After Piper Sandler and J.P. Morgan gave Cloudflare (NYSE: NET) a Buy rating last month, the company received another Buy, this time from Robert W. Baird. Analyst Jonathan Ruykhaver maintained a Buy rating on Cloudflare today. The company’s shares closed last Wednesday at $38.70, close to its 52-week high of $42.60.
According to TipRanks.com, Ruykhaver is a 5-star analyst with an average return of 21.4% and a 66.4% success rate. Ruykhaver covers the Technology sector, focusing on stocks such as Forescout Technologies, Ping Identity Holding, and CrowdStrike Holdings.
Currently, the analyst consensus on Cloudflare is a Strong Buy with an average price target of $39.33, which is a 2.2% upside from current levels. In a report issued on July 17, William Blair also initiated coverage with a Buy rating on the stock.
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The company has a one-year high of $42.60 and a one-year low of $14.50. Currently, Cloudflare has an average volume of 5.52M.
Based on the recent corporate insider activity of 83 insiders, corporate insider sentiment is negative on the stock. This means that over the past quarter there has been an increase of insiders selling their shares of NET in relation to earlier this year.
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Cloudflare, Inc. engages in the provision of cloud-based services to secure websites. It offers various products for performance and reliability, video streaming and delivery, advanced security, insights, cloudflare for developers, domain registration, and cloudflare marketplace. The company was founded by Matthew Prince, Michelle Zatlyn, and Lee Holloway in 2009 and is headquartered in San Francisco, CA.
