of Cloudflare by 434.9% during the 2nd quarter. Canada Pension Plan Investment Board now owns 337 shares of the company’s stock valued at $36,000 after acquiring an additional 274 shares in the last quarter. 66.43% of the stock is owned by institutional investors.

Cloudflare Company Profile

CloudFlare, Inc operates a cloud platform that delivers a range of network 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 Internet of Things (IoT) devices.

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