After JMP Securities and Robert W. Baird gave Cloudflare (NYSE: NET) a Buy rating last month, the company received another Buy, this time from Needham. Analyst Alex Henderson assigned a Buy rating to Cloudflare today and set a price target of $69.00. The company’s shares closed last Monday at $57.01.
According to TipRanks.com, Henderson is a 5-star analyst with an average return of 22.1% and a 57.0% success rate. Henderson covers the Technology sector, focusing on stocks such as SailPoint Technologies Holdings, Applied Optoelectronics, and CrowdStrike Holdings.
The word on The Street in general, suggests a Strong Buy analyst consensus rating for Cloudflare with a $50.67 average price target, which is a 7.5% upside from current levels. In a report issued on October 8, FBN Securities also initiated coverage with a Buy rating on the stock with a $55.00 price target.
See today’s analyst top recommended stocks >>
Based on Cloudflare’s latest earnings release for the quarter ending June 30, the company reported a quarterly revenue of $99.72 million and GAAP net loss of $26.14 million. In comparison, last year the company earned revenue of $67.42 million and had a GAAP net loss of $19.71 million.
Based on the recent corporate insider activity of 115 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.
TipRanks has tracked 36,000 company insiders and found that a few of them are better than others when it comes to timing their transactions. See which 3 stocks are most likely to make moves following their insider activities.
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.
Read More on NET: