Cloudflare, Inc. (NYSE:NET) CEO Sells $4,665,319.04 in Stock

Cloudflare, Inc. (NYSE:NET) CEO Matthew Prince sold 52,384 shares of the stock in a transaction on Friday, November 15th. The shares were 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 in the company, valued at approximately $17,115,283.62. The trade was a 21.42 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink.

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

Cloudflare Trading Down 2.3 %

Shares of Cloudflare stock traded down $2.15 during trading hours on Friday, reaching $89.79. 3,358,609 shares of the company’s stock were exchanged, compared to its average volume of 3,178,625. Cloudflare, Inc. has a 52-week low of $66.24 and a 52-week high of $116.00. The firm has a market capitalization of $30.68 billion, a price-to-earnings ratio of -345.33 and a beta of 1.10. The company has a fifty day moving average of $86.12 and a 200-day moving average of $80.88. 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 issued its quarterly earnings results on Thursday, November 7th. The company reported ($0.03) earnings per share for the quarter, hitting analysts’ consensus estimates of ($0.03). The company had revenue of $430.08 million for the quarter, compared to analyst estimates of $423.65 million. Cloudflare had a negative return on equity of 7.18% and a negative net margin of 5.97%. Sell-side analysts forecast that Cloudflare, Inc. will post -0.12 EPS for the current fiscal year.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the company. Allspring Global Investments Holdings LLC increased its holdings 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 in the last quarter. Empowered Funds LLC grew its stake in Cloudflare by 24.3% in the first quarter. Empowered Funds LLC now owns 3,528 shares of the company’s stock worth $342,000 after purchasing an additional 689 shares in the last quarter. Russell Investments Group Ltd. grew its stake in Cloudflare by 8.9% in the first quarter. Russell Investments Group Ltd. now owns 82,392 shares of the company’s stock worth $7,968,000 after purchasing an additional 6,714 shares in the last quarter. Avantax Advisory Services Inc. acquired a new position in Cloudflare in the first quarter worth about $676,000. Finally, Bleakley Financial Group LLC lifted its holdings in Cloudflare by 5.6% in the first quarter. Bleakley Financial Group LLC now owns 3,329 shares of the company’s stock worth $322,000 after acquiring an additional 178 shares during the last quarter. 82.68% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several research analysts recently commented on the company. Needham & Company LLC reissued a “buy” rating and set a $135.00 target price on shares of Cloudflare in a research note on Friday, August 2nd. Piper Sandler lifted their price target on Cloudflare from $83.00 to $92.00 and gave the stock a “neutral” rating in a report on Friday, November 8th. Susquehanna boosted their target price on Cloudflare from $80.00 to $85.00 and gave the company a “neutral” rating in a report on Monday, August 5th. Wells Fargo & Company upped their price objective on Cloudflare from $105.00 to $110.00 and gave the company an “overweight” rating in a research note on Friday, November 8th. Finally, Mizuho boosted their target price on Cloudflare from $92.00 to $105.00 and gave the stock a “neutral” rating in a research report on Thursday, October 17th. Four equities research analysts have rated the stock with a sell rating, twelve have given a hold rating and ten have issued a buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $92.88.

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.