Cloudflare (NYSE:NET) stock price drops 4.5% after analyst downgrade

Shares of Cloudflare, Inc. (NYSE:NET – Get Rating) fell 4.5% in midday trading on Tuesday after Evercore ISI lowered its 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, down 99% from the average daily volume of 5,444,011 shares. The stock previously closed at $49.25.

A number of other stock analysts have also weighed in on the company recently. Needham & Company LLC cut its price target on Cloudflare from $245.00 to $100.00 and gave the stock an “na” rating in a Monday, May 16 report. Jefferies Financial Group reduced its price target on Cloudflare from $75.00 to $55.00 in a Monday, May 23 research note. Royal Bank of Canada lowered its price target on Cloudflare from $155.00 to $120.00 in a Monday, May 2 research note. Truist Financial reduced its price target on Cloudflare from $180.00 to $140.00 in a Friday, May 6 research note. Finally, Citigroup reduced its price target on Cloudflare from $120.00 to $95.00 in a Friday, May 6 research note. One investment analyst has assigned the stock a sell rating, eleven have issued a hold rating and eleven have assigned the company a buy rating. According to MarketBeat.com, Cloudflare currently has a consensus rating of “Hold” and a consensus target price of $127.39.

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In other news, CEO Matthew Prince sold 52,384 shares of the company in a trade on Monday, June 6. 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. Additionally, director Scott D. Sandell sold 2,441 shares of the company in a trade on Tuesday, June 14. The stock was sold at an average price of $40.91, for a total value of $99,861.31. Following completion of the transaction, the administrator now owns 3,454 shares of the company, valued at approximately $141,303.14. The disclosure of this sale can be found here. Insiders have sold 417,842 shares of the company worth $39,209,017 over the past three months. Company insiders own 20.69% of the company’s shares.

Several hedge funds have recently bought and sold shares of the company. Mirae Asset Global Investments Co. Ltd. increased its stake in Cloudflare shares by 75.8% in the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 41,173 shares of the company worth $4,928,000 after purchasing an additional 17,755 shares in the last quarter. Kestra Private Wealth Services LLC increased its stake in Cloudflare shares by 21.0% in the first quarter. Kestra Private Wealth Services LLC now owns 9,422 shares of the company worth $1,128,000 after purchasing an additional 1,638 shares in the last quarter. Sawtooth Solutions LLC bought a new position in shares of Cloudflare in the first quarter worth $215,000. The Manufacturers Life Insurance Company increased its stake in Cloudflare shares by 7.1% in the first quarter. The Manufacturers Life Insurance Company now owns 8,314 shares of the company worth $998,000 after purchasing an additional 550 shares in 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 valued at $637,000 after acquiring 1,915 additional shares in the last quarter. Hedge funds and other institutional investors own 69.96% of the company’s shares.

The company has a market capitalization of $15.35 billion, a PE ratio of -59.53 and a beta of 1.06. The company has a debt ratio of 2.78, a current ratio of 6.85 and a quick ratio of 6.85. The company has a 50-day moving average of $63.20 and a 200-day moving average of $94.05.

Cloudflare (NYSE:NET – Get Rating) last released its quarterly earnings data on Thursday, May 5. The company reported ($0.12) EPS for the quarter, missing analyst consensus estimates of ($0.09) by ($0.03). The company posted revenue of $212.20 million for the quarter, compared to $205.66 million expected by analysts. Cloudflare had a negative net margin of 35.83% and a negative return on equity of 17.74%. The company’s revenue increased by 53.7% compared to the same quarter last year. During the same quarter last year, the company posted ($0.11) EPS. On average, stock analysts predict that Cloudflare, Inc. will post EPS of -0.41 for the current fiscal year.

About Cloudflare (NYSE:NET)

CloudFlare, Inc operates as a cloud service provider that offers a range of services to businesses around the world. The company offers an integrated cloud-based security solution to secure a range of platform combinations, including public cloud, private cloud, on-premises applications, software as a service, and IoT devices.

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