Cloudflare (NYSE:NET) Given New $94.00 Price Target at KeyCorp

Cloudflare (NYSE:NET) had its price target trimmed by KeyCorp from $132.00 to $94.00 in a research note published on Friday morning, Benzinga reports. The brokerage currently has an overweight rating on the stock.

Several other brokerages have also issued reports on NET. Wells Fargo & Company cut their target price on shares of Cloudflare from $125.00 to $105.00 and set an overweight rating on the stock in a research note on Friday. Royal Bank of Canada boosted their price objective on Cloudflare from $95.00 to $108.00 and gave the company an outperform rating in a report on Friday, February 9th. Susquehanna increased their target price on Cloudflare from $75.00 to $115.00 and gave the stock a neutral rating in a report on Friday, February 9th. Piper Sandler restated a neutral rating and set a $81.00 price target (down previously from $110.00) on shares of Cloudflare in a research note on Friday. Finally, Sanford C. Bernstein began coverage on shares of Cloudflare in a research note on Thursday, January 18th. They issued a market perform rating and a $85.00 price objective on the stock. Four investment analysts have rated the stock with a sell rating, ten have given a hold rating and nine have assigned a buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of Hold and an average target price of $90.17.

Cloudflare Trading Down 16.4 %

NET stock traded down $14.57 during midday trading on Friday, hitting $74.40. The stock had a trading volume of 18,650,549 shares, compared to its average volume of 2,884,762. The company has a current ratio of 3.50, a quick ratio of 3.50 and a debt-to-equity ratio of 1.68. The firm has a market cap of $25.12 billion, a P/E ratio of -140.60 and a beta of 1.15. The business has a fifty day moving average price of $93.67 and a two-hundred day moving average price of $83.47. Cloudflare has a 1-year low of $39.90 and a 1-year high of $116.00.

Cloudflare (NYSE:NET) last announced its earnings results on Thursday, February 8th. The company reported ($0.06) EPS for the quarter, beating the consensus estimate of ($0.07) by $0.01. Cloudflare had a negative return on equity of 13.22% and a negative net margin of 13.10%. The company had revenue of $362.47 million for the quarter, compared to analyst estimates of $352.70 million. On average, sell-side analysts predict that Cloudflare will post -0.2 earnings per share for the current fiscal year.

Insider Buying and Selling at Cloudflare

In other news, CFO Thomas J. Seifert sold 50,000 shares of the firm’s stock in a transaction that occurred on Friday, February 9th. The shares were sold at an average price of $110.11, for a total transaction of $5,505,500.00. Following the completion of the sale, the chief financial officer now owns 366,465 shares in the company, valued at approximately $40,351,461.15. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. In related news, insider Douglas James Kramer sold 6,000 shares of the firm’s stock in a transaction that occurred on Friday, February 9th. The shares were sold at an average price of $110.08, for a total value of $660,480.00. Following the completion of the transaction, the insider now directly owns 216,114 shares of the company’s stock, valued at approximately $23,789,829.12. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CFO Thomas J. Seifert sold 50,000 shares of the firm’s stock in a transaction on Friday, February 9th. The stock was sold at an average price of $110.11, for a total value of $5,505,500.00. Following the completion of the transaction, the chief financial officer now directly owns 366,465 shares of the company’s stock, valued at $40,351,461.15. The disclosure for this sale can be found here. Insiders have sold a total of 1,029,347 shares of company stock worth $100,594,226 over the last three months. 12.83% of the stock is currently owned by insiders.

Institutional Trading of Cloudflare

Institutional investors have recently added to or reduced their stakes in the stock. Cigna Investments Inc. New lifted its holdings in shares of Cloudflare by 4.2% in the first quarter. Cigna Investments Inc. New now owns 3,178 shares of the company’s stock worth $307,000 after buying an additional 129 shares in the last quarter. Yousif Capital Management LLC boosted its holdings in Cloudflare by 4.0% in the 4th quarter. Yousif Capital Management LLC now owns 3,399 shares of the company’s stock valued at $283,000 after purchasing an additional 130 shares during the period. Kingswood Wealth Advisors LLC grew its position in shares of Cloudflare by 0.5% during the 4th quarter. Kingswood Wealth Advisors LLC now owns 27,358 shares of the company’s stock valued at $2,278,000 after purchasing an additional 132 shares in the last quarter. Quent Capital LLC increased its holdings in shares of Cloudflare by 8.1% in the fourth quarter. Quent Capital LLC now owns 1,877 shares of the company’s stock worth $156,000 after purchasing an additional 140 shares during the period. Finally, GAMMA Investing LLC raised its position in shares of Cloudflare by 34.4% in the first quarter. GAMMA Investing LLC now owns 668 shares of the company’s stock worth $65,000 after buying an additional 171 shares in the last quarter. Hedge funds and other 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.