On February 14, 2023, Goldman Sachs initiated coverage of Cloudflare with a Sell recommendation.

Analyst Price Forecast Suggests 2.57% Downside

As of February 14, 2023, the average one-year price target for Cloudflare is $62.43. The forecasts range from a low of $36.36 to a high of $114.45. The average price target represents a decrease of 2.57% from its latest reported closing price of $64.08.

The projected annual revenue for Cloudflare is $1,331MM, an increase of 36.48%. The projected annual EPS is $0.15.

What are large shareholders doing?

Baillie Gifford & holds 26,335K shares representing 7.98% ownership of the company. In it’s prior filing, the firm reported owning 24,725K shares, representing an increase of 6.11%. The firm decreased its portfolio allocation in NET by 12.00% over the last quarter.

Capital World Investors holds 15,867K shares representing 4.81% ownership of the company. In it’s prior filing, the firm reported owning 8,069K shares, representing an increase of 49.15%. The firm increased its portfolio allocation in NET by 52.61% over the last quarter.

Sands Capital Management holds 15,454K shares representing 4.68% ownership of the company. In it’s prior filing, the firm reported owning 15,956K shares, representing a decrease of 3.25%. The firm decreased its portfolio allocation in NET by 20.30% over the last quarter.

AGTHX – GROWTH FUND OF AMERICA holds 8,634K shares representing 2.62% ownership of the company. In it’s prior filing, the firm reported owning 5,411K shares, representing an increase of 37.33%. The firm increased its portfolio allocation in NET by 27.12% over the last quarter.

VTSMX – Vanguard Total Stock Market Index Fund Investor Shares holds 8,011K shares representing 2.43% ownership of the company. In it’s prior filing, the firm reported owning 7,461K shares, representing an increase of 6.86%. The firm increased its portfolio allocation in NET by 41.49% over the last quarter.

What is the Fund Sentiment?

There are 982 funds or institutions reporting positions in Cloudflare. This is a decrease of 22 owner(s) or 2.19% in the last quarter. Average portfolio weight of all funds dedicated to NET is 0.51%, an increase of 7.25%. Total shares owned by institutions decreased in the last three months by 1.29% to 275,165K shares. The put/call ratio of NET is 0.77, indicating a bullish outlook.

Cloudflare Background Information
(This description is provided by the company.)

Cloudflare, Inc. is on a mission to help build a better Internet. Cloudflare’s platform protects and accelerates any Internet application online without adding hardware, installing software, or changing a line of code. Internet properties powered by Cloudflare have all web traffic routed through its intelligent global network, which gets smarter with every request. As a result, they see significant improvement in performance and a decrease in spam and other attacks. Cloudflare was named to Entrepreneur Magazine’s Top Company Cultures 2018 list and ranked among the World’s Most Innovative Companies by Fast Company in 2019. Headquartered in San Francisco, CA, Cloudflare has offices in Austin, TX, Champaign, IL, Seattle, WA, New York, NY, San Jose, CA, Washington, D.C., Lisbon, London, Munich, Paris, Beijing, Singapore, Sydney, and Tokyo.

This article originally appeared on Fintel

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