In a report issued on May 1, Matthew Hedberg from RBC Capital maintained a Buy rating on Cloudflare (NET), with a price target of $24.00. The company’s shares closed last Friday at $22.84.
According to TipRanks.com, Hedberg is a top 100 analyst with an average return of 18.6% and a 68.8% success rate. Hedberg covers the Technology sector, focusing on stocks such as SailPoint Technologies Holdings, Ping Identity Holding, and CrowdStrike Holdings.
The word on The Street in general, suggests a Moderate Buy analyst consensus rating for Cloudflare with a $23.50 average price target.
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Based on Cloudflare’s latest earnings release for the quarter ending December 31, the company reported a quarterly revenue of $83.93 million and GAAP net loss of $28.16 million. In comparison, last year the company earned revenue of $50.07 million and had a GAAP net loss of $37.99 million.
Based on the recent corporate insider activity of 28 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.
