Royal Bank of Canada Issues Pessimistic Forecast for Cloudflare (NYSE:NET) Stock Price

Cloudflare (NYSE:NET) had its price objective decreased by investment analysts at Royal Bank of Canada from $170.00 to $148.00 in a research report issued on Thursday,Benzinga reports. The firm currently has an “outperform” rating on the stock. Royal Bank of Canada’s price target suggests a potential upside of 31.17% from the stock’s previous close.

Several other equities research analysts have also weighed in on NET. Oppenheimer lowered Cloudflare from an “outperform” rating to a “market perform” rating in a research report on Friday, February 7th. JPMorgan Chase & Co. increased their price objective on Cloudflare from $110.00 to $115.00 and gave the stock a “neutral” rating in a report on Friday, February 7th. UBS Group reduced their price target on Cloudflare from $165.00 to $135.00 and set a “neutral” rating for the company in a research report on Thursday. Baird R W lowered Cloudflare from a “strong-buy” rating to a “hold” rating in a report on Monday, February 3rd. Finally, Guggenheim upped their price objective on shares of Cloudflare from $57.00 to $68.00 and gave the stock a “sell” rating in a report on Friday, February 7th. Four investment analysts have rated the stock with a sell rating, twelve have given a hold rating and eleven have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $130.92.

Cloudflare Trading Down 5.5 %

NYSE:NET traded down $6.57 during trading hours on Thursday, reaching $112.83. 2,694,888 shares of the company were exchanged, compared to its average volume of 3,013,244. The firm has a market cap of $38.93 billion, a price-to-earnings ratio of -514.73 and a beta of 1.27. The company has a debt-to-equity ratio of 1.32, a current ratio of 3.37 and a quick ratio of 3.37. The stock has a 50 day simple moving average of $136.44 and a 200 day simple moving average of $108.28. Cloudflare has a 52-week low of $66.24 and a 52-week high of $177.37.

Cloudflare (NYSE:NET) last posted its quarterly earnings data on Thursday, February 6th. The company reported ($0.03) earnings per share for the quarter, missing analysts’ consensus estimates of $0.18 by ($0.21). Cloudflare had a negative net margin of 4.72% and a negative return on equity of 5.52%. As a group, analysts predict that Cloudflare will post -0.11 EPS for the current year.

Insider Buying and Selling

In other news, CFO Thomas J. Seifert sold 15,000 shares of the stock in a transaction that occurred on Wednesday, December 18th. The stock was sold at an average price of $112.72, for a total value of $1,690,800.00. Following the completion of the sale, the chief financial officer now directly owns 252,869 shares of the company’s stock, valued at approximately $28,503,393.68. This represents a 5.60 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Douglas James Kramer sold 2,481 shares of the firm’s stock in a transaction that occurred on Monday, February 3rd. The stock was sold at an average price of $131.66, for a total value of $326,648.46. Following the completion of the sale, the insider now owns 175,688 shares of the company’s stock, valued at $23,131,082.08. This represents a 1.39 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 571,766 shares of company stock valued at $73,804,307. Corporate insiders own 12.83% of the company’s stock.

Hedge Funds Weigh In On Cloudflare

A number of hedge funds have recently made changes to their positions in NET. Apollon Wealth Management LLC grew its position in Cloudflare by 9.4% in the third quarter. Apollon Wealth Management LLC now owns 3,119 shares of the company’s stock valued at $252,000 after acquiring an additional 269 shares during the period. OVERSEA CHINESE BANKING Corp Ltd bought a new position in shares of Cloudflare in the third quarter worth about $403,000. Prime Capital Investment Advisors LLC lifted its holdings in Cloudflare by 5.3% during the 3rd quarter. Prime Capital Investment Advisors LLC now owns 6,708 shares of the company’s stock worth $543,000 after buying an additional 338 shares in the last quarter. Aigen Investment Management LP bought a new position in Cloudflare in the third quarter valued at about $361,000. Finally, Main Street Financial Solutions LLC boosted its stake in shares of Cloudflare by 15.3% in the 3rd quarter. Main Street Financial Solutions LLC now owns 2,961 shares of the company’s stock valued at $240,000 after purchasing an additional 392 shares during the last quarter. Institutional investors and hedge funds 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.