Cloudflare, Inc. (NYSE:NET) CEO Matthew Prince Sells 52,384 Shares

Cloudflare, Inc. (NYSE:NET) CEO Matthew Prince sold 52,384 shares of the business’s stock in a transaction dated Wednesday, January 8th. The shares were sold at an average price of $113.73, for a total transaction of $5,957,632.32. Following the completion of the sale, the chief executive officer now owns 10,762 shares of the company’s stock, valued at approximately $1,223,962.26. This represents a 82.96 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this link.

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

• 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 stock was sold at an average price of $111.90, for a total value of $5,861,769.60.
• On Wednesday, December 18th, Matthew Prince sold 52,384 shares of Cloudflare stock. The stock was sold at an average price of $113.00, for a total value of $5,919,392.00.
• On Friday, November 15th, Matthew Prince sold 52,384 shares of Cloudflare stock. The shares were sold at an average price of $89.06, for a total value of $4,665,319.04.
• On Wednesday, November 13th, Matthew Prince sold 52,384 shares of Cloudflare stock. The stock was sold at an average price of $95.59, for a total transaction of $5,007,386.56.
• On Thursday, October 17th, Matthew Prince sold 52,384 shares of Cloudflare stock. The stock was sold at an average price of $90.92, for a total transaction of $4,762,753.28.
• On Tuesday, October 15th, Matthew Prince sold 52,384 shares of Cloudflare stock. The shares were sold at an average price of $93.95, for a total value of $4,921,476.80.

Cloudflare Price Performance

NET traded up $2.15 during trading on Wednesday, hitting $115.82. The company’s stock had a trading volume of 3,029,091 shares, compared to its average volume of 3,242,758. The firm has a market capitalization of $39.75 billion, a price-to-earnings ratio of -445.46 and a beta of 1.10. Cloudflare, Inc. has a twelve month low of $66.24 and a twelve month high of $119.42. The business’s fifty day simple moving average is $103.82 and its 200 day simple moving average is $89.73. The company has a current ratio of 3.37, a quick ratio of 3.37 and a debt-to-equity ratio of 1.32.

Cloudflare (NYSE:NET) last released its quarterly earnings results on Thursday, November 7th. The company reported ($0.03) earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of ($0.03). The firm had revenue of $430.08 million for the quarter, compared to analysts’ expectations of $423.65 million. Cloudflare had a negative net margin of 5.97% and a negative return on equity of 7.18%. On average, equities research analysts forecast that Cloudflare, Inc. will post -0.1 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several equities research analysts have weighed in on NET shares. UBS Group raised their price target on Cloudflare from $88.00 to $95.00 and gave the stock a “neutral” rating in a report on Friday, November 8th. Morgan Stanley upgraded shares of Cloudflare from an “equal weight” rating to an “overweight” rating and lifted their target price for the stock from $92.00 to $130.00 in a research note on Monday, December 2nd. Scotiabank raised their price target on shares of Cloudflare from $85.00 to $87.00 and gave the stock a “sector perform” rating in a report on Friday, November 8th. Piper Sandler boosted their price objective on shares of Cloudflare from $83.00 to $92.00 and gave the company a “neutral” rating in a report on Friday, November 8th. Finally, Mizuho raised their target price on Cloudflare from $102.00 to $125.00 and gave the stock a “neutral” rating in a research note on Friday, December 13th. Three analysts have rated the stock with a sell rating, twelve have assigned a hold rating and thirteen have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $102.30.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the stock. TD Asset Management Inc lifted its holdings in Cloudflare by 1.4% in the 2nd quarter. TD Asset Management Inc now owns 69,996 shares of the company’s stock valued at $5,798,000 after purchasing an additional 939 shares in the last quarter. National Bank of Canada FI boosted its position in Cloudflare by 10.0% during the second quarter. National Bank of Canada FI now owns 7,031 shares of the company’s stock worth $590,000 after acquiring an additional 640 shares during the last quarter. Certuity LLC raised its holdings in Cloudflare by 17.2% in the 2nd quarter. Certuity LLC now owns 2,939 shares of the company’s stock valued at $243,000 after acquiring an additional 432 shares during the last quarter. Ballentine Partners LLC lifted its stake in Cloudflare by 10.3% in the 2nd quarter. Ballentine Partners LLC now owns 2,656 shares of the company’s stock worth $220,000 after purchasing an additional 249 shares in the last quarter. Finally, Royal London Asset Management Ltd. lifted its stake in Cloudflare by 2.1% in the 2nd quarter. Royal London Asset Management Ltd. now owns 111,898 shares of the company’s stock worth $9,269,000 after purchasing an additional 2,330 shares in 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.