Oppenheimer Raises Cloudflare (NYSE:NET) Price Target to $55.00

Cloudflare (NYSE:NET) had its price target raised by Oppenheimer from $35.00 to $55.00 in a research note released on Thursday, The Fly reports. They currently have an outperform rating on the stock.

A number of other research analysts have also recently weighed in on NET. JPMorgan Chase & Co. lifted their price objective on Cloudflare from $30.00 to $52.00 and gave the company an overweight rating in a research report on Friday, July 10th. Wells Fargo & Co boosted their price target on Cloudflare from $27.50 to $30.00 and gave the stock an overweight rating in a report on Friday, May 15th. Jefferies Financial Group raised Cloudflare from a hold rating to a buy rating and boosted their price target for the stock from $27.00 to $50.00 in a report on Tuesday, July 28th. William Blair initiated coverage on Cloudflare in a report on Friday, July 17th. They issued an outperform rating on the stock. Finally, Morgan Stanley raised Cloudflare from an underweight rating to an equal weight rating and set a $34.00 price target on the stock in a report on Thursday, June 18th. Five investment analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company. The company has an average rating of Buy and an average target price of $36.44.

Shares of NYSE:NET traded up $0.49 during midday trading on Thursday, reaching $41.62. The company had a trading volume of 5,300,004 shares, compared to its average volume of 4,953,159. The company’s 50 day moving average price is $36.15 and its 200 day moving average price is $26.00. The stock has a market cap of $12.64 billion and a P/E ratio of -57.81. Cloudflare has a 52-week low of $14.50 and a 52-week high of $42.60.

Cloudflare (NYSE:NET) last released its quarterly earnings data on Thursday, May 7th. The company reported ($0.04) EPS for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.06) by $0.02. The business had revenue of $91.25 million for the quarter, compared to analysts’ expectations of $86.85 million. During the same period last year, the company earned ($0.19) earnings per share. Cloudflare’s revenue for the quarter was up 47.8% compared to the same quarter last year. On average, equities research analysts forecast that Cloudflare will post -0.35 earnings per share for the current fiscal year.

In other news, General Counsel Douglas James Kramer sold 7,084 shares of the company’s stock in a transaction that occurred on Monday, June 1st. The stock was sold at an average price of $29.65, for a total transaction of $210,040.60. Following the sale, the general counsel now directly owns 2,632 shares of the company’s stock, valued at approximately $78,038.80. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, major shareholder Associates V. Lp Venrock sold 7,000,000 shares of the business’s stock in a transaction that occurred on Monday, July 6th. The shares were sold at an average price of $37.60, for a total value of $263,200,000.00. The disclosure for this sale can be found here. Insiders have sold a total of 10,906,574 shares of company stock worth $379,631,418 over the last ninety days. Insiders own 35.89% of the company’s stock.

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Psagot Investment House Ltd. bought a new position in shares of Cloudflare during the 2nd quarter valued at approximately $29,000. Jaffetilchin Investment Partners LLC bought a new position in shares of Cloudflare during the 2nd quarter valued at approximately $46,000. Global Trust Asset Management LLC bought a new position in shares of Cloudflare during the 1st quarter valued at approximately $43,000. Exchange Traded Concepts LLC bought a new position in shares of Cloudflare during the 2nd quarter valued at approximately $69,000. Finally, Watson Rebecca bought a new position in shares of Cloudflare during the 2nd quarter valued at approximately $72,000. 25.40% of the stock is currently owned by hedge funds and other institutional investors.

About Cloudflare

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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