Morgan Stanley Boosts Cloudflare (NYSE:NET) Price Target to $92.00

Cloudflare (NYSE:NETGet Free Report) had its target price increased by investment analysts at Morgan Stanley from $66.00 to $92.00 in a report released on Monday, Benzinga reports. The brokerage currently has an “equal weight” rating on the stock. Morgan Stanley’s price target would suggest a potential downside of 12.90% from the company’s previous close.

NET has been the subject of several other research reports. Wells Fargo & Company boosted their price target on shares of Cloudflare from $95.00 to $125.00 and gave the stock an “overweight” rating in a research note on Friday. JPMorgan Chase & Co. lifted their price target on Cloudflare from $53.00 to $90.00 and gave the stock a “neutral” rating in a research report on Friday. KeyCorp upped their target price on shares of Cloudflare from $94.00 to $132.00 and gave the stock an “overweight” rating in a research report on Friday. Mizuho boosted their price target on Cloudflare from $73.00 to $105.00 and gave the company a “neutral” rating in a report on Friday. Finally, Truist Financial upped their price target on shares of Cloudflare from $90.00 to $120.00 and gave the stock a “buy” rating in a research report on Friday. Four research analysts have rated the stock with a sell rating, nine have assigned a hold rating and ten have assigned a buy rating to the company’s stock. According to data from MarketBeat, Cloudflare currently has a consensus rating of “Hold” and a consensus price target of $86.52.

View Our Latest Stock Analysis on Cloudflare

Cloudflare Stock Performance

NET stock traded down $2.30 during midday trading on Monday, hitting $105.62. 10,871,316 shares of the stock traded hands, compared to its average volume of 4,844,508. The stock’s fifty day simple moving average is $81.90 and its 200-day simple moving average is $70.28. Cloudflare has a 1-year low of $39.90 and a 1-year high of $116.00. The firm has a market cap of $35.46 billion, a P/E ratio of -192.04 and a beta of 1.10. The company has a debt-to-equity ratio of 1.83, a current ratio of 3.89 and a quick ratio of 3.89.

Insider Transactions at Cloudflare

In related news, CEO Matthew Prince sold 52,384 shares of Cloudflare stock in a transaction that occurred on Wednesday, November 15th. The shares were sold at an average price of $71.22, for a total value of $3,730,788.48. Following the transaction, the chief executive officer now directly owns 269,047 shares of the company’s stock, valued at $19,161,527.34. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, Director Scott D. Sandell sold 211,534 shares of Cloudflare stock in a transaction that occurred on Monday, November 20th. The shares were sold at an average price of $73.17, for a total transaction of $15,477,942.78. Following the sale, the director now directly owns 6,325 shares in the company, valued at approximately $462,800.25. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, CEO Matthew Prince sold 52,384 shares of the firm’s stock in a transaction on Wednesday, November 15th. The stock was sold at an average price of $71.22, for a total value of $3,730,788.48. Following the transaction, the chief executive officer now directly owns 269,047 shares of the company’s stock, valued at $19,161,527.34. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 889,020 shares of company stock worth $68,637,610. Company insiders own 14.80% of the company’s stock.

Institutional Trading of Cloudflare

Several institutional investors have recently added to or reduced their stakes in NET. PNC Financial Services Group Inc. grew its position in shares of Cloudflare by 48.6% during the 1st quarter. PNC Financial Services Group Inc. now owns 8,903 shares of the company’s stock worth $1,066,000 after buying an additional 2,912 shares during the period. MetLife Investment Management LLC acquired a new stake in shares of Cloudflare in the 1st quarter worth about $1,950,000. Synovus Financial Corp bought a new stake in Cloudflare during the 1st quarter worth approximately $439,000. Cibc World Market Inc. raised its stake in shares of Cloudflare by 16.8% in the first quarter. Cibc World Market Inc. now owns 21,811 shares of the company’s stock worth $2,611,000 after purchasing an additional 3,140 shares during the last quarter. Finally, Dimensional Fund Advisors LP lifted its holdings in shares of Cloudflare by 10.8% in the first quarter. Dimensional Fund Advisors LP now owns 181,514 shares of the company’s stock valued at $21,732,000 after purchasing an additional 17,681 shares in the last quarter. 73.14% of the stock is currently owned by institutional investors.

Cloudflare Company Profile

(Get Free Report)

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, secure origin connection, and rate limiting products.

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