Cloudflare, Inc. (NYSE:NET) CEO Sells $4,921,476.80 in Stock

Cloudflare, Inc. (NYSE:NET) CEO Matthew Prince sold 52,384 shares of the company’s stock in a transaction on Tuesday, October 15th. The stock was sold at an average price of $93.95, for a total transaction of $4,921,476.80. Following the transaction, the chief executive officer now owns 10,761 shares of the company’s stock, valued at approximately $1,010,995.95. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link.

Matthew Prince also recently made the following trade(s):

• On Thursday, October 17th, Matthew Prince sold 52,384 shares of Cloudflare stock. The shares were sold at an average price of $90.92, for a total transaction of $4,762,753.28.
• On Friday, September 6th, Matthew Prince sold 52,384 shares of Cloudflare stock. The shares were sold at an average price of $76.55, for a total value of $4,009,995.20.
• On Wednesday, September 4th, Matthew Prince sold 52,384 shares of Cloudflare stock. The shares were sold at an average price of $78.06, for a total value of $4,089,095.04.
• On Thursday, August 8th, Matthew Prince sold 52,384 shares of Cloudflare stock. The stock was sold at an average price of $76.70, for a total value of $4,017,852.80.

Cloudflare Stock Performance

Shares of NET traded down $1.00 during mid-day trading on Thursday, hitting $90.34. The company’s stock had a trading volume of 1,457,721 shares, compared to its average volume of 3,207,846. The stock’s 50-day moving average is $81.86 and its two-hundred day moving average is $80.98. The firm has a market capitalization of $30.70 billion, a PE ratio of -170.45 and a beta of 1.10. The company has a debt-to-equity ratio of 1.46, a quick ratio of 3.51 and a current ratio of 3.51. Cloudflare, Inc. has a one year low of $53.88 and a one year high of $116.00.

Cloudflare (NYSE:NET) last issued its quarterly earnings results on Thursday, August 1st. The company reported $0.20 earnings per share for the quarter, beating analysts’ consensus estimates of $0.14 by $0.06. Cloudflare had a negative net margin of 6.90% and a negative return on equity of 8.54%. The firm had revenue of $401.00 million during the quarter, compared to the consensus estimate of $394.11 million. During the same period in the prior year, the firm earned ($0.12) EPS. The business’s revenue was up 30.0% on a year-over-year basis. As a group, sell-side analysts anticipate that Cloudflare, Inc. will post -0.13 EPS for the current year.

Hedge Funds Weigh In On Cloudflare

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Sumitomo Mitsui DS Asset Management Company Ltd grew its holdings in shares of Cloudflare by 17.8% during the 3rd quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 27,942 shares of the company’s stock worth $2,260,000 after purchasing an additional 4,230 shares in the last quarter. Bleakley Financial Group LLC lifted its position in Cloudflare by 9.5% in the third quarter. Bleakley Financial Group LLC now owns 3,620 shares of the company’s stock worth $293,000 after purchasing an additional 313 shares during the period. nVerses Capital LLC acquired a new stake in Cloudflare during the third quarter worth $1,003,000. CFM Wealth Partners LLC bought a new stake in Cloudflare in the 3rd quarter valued at $2,767,000. Finally, Keystone Wealth Services LLC bought a new stake in Cloudflare in the 3rd quarter valued at $669,000. 82.68% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of brokerages have commented on NET. Cantor Fitzgerald boosted their price objective on shares of Cloudflare from $80.00 to $85.00 and gave the stock a “neutral” rating in a report on Friday, August 2nd. Piper Sandler increased their price objective on Cloudflare from $82.00 to $83.00 and gave the stock a “neutral” rating in a report on Friday, August 2nd. Mizuho boosted their price target on shares of Cloudflare from $92.00 to $105.00 and gave the stock a “neutral” rating in a research report on Thursday. Susquehanna raised their target price on Cloudflare from $80.00 to $85.00 and gave the company a “neutral” rating in a research note on Monday, August 5th. Finally, Guggenheim upped their target price on Cloudflare from $50.00 to $57.00 and gave the company a “sell” rating in a report on Friday, August 2nd. Four research analysts have rated the stock with a sell rating, twelve have assigned a hold rating and ten have issued a buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $91.72.

About Cloudflare

Cloudflare, Inc operates as a cloud services provider that delivers a range of services to businesses worldwide. The company provides an integrated cloud-based security solution to secure a range of combination of platforms, including public cloud, private cloud, on-premise, software-as-a-service applications, and IoT devices; and website and application security products comprising web application firewall, bot management, distributed denial of service, API gateways, SSL/TLS encryption, script management, security center, and rate limiting products.