Insider Selling: Cloudflare, Inc. (NYSE:NET) CEO Sells $5,957,632.32 in Stock

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

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

• On Monday, January 6th, Matthew Prince sold 52,384 shares of Cloudflare stock. The stock was sold at an average price of $113.98, for a total value 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 stock was 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 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.

Cloudflare Price Performance

Shares of NYSE:NET opened at $112.91 on Friday. The company’s fifty day moving average is $104.91 and its two-hundred day moving average is $90.09. 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 12-month low of $66.24 and a 12-month high of $119.42. The company has a market cap of $38.75 billion, a P/E ratio of -434.27 and a beta of 1.10.

Cloudflare (NYSE:NET) last announced its earnings results on Thursday, November 7th. The company reported ($0.03) earnings per share (EPS) for the quarter, meeting 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. Equities analysts expect that Cloudflare, Inc. will post -0.1 earnings per share for the current fiscal year.

Institutional Trading of Cloudflare

Large investors have recently added to or reduced their stakes in the company. Hartline Investment Corp raised its stake in Cloudflare by 7.6% during the 3rd quarter. Hartline Investment Corp now owns 260,379 shares of the company’s stock valued at $21,062,000 after purchasing an additional 18,426 shares during the period. WIM INVESTMENT MANAGEMENT Ltd purchased a new position in shares of Cloudflare during the 3rd quarter valued at $25,588,000. Charles Schwab Investment Management Inc. grew its holdings in shares of Cloudflare by 2.7% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,157,815 shares of the company’s stock valued at $93,656,000 after acquiring an additional 29,960 shares in the last quarter. National Pension Service grew its holdings in shares of Cloudflare by 0.9% during the 3rd quarter. National Pension Service now owns 471,923 shares of the company’s stock valued at $38,174,000 after acquiring an additional 4,062 shares in the last quarter. Finally, Susquehanna Fundamental Investments LLC purchased a new position in shares of Cloudflare during the 2nd quarter valued at $7,319,000. 82.68% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

NET has been the subject of a number of research reports. The Goldman Sachs Group upgraded Cloudflare from a “sell” rating to a “buy” rating and lifted their target price for the company from $77.00 to $140.00 in a research note on Thursday, January 2nd. Scotiabank boosted their price objective on Cloudflare from $85.00 to $87.00 and gave the stock a “sector perform” rating in a research report on Friday, November 8th. Piper Sandler boosted their price objective on Cloudflare from $83.00 to $92.00 and gave the stock a “neutral” rating in a research report on Friday, November 8th. Royal Bank of Canada boosted their price objective on Cloudflare from $99.00 to $123.00 and gave the stock an “outperform” rating in a research report on Friday, January 3rd. Finally, Stifel Nicolaus upgraded Cloudflare from a “hold” rating to a “buy” rating and boosted their price objective for the stock from $95.00 to $136.00 in a research report on Tuesday, December 17th. Three analysts have rated the stock with a sell rating, twelve have issued a hold rating and thirteen have issued a buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $102.30.

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.