Cloudflare, Inc. (NYSE:NET) CEO Sells $4,345,776.64 in Stock

Cloudflare, Inc. (NYSE:NET) CEO Matthew Prince sold 52,384 shares of the company’s stock in a transaction dated Tuesday, July 9th. The stock was sold at an average price of $82.96, for a total value of $4,345,776.64. Following the sale, the chief executive officer now owns 8,742 shares in the company, valued at approximately $725,236.32. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link.

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

• On Thursday, July 11th, Matthew Prince sold 52,384 shares of Cloudflare stock. The stock was sold at an average price of $82.67, for a total value of $4,330,585.28.
• On Thursday, June 13th, Matthew Prince sold 52,384 shares of Cloudflare stock. The shares were sold at an average price of $74.46, for a total value of $3,900,512.64.
• 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 transaction of $3,773,743.36.
• On Wednesday, May 8th, Matthew Prince sold 52,384 shares of Cloudflare stock. The shares were sold at an average price of $72.51, for a total transaction 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 transaction of $3,911,513.28.

Cloudflare Price Performance

Shares of NYSE:NET traded down $0.37 during midday trading on Thursday, hitting $82.00. The stock had a trading volume of 1,916,869 shares, compared to its average volume of 3,659,955. 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 company has a market capitalization of $27.86 billion, a P/E ratio of -154.72 and a beta of 1.10. The company’s 50-day moving average price is $76.25 and its 200-day moving average price is $85.40. Cloudflare, Inc. has a fifty-two week low of $53.88 and a fifty-two week high of $116.00.

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

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of NET. Riverview Trust Co acquired a new stake in shares of Cloudflare in the 1st quarter valued at approximately $27,000. Allspring Global Investments Holdings LLC lifted its stake in Cloudflare by 595.0% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 278 shares of the company’s stock valued at $27,000 after purchasing an additional 238 shares during the last quarter. Thurston Springer Miller Herd & Titak Inc. acquired a new stake in Cloudflare in the second quarter valued at approximately $29,000. ICA Group Wealth Management LLC bought a new stake in shares of Cloudflare during the fourth quarter worth $38,000. Finally, Versant Capital Management Inc increased its holdings in shares of Cloudflare by 1,202.9% during the second quarter. Versant Capital Management Inc now owns 456 shares of the company’s stock worth $38,000 after buying an additional 421 shares in the last quarter. Institutional investors own 82.68% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts recently commented on NET shares. JPMorgan Chase & Co. reduced their price target on Cloudflare from $90.00 to $80.00 and set a “neutral” rating for the company in a report on Friday, May 3rd. Morgan Stanley reiterated an “equal weight” rating and set a $92.00 target price on shares of Cloudflare in a research note on Monday, June 17th. Citigroup dropped their price target on Cloudflare from $95.00 to $90.00 and set a “neutral” rating on the stock in a research note on Thursday, May 9th. Robert W. Baird reduced their price objective on shares of Cloudflare from $100.00 to $94.00 and set an “outperform” rating for the company in a research report on Friday, May 3rd. Finally, Needham & Company LLC reissued a “buy” rating and issued a $135.00 price objective on shares of Cloudflare in a research report on Friday, May 31st. Three equities research analysts have rated the stock with a sell rating, eleven have given a hold rating and ten have given a buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $90.71.

Cloudflare Company Profile

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.