Insider Selling: Cloudflare, Inc. (NYSE:NET) CEO Sells 52,384 Shares of Stock

Cloudflare, Inc. (NYSE:NET) CEO Matthew Prince sold 52,384 shares of the firm’s stock in a transaction on Monday, March 17th. The shares were sold at an average price of $116.47, for a total transaction of $6,101,164.48. Following the completion of the sale, the chief executive officer now owns 413,413 shares in the company, valued at $48,150,212.11. The trade was a 11.25 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this hyperlink.

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

• On Wednesday, March 19th, Matthew Prince sold 52,384 shares of Cloudflare stock. The shares were sold at an average price of $117.32, for a total transaction of $6,145,690.88.
• On Thursday, February 27th, Matthew Prince sold 52,384 shares of Cloudflare stock. The shares were sold at an average price of $145.04, for a total transaction of $7,597,775.36.
• On Tuesday, February 25th, Matthew Prince sold 52,384 shares of Cloudflare stock. The shares were sold at an average price of $143.39, for a total transaction of $7,511,341.76.
• On Wednesday, January 8th, Matthew Prince sold 52,384 shares of Cloudflare stock. The shares were sold at an average price of $113.73, for a total transaction of $5,957,632.32.
• On Monday, January 6th, Matthew Prince sold 52,384 shares of Cloudflare stock. The shares were sold at an average price of $113.98, for a total transaction of $5,970,728.32.
• On Friday, December 20th, Matthew Prince sold 52,384 shares of Cloudflare stock. The shares were sold at an average price of $111.90, for a total transaction of $5,861,769.60.

Cloudflare Stock Up 0.9 %

Shares of NYSE NET opened at $118.95 on Friday. The company has a quick ratio of 3.37, a current ratio of 3.37 and a debt-to-equity ratio of 1.32. Cloudflare, Inc. has a 52 week low of $66.24 and a 52 week high of $177.37. The firm has a 50-day moving average price of $136.73 and a 200 day moving average price of $109.79. The stock has a market capitalization of $41.05 billion, a price-to-earnings ratio of -540.70 and a beta of 1.27.

Cloudflare (NYSE:NET) last announced its quarterly earnings data on Thursday, February 6th. The company reported ($0.03) EPS for the quarter, missing the consensus estimate of $0.18 by ($0.21). Cloudflare had a negative net margin of 4.72% and a negative return on equity of 5.52%. Equities research analysts anticipate that Cloudflare, Inc. will post -0.11 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of research firms recently commented on NET. UBS Group dropped their target price on shares of Cloudflare from $165.00 to $135.00 and set a “neutral” rating on the stock in a research report on Thursday, March 13th. Stifel Nicolaus increased their target price on shares of Cloudflare from $136.00 to $175.00 and gave the company a “buy” rating in a research report on Friday, February 7th. Mizuho lowered their price objective on shares of Cloudflare from $160.00 to $140.00 and set a “neutral” rating on the stock in a research report on Thursday, March 13th. Jefferies Financial Group raised their price objective on shares of Cloudflare from $100.00 to $125.00 and gave the stock a “hold” rating in a research report on Thursday, December 19th. Finally, Truist Financial raised their price objective on shares of Cloudflare from $120.00 to $140.00 and gave the stock a “buy” rating in a research report on Tuesday, January 28th. Four research analysts have rated the stock with a sell rating, eleven have assigned a hold rating and twelve have given a buy rating to the company. According to MarketBeat, the company has a consensus rating of “Hold” and an average target price of $131.64.

Hedge Funds Weigh In On Cloudflare

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in NET. Groupama Asset Managment acquired a new position in Cloudflare during the fourth quarter worth about $269,200,000. Norges Bank acquired a new position in shares of Cloudflare in the fourth quarter valued at approximately $249,544,000. American Century Companies Inc. raised its position in shares of Cloudflare by 82.0% in the fourth quarter. American Century Companies Inc. now owns 2,257,601 shares of the company’s stock valued at $243,098,000 after buying an additional 1,017,399 shares during the last quarter. Fred Alger Management LLC raised its position in shares of Cloudflare by 856.3% in the fourth quarter. Fred Alger Management LLC now owns 934,286 shares of the company’s stock valued at $100,604,000 after buying an additional 836,591 shares during the last quarter. Finally, Invesco Ltd. raised its position in shares of Cloudflare by 292.5% in the fourth quarter. Invesco Ltd. now owns 1,078,921 shares of the company’s stock valued at $116,178,000 after buying an additional 804,059 shares during the last quarter. Institutional investors and hedge funds own 82.68% of the company’s stock.

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.