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

Cloudflare, Inc. (NYSE:NET) CEO Matthew Prince sold 52,384 shares of the firm’s stock in a transaction dated Tuesday, May 13th. The shares were sold at an average price of $148.85, for a total transaction of $7,797,358.40. Following the transaction, the chief executive officer now directly owns 399,276 shares in the company, valued at $59,432,232.60. This trade represents a 11.60% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website.

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

• On Thursday, May 15th, Matthew Prince sold 52,384 shares of Cloudflare stock. The stock was sold at an average price of $152.68, for a total transaction of $7,997,989.12.
• On Tuesday, April 8th, Matthew Prince sold 52,384 shares of Cloudflare stock. The stock was sold at an average price of $100.88, for a total transaction of $5,284,497.92.
• On Thursday, April 10th, Matthew Prince sold 2,311 shares of Cloudflare stock. The stock was sold at an average price of $107.75, for a total value of $249,010.25.
• On Wednesday, March 19th, Matthew Prince sold 52,384 shares of Cloudflare stock. The shares were sold at an average price of $117.32, for a total value of $6,145,690.88.
• On Monday, March 17th, Matthew Prince sold 52,384 shares of Cloudflare stock. The stock was sold at an average price of $116.47, for a total transaction of $6,101,164.48.
• On Thursday, February 27th, Matthew Prince sold 52,384 shares of Cloudflare stock. The stock was sold at an average price of $145.04, for a total transaction of $7,597,775.36.
• On Tuesday, February 25th, Matthew Prince sold 52,384 shares of Cloudflare stock. The stock was sold at an average price of $143.39, for a total transaction of $7,511,341.76.

Cloudflare Price Performance

Shares of NYSE:NET opened at $152.58 on Friday. 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 52 week low of $66.24 and a 52 week high of $177.37. The company has a market cap of $52.65 billion, a P/E ratio of -693.55 and a beta of 1.78. The company has a 50-day moving average price of $117.65 and a 200 day moving average price of $119.24.

Cloudflare (NYSE:NET) last issued its earnings results on Thursday, May 8th. The company reported $0.16 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.17 by ($0.01). The company had revenue of $479.09 million during the quarter, compared to analysts’ expectations of $469.49 million. Cloudflare had a negative net margin of 4.72% and a negative return on equity of 5.52%. The company’s quarterly revenue was up 26.5% on a year-over-year basis. During the same period last year, the business posted $0.16 earnings per share. Research analysts predict that Cloudflare, Inc. will post -0.11 earnings per share for the current year.

Hedge Funds Weigh In On Cloudflare

Hedge funds have recently added to or reduced their stakes in the business. Capital World Investors raised its stake in Cloudflare by 0.7% in the 4th quarter. Capital World Investors now owns 35,409,307 shares of the company’s stock valued at $3,812,942,000 after purchasing an additional 260,415 shares during the last quarter. Vanguard Group Inc. grew its holdings in shares of Cloudflare by 1.8% during the 1st quarter. Vanguard Group Inc. now owns 30,836,909 shares of the company’s stock worth $3,475,011,000 after purchasing an additional 538,850 shares during the period. Geode Capital Management LLC raised its stake in shares of Cloudflare by 1.4% in the 4th quarter. Geode Capital Management LLC now owns 4,903,219 shares of the company’s stock valued at $526,986,000 after acquiring an additional 68,661 shares during the period. American Century Companies Inc. grew its stake in shares of Cloudflare by 34.5% in the first quarter. American Century Companies Inc. now owns 3,037,420 shares of the company’s stock valued at $342,287,000 after buying an additional 779,819 shares in the last quarter. Finally, Groupama Asset Managment acquired a new stake in Cloudflare during the 4th quarter valued at $269,200,000. 82.68% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several research firms have recently commented on NET. Piper Sandler reiterated a “neutral” rating and set a $151.00 price target (up previously from $112.00) on shares of Cloudflare in a report on Friday, May 9th. Scotiabank lifted their target price on Cloudflare from $87.00 to $110.00 and gave the company a “sector perform” rating in a research report on Tuesday, January 21st. JMP Securities increased their price objective on Cloudflare from $135.00 to $180.00 and gave the company a “market outperform” rating in a research note on Friday, February 7th. Oppenheimer increased their price objective on shares of Cloudflare from $150.00 to $165.00 and gave the company an “outperform” rating in a research report on Friday, May 9th. Finally, Guggenheim upped their price target on Cloudflare from $68.00 to $70.00 and gave the company a “sell” rating in a report on Friday, May 9th. Three investment analysts have rated the stock with a sell rating, ten have assigned a hold rating, thirteen have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, Cloudflare presently has a consensus rating of “Hold” and an average price target of $141.79.

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.