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

Cloudflare, Inc. (NYSE:NET) CEO Matthew Prince sold 52,384 shares of the stock in a transaction that occurred on Friday, November 15th. The stock was sold at an average price of $89.06, for a total transaction of $4,665,319.04. Following the transaction, the chief executive officer now directly owns 192,177 shares of the company’s stock, valued at $17,115,283.62. The trade was a 21.42 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link.

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

• 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 value of $5,007,386.56.
• 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 value 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.
• On Friday, September 6th, Matthew Prince sold 52,384 shares of Cloudflare stock. The stock was sold at an average price of $76.55, for a total transaction of $4,009,995.20.
• On Wednesday, September 4th, Matthew Prince sold 52,384 shares of Cloudflare stock. The stock was sold at an average price of $78.06, for a total transaction of $4,089,095.04.

Cloudflare Price Performance

Shares of NYSE NET opened at $89.77 on Monday. The company has a current ratio of 3.37, a quick ratio of 3.37 and a debt-to-equity ratio of 1.32. The stock has a market cap of $30.67 billion, a P/E ratio of -345.27 and a beta of 1.10. The stock has a 50 day moving average of $86.12 and a two-hundred day moving average of $80.78. Cloudflare, Inc. has a twelve month low of $66.24 and a twelve month high of $116.00.

Cloudflare (NYSE:NET) last issued its quarterly earnings data on Thursday, November 7th. The company reported ($0.03) earnings per share (EPS) for the quarter, hitting the consensus estimate of ($0.03). Cloudflare had a negative net margin of 5.97% and a negative return on equity of 7.18%. The company had revenue of $430.08 million for the quarter, compared to the consensus estimate of $423.65 million. On average, research analysts forecast that Cloudflare, Inc. will post -0.11 earnings per share for the current year.

Wall Street Analyst Weigh In

NET has been the subject of several research reports. 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 note on Thursday, October 17th. Susquehanna upped their price target on Cloudflare from $80.00 to $85.00 and gave the stock a “neutral” rating in a report on Monday, August 5th. Piper Sandler lifted their price objective on Cloudflare from $83.00 to $92.00 and gave the company a “neutral” rating in a research note on Friday, November 8th. UBS Group upped their target price on shares of Cloudflare from $88.00 to $95.00 and gave the stock a “neutral” rating in a research note on Friday, November 8th. Finally, Guggenheim raised their target price on shares of Cloudflare from $50.00 to $57.00 and gave the company a “sell” rating in a report on Friday, August 2nd. Four investment analysts have rated the stock with a sell rating, twelve have issued a hold rating and ten have given a buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $92.88.

Institutional Trading of Cloudflare

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Geode Capital Management LLC increased its holdings in shares of Cloudflare by 2.6% in the third quarter. Geode Capital Management LLC now owns 4,834,558 shares of the company’s stock valued at $390,130,000 after purchasing an additional 121,810 shares during the period. Nomura Asset Management Co. Ltd. raised its position in Cloudflare by 5.0% during the 3rd quarter. Nomura Asset Management Co. Ltd. now owns 83,680 shares of the company’s stock worth $6,769,000 after buying an additional 4,000 shares during the last quarter. Y Intercept Hong Kong Ltd acquired a new stake in shares of Cloudflare in the 3rd quarter worth $919,000. National Bank of Canada FI boosted its holdings in shares of Cloudflare by 17.9% in the third quarter. National Bank of Canada FI now owns 8,292 shares of the company’s stock valued at $671,000 after acquiring an additional 1,261 shares in the last quarter. Finally, Wellington Management Group LLP increased its stake in shares of Cloudflare by 4.8% during the third quarter. Wellington Management Group LLP now owns 4,034 shares of the company’s stock worth $326,000 after acquiring an additional 186 shares during the period. 82.68% of the stock is owned by hedge funds and other institutional investors.

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.