Cloudflare, Inc. (NYSE:NET – Get Rating) shares were down 4.5% during mid-day trading on Tuesday after Evercore ISI lowered their price target on the stock from $110.00 to $65.00. The company traded as low as $46.91 and last traded at $47.04. Approximately 38,818 shares were traded during trading, a decline of 99% from the average daily volume of 5,444,011 shares. The stock had previously closed at $49.25.
A number of other equities analysts have also recently weighed in on the company. Needham & Company LLC decreased their price objective on Cloudflare from $245.00 to $100.00 and set a “na” rating on the stock in a report on Monday, May 16th. Jefferies Financial Group decreased their price target on Cloudflare from $75.00 to $55.00 in a research note on Monday, May 23rd. Royal Bank of Canada decreased their price target on Cloudflare from $155.00 to $120.00 in a research note on Monday, May 2nd. Truist Financial decreased their price target on Cloudflare from $180.00 to $140.00 in a research note on Friday, May 6th. Finally, Citigroup decreased their price target on Cloudflare from $120.00 to $95.00 in a research note on Friday, May 6th. One investment analyst has rated the stock with a sell rating, eleven have issued a hold rating and eleven have given a buy rating to the company. According to MarketBeat.com, Cloudflare currently has a consensus rating of “Hold” and a consensus target price of $127.39.
In other news, CEO Matthew Prince sold 52,384 shares of the business’s stock in a transaction on Monday, June 6th. The stock was sold at an average price of $54.66, for a total value of $2,863,309.44. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, Director Scott D. Sandell sold 2,441 shares of the business’s stock in a transaction on Tuesday, June 14th. The stock was sold at an average price of $40.91, for a total value of $99,861.31. Following the completion of the transaction, the director now owns 3,454 shares of the company’s stock, valued at approximately $141,303.14. The disclosure for this sale can be found here. Insiders sold 417,842 shares of company stock worth $39,209,017 over the last three months. Corporate insiders own 20.69% of the company’s stock.
Several hedge funds have recently bought and sold shares of the company. Mirae Asset Global Investments Co. Ltd. raised its stake in shares of Cloudflare by 75.8% in the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 41,173 shares of the company’s stock worth $4,928,000 after purchasing an additional 17,755 shares during the last quarter. Kestra Private Wealth Services LLC raised its stake in shares of Cloudflare by 21.0% in the first quarter. Kestra Private Wealth Services LLC now owns 9,422 shares of the company’s stock worth $1,128,000 after purchasing an additional 1,638 shares during the last quarter. Sawtooth Solutions LLC purchased a new position in shares of Cloudflare in the first quarter worth $215,000. The Manufacturers Life Insurance Company raised its stake in shares of Cloudflare by 7.1% in the first quarter. The Manufacturers Life Insurance Company now owns 8,314 shares of the company’s stock worth $998,000 after purchasing an additional 550 shares during the last quarter. Finally, Toroso Investments LLC increased its position in Cloudflare by 56.2% during the first quarter. Toroso Investments LLC now owns 5,322 shares of the company’s stock valued at $637,000 after acquiring an additional 1,915 shares during the last quarter. Hedge funds and other institutional investors own 69.96% of the company’s stock.
The company has a market cap of $15.35 billion, a PE ratio of -59.53 and a beta of 1.06. The company has a debt-to-equity ratio of 2.78, a current ratio of 6.85 and a quick ratio of 6.85. The business has a 50-day moving average of $63.20 and a 200 day moving average of $94.05.
Cloudflare (NYSE:NET – Get Rating) last posted its quarterly earnings data on Thursday, May 5th. The company reported ($0.12) EPS for the quarter, missing analysts’ consensus estimates of ($0.09) by ($0.03). The firm had revenue of $212.20 million for the quarter, compared to analysts’ expectations of $205.66 million. Cloudflare had a negative net margin of 35.83% and a negative return on equity of 17.74%. The firm’s revenue was up 53.7% compared to the same quarter last year. During the same quarter last year, the company posted ($0.11) EPS. On average, equities analysts predict that Cloudflare, Inc. will post -0.41 EPS for the current fiscal year.
About Cloudflare (NYSE:NET)
CloudFlare, Inc operates as a cloud services provider that delivers a range of services to businesses worldwide. The company offers 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.