Needham & Company LLC Reiterates Buy Rating for Cloudflare (NYSE:NET)

Cloudflare (NYSE:NET)‘s stock had its “buy” rating reaffirmed by analysts at Needham & Company LLC in a research report issued to clients and investors on Friday, Benzinga reports. They currently have a $135.00 price target on the stock. Needham & Company LLC’s price target indicates a potential upside of 81.45% from the stock’s previous close.

Other equities research analysts also recently issued reports about the company. Royal Bank of Canada increased their price objective on Cloudflare from $95.00 to $108.00 and gave the stock an “outperform” rating in a research note on Friday, February 9th. Bank of America increased their price target on shares of Cloudflare from $52.00 to $60.00 and gave the stock an “underperform” rating in a research report on Friday. Wells Fargo & Company boosted their price objective on shares of Cloudflare from $95.00 to $125.00 and gave the company an “overweight” rating in a research report on Friday, February 9th. TD Cowen dropped their price objective on shares of Cloudflare from $117.00 to $110.00 and set a “buy” rating on the stock in a research note on Friday. Finally, JMP Securities lifted their target price on shares of Cloudflare from $75.00 to $90.00 and gave the company a “market outperform” rating in a research note on Wednesday, January 31st. Four investment analysts have rated the stock with a sell rating, ten have issued a hold rating and nine have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $90.17.

Cloudflare Stock Performance

Cloudflare stock opened at $74.40 on Friday. The company has a debt-to-equity ratio of 1.68, a current ratio of 3.50 and a quick ratio of 3.50. The company has a market cap of $25.12 billion, a P/E ratio of -140.38 and a beta of 1.15. Cloudflare has a fifty-two week low of $39.90 and a fifty-two week high of $116.00. The firm’s 50 day simple moving average is $93.67 and its 200-day simple moving average is $83.60.

Cloudflare (NYSE:NET) last posted its quarterly earnings data on Thursday, February 8th. The company reported ($0.06) earnings per share for the quarter, topping the consensus estimate of ($0.07) by $0.01. Cloudflare had a negative net margin of 13.10% and a negative return on equity of 13.22%. The firm had revenue of $362.47 million for the quarter, compared to analysts’ expectations of $352.70 million. As a group, equities research analysts predict that Cloudflare will post -0.2 EPS for the current year.

Insider Buying and Selling at Cloudflare

In related news, Director Carl Ledbetter sold 7,962 shares of Cloudflare stock in a transaction on Wednesday, February 7th. The shares were sold at an average price of $81.42, for a total value of $648,266.04. Following the transaction, the director now owns 1,446,957 shares in the company, valued at approximately $117,811,238.94. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, CFO Thomas J. Seifert sold 15,000 shares of the business’s stock in a transaction on Thursday, April 18th. The shares were sold at an average price of $87.02, for a total transaction of $1,305,300.00. Following the transaction, the chief financial officer now owns 338,469 shares of the company’s stock, valued at $29,453,572.38. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Carl Ledbetter sold 7,962 shares of the stock in a transaction on Wednesday, February 7th. The shares were sold at an average price of $81.42, for a total transaction of $648,266.04. Following the completion of the sale, the director now directly owns 1,446,957 shares of the company’s stock, valued at $117,811,238.94. 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 90 days. Insiders own 12.83% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the stock. Commonwealth Equity Services LLC increased its position in shares of Cloudflare by 9.0% during the third quarter. Commonwealth Equity Services LLC now owns 56,921 shares of the company’s stock valued at $3,588,000 after purchasing an additional 4,685 shares during the period. Xponance Inc. increased its holdings in Cloudflare by 0.6% in the 3rd quarter. Xponance Inc. now owns 40,684 shares of the company’s stock valued at $2,565,000 after buying an additional 224 shares during the period. Raymond James Financial Services Advisors Inc. increased its holdings in Cloudflare by 27.0% in the 3rd quarter. Raymond James Financial Services Advisors Inc. now owns 15,709 shares of the company’s stock valued at $990,000 after buying an additional 3,337 shares during the period. Stratos Wealth Partners LTD. acquired a new position in shares of Cloudflare in the 3rd quarter valued at $372,000. Finally, J.W. Cole Advisors Inc. bought a new position in shares of Cloudflare during the 3rd quarter worth about $255,000. Institutional investors own 82.68% of the company’s stock.

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.