Cloudflare (NYSE:NET) Sets New 12-Month High at $163.62

Shares of Cloudflare, Inc. (NYSE:NET) reached a new 52-week high on Thursday . The stock traded as high as $163.62 and last traded at $162.50, with a volume of 28686 shares traded. The stock had previously closed at $159.43.

NET has been the topic of a number of recent research reports. BTIG Research cut shares of Cloudflare from a “buy” rating to a “neutral” rating and reduced their price target for the company from $111.97 to $105.52 in a research report on Tuesday, July 20th. They noted that the move was a valuation call. Needham & Company LLC initiated coverage on shares of Cloudflare in a research report on Wednesday, September 29th. They set a “buy” rating and a $140.00 price target on the stock. Argus increased their price target on shares of Cloudflare from $125.00 to $140.00 and gave the company a “buy” rating in a research report on Tuesday, August 10th. KGI Securities initiated coverage on shares of Cloudflare in a research report on Thursday, July 1st. They set an “outperform” rating on the stock. Finally, Royal Bank of Canada increased their price target on shares of Cloudflare from $100.00 to $130.00 and gave the company an “outperform” rating in a research report on Friday, August 6th. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating and twelve have given a buy rating to the stock. According to MarketBeat, the stock presently has an average rating of “Buy” and an average price target of $116.97.

The business has a 50 day moving average of $126.52 and a 200 day moving average of $102.61. The company has a market cap of $50.86 billion, a PE ratio of -354.28 and a beta of 0.03. The company has a debt-to-equity ratio of 0.50, a current ratio of 5.72 and a quick ratio of 5.72.

Cloudflare (NYSE:NET) last announced its quarterly earnings results on Thursday, August 5th. The company reported ($0.08) EPS for the quarter, topping analysts’ consensus estimates of ($0.12) by $0.04. The company had revenue of $152.43 million during the quarter, compared to analyst estimates of $146.22 million. Cloudflare had a negative return on equity of 12.61% and a negative net margin of 25.63%. Sell-side analysts forecast that Cloudflare, Inc. will post -0.46 EPS for the current fiscal year.

In other news, CAO Paul D. Underwood sold 36,000 shares of the firm’s stock in a transaction on Wednesday, August 18th. The stock was sold at an average price of $117.98, for a total transaction of $4,247,280.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Matthew Prince sold 52,385 shares of the firm’s stock in a transaction on Monday, July 19th. The shares were sold at an average price of $103.44, for a total value of $5,418,704.40. The disclosure for this sale can be found here. Insiders have sold 730,745 shares of company stock valued at $89,143,106 in the last three months. Insiders own 20.69% of the company’s stock.

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Tsfg LLC increased its holdings in Cloudflare by 4.9% in the 3rd quarter. Tsfg LLC now owns 1,560 shares of the company’s stock worth $176,000 after buying an additional 73 shares in the last quarter. CAPROCK Group Inc. increased its holdings in Cloudflare by 4.2% in the 2nd quarter. CAPROCK Group Inc. now owns 3,037 shares of the company’s stock worth $321,000 after buying an additional 122 shares in the last quarter. CIBC Private Wealth Group LLC increased its holdings in Cloudflare by 4.0% in the 1st quarter. CIBC Private Wealth Group LLC now owns 3,921 shares of the company’s stock worth $275,000 after buying an additional 150 shares in the last quarter. BerganKDV Wealth Management LLC increased its holdings in Cloudflare by 54.5% in the 2nd quarter. BerganKDV Wealth Management LLC now owns 425 shares of the company’s stock worth $45,000 after buying an additional 150 shares in the last quarter. Finally, Laurel Wealth Advisors LLC increased its holdings in Cloudflare by 94.6% in the 2nd quarter. Laurel Wealth Advisors LLC now owns 360 shares of the company’s stock worth $38,000 after buying an additional 175 shares in the last quarter. Institutional investors own 66.94% of the company’s stock.

About Cloudflare (NYSE:NET)

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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