Wells Fargo & Company Issues Positive Forecast for Cloudflare (NYSE:NET) Stock Price

Cloudflare (NYSE:NET) had its target price lifted by Wells Fargo & Company from $135.00 to $150.00 in a note issued to investors on Monday,Benzinga reports. The firm currently has an “overweight” rating on the stock. Wells Fargo & Company‘s price target suggests a potential upside of 15.78% from the company’s previous close.

A number of other equities analysts have also recently issued reports on NET. Royal Bank of Canada lifted their target price on Cloudflare from $99.00 to $123.00 and gave the stock an “outperform” rating in a report on Friday, January 3rd. Jefferies Financial Group increased their price objective on Cloudflare from $100.00 to $125.00 and gave the stock a “hold” rating in a report on Thursday, December 19th. Stifel Nicolaus upgraded shares of Cloudflare from a “hold” rating to a “buy” rating and lifted their target price for the company from $95.00 to $136.00 in a research note on Tuesday, December 17th. Cantor Fitzgerald started coverage on shares of Cloudflare in a research report on Friday, January 17th. They set a “neutral” rating and a $111.00 target price on the stock. Finally, Citigroup upgraded Cloudflare from a “neutral” rating to a “buy” rating and boosted their target price for the stock from $95.00 to $145.00 in a report on Friday, January 17th. Three equities research analysts have rated the stock with a sell rating, nine have given a hold rating and fourteen have assigned a buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $108.92.

Cloudflare Stock Performance

NET stock traded up $4.44 on Monday, reaching $129.56. The company’s stock had a trading volume of 742,385 shares, compared to its average volume of 2,548,849. Cloudflare has a 52 week low of $66.24 and a 52 week high of $128.33. The company has a market capitalization of $44.46 billion, a P/E ratio of -495.38 and a beta of 1.10. The firm has a fifty day moving average of $110.70 and a two-hundred day moving average of $92.86. The company has a debt-to-equity ratio of 1.32, a current ratio of 3.37 and a quick ratio of 3.37.

Cloudflare (NYSE:NET) last posted its quarterly earnings data on Thursday, November 7th. The company reported ($0.03) EPS for the quarter, meeting analysts’ consensus estimates of ($0.03). Cloudflare had a negative net margin of 5.97% and a negative return on equity of 7.18%. The business had revenue of $430.08 million for the quarter, compared to analyst estimates of $423.65 million. As a group, analysts predict that Cloudflare will post -0.1 EPS for the current fiscal year.

Insider Buying and Selling at Cloudflare

In other Cloudflare news, CEO Matthew Prince sold 52,384 shares of Cloudflare stock in a transaction on Wednesday, November 13th. The stock was sold at an average price of $95.59, for a total value of $5,007,386.56. Following the completion of the transaction, the chief executive officer now owns 192,177 shares in the company, valued at approximately $18,370,199.43. The trade was a 21.42 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Douglas James Kramer sold 3,000 shares of Cloudflare stock in a transaction dated Friday, November 1st. The shares were sold at an average price of $88.60, for a total value of $265,800.00. Following the completion of the transaction, the insider now directly owns 185,386 shares of the company’s stock, valued at $16,425,199.60. This represents a 1.59 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 641,132 shares of company stock valued at $69,429,058. 12.83% of the stock is currently owned by corporate insiders.

Institutional Trading of Cloudflare

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Geode Capital Management LLC lifted its stake in Cloudflare by 2.6% in the third quarter. Geode Capital Management LLC now owns 4,834,558 shares of the company’s stock valued at $390,130,000 after buying an additional 121,810 shares during the period. Charles Schwab Investment Management Inc. boosted its holdings in shares of Cloudflare by 2.7% in the third quarter. Charles Schwab Investment Management Inc. now owns 1,157,815 shares of the company’s stock valued at $93,656,000 after buying an additional 29,960 shares during the period. Swiss National Bank increased its position in shares of Cloudflare by 1.1% during the third quarter. Swiss National Bank now owns 893,600 shares of the company’s stock worth $72,283,000 after acquiring an additional 10,100 shares in the last quarter. National Pension Service raised its stake in shares of Cloudflare by 0.9% in the 3rd quarter. National Pension Service now owns 471,923 shares of the company’s stock valued at $38,174,000 after purchasing an additional 4,062 shares during the period. Finally, AEGON ASSET MANAGEMENT UK Plc lifted its stake in Cloudflare by 16.8% in the 4th quarter. AEGON ASSET MANAGEMENT UK Plc now owns 395,303 shares of the company’s stock valued at $42,602,000 after acquiring an additional 56,906 shares in the last quarter. 82.68% of the stock is currently owned by institutional investors and hedge funds.

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.