Cloudflare, Inc. (NYSE:NET) CEO Sells $3,900,512.64 in Stock

Cloudflare, Inc. (NYSE:NET) CEO Matthew Prince sold 52,384 shares of the business’s stock in a transaction on Thursday, June 13th. The stock was sold at an average price of $74.46, for a total value of $3,900,512.64. Following the transaction, the chief executive officer now owns 8,742 shares in the company, valued at $650,929.32. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink.

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

• On Tuesday, June 11th, Matthew Prince sold 52,384 shares of Cloudflare stock. The stock was sold at an average price of $72.04, for a total value of $3,773,743.36.
• On Wednesday, May 8th, Matthew Prince sold 52,384 shares of Cloudflare stock. The stock was sold at an average price of $72.51, for a total value of $3,798,363.84.
• On Monday, May 6th, Matthew Prince sold 52,384 shares of Cloudflare stock. The stock was sold at an average price of $74.67, for a total value of $3,911,513.28.
• On Thursday, April 11th, Matthew Prince sold 52,384 shares of Cloudflare stock. The stock was sold at an average price of $95.29, for a total value of $4,991,671.36.
• On Tuesday, April 9th, Matthew Prince sold 52,384 shares of Cloudflare stock. The stock was sold at an average price of $96.04, for a total value of $5,030,959.36.

Cloudflare Stock Up 2.8 %

NYSE:NET opened at $75.59 on Friday. The company has a quick ratio of 3.51, a current ratio of 3.51 and a debt-to-equity ratio of 1.61. The stock’s fifty day moving average is $79.33 and its two-hundred day moving average is $85.30. Cloudflare, Inc. has a 52 week low of $53.88 and a 52 week high of $116.00. The stock has a market capitalization of $25.68 billion, a price-to-earnings ratio of -142.62 and a beta of 1.08.

Cloudflare (NYSE:NET) last released its quarterly earnings results on Thursday, May 2nd. The company reported ($0.03) EPS for the quarter, topping analysts’ consensus estimates of ($0.05) by $0.02. The company had revenue of $378.60 million for the quarter, compared to analysts’ expectations of $372.93 million. Cloudflare had a negative return on equity of 12.78% and a negative net margin of 13.10%. Research analysts anticipate that Cloudflare, Inc. will post -0.19 EPS for the current year.

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on NET. JPMorgan Chase & Co. decreased their price objective on Cloudflare from $90.00 to $80.00 and set a “neutral” rating for the company in a report on Friday, May 3rd. UBS Group decreased their price objective on Cloudflare from $88.00 to $76.00 and set a “sell” rating for the company in a report on Friday, May 3rd. Wells Fargo & Company decreased their price objective on Cloudflare from $125.00 to $105.00 and set an “overweight” rating for the company in a report on Friday, May 3rd. Royal Bank of Canada decreased their price objective on Cloudflare from $108.00 to $90.00 and set an “outperform” rating for the company in a report on Friday, May 31st. Finally, Robert W. Baird decreased their price objective on Cloudflare from $100.00 to $94.00 and set an “outperform” rating for the company in a report on Friday, May 3rd. Four analysts have rated the stock with a sell rating, nine have issued a hold rating and ten have given a buy rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $90.70.

Institutional Trading of Cloudflare

Several hedge funds have recently modified their holdings of the stock. Norges Bank purchased a new position in Cloudflare in the fourth quarter valued at $221,858,000. 1832 Asset Management L.P. increased its holdings in Cloudflare by 121.2% in the fourth quarter. 1832 Asset Management L.P. now owns 2,916,600 shares of the company’s stock valued at $242,836,000 after buying an additional 1,597,900 shares during the last quarter. Vanguard Group Inc. increased its holdings in Cloudflare by 2.7% in the fourth quarter. Vanguard Group Inc. now owns 28,159,189 shares of the company’s stock valued at $2,344,534,000 after buying an additional 740,914 shares during the last quarter. Capital World Investors increased its holdings in Cloudflare by 2.1% in the first quarter. Capital World Investors now owns 28,128,522 shares of the company’s stock valued at $2,723,685,000 after buying an additional 584,566 shares during the last quarter. Finally, SpiderRock Advisors LLC purchased a new position in shares of Cloudflare during the first quarter worth about $37,740,000. 82.68% of the stock is currently owned by institutional investors and hedge funds.

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.