Cloudflare, Inc. (NYSE:NET) CEO Sells $5,970,728.32 in Stock

Cloudflare, Inc. (NYSE:NET) CEO Matthew Prince sold 52,384 shares of the stock in a transaction dated Monday, January 6th. The shares were sold at an average price of $113.98, for a total value of $5,970,728.32. Following the completion of the transaction, the chief executive officer now directly owns 10,762 shares in the company, valued at $1,226,652.76. This represents a 82.96 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink.

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

• On Wednesday, January 8th, Matthew Prince sold 52,384 shares of Cloudflare stock. The shares were sold at an average price of $113.73, for a total value of $5,957,632.32.
• On Friday, December 20th, Matthew Prince sold 52,384 shares of Cloudflare stock. The shares were 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 shares were 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 shares were 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 shares were 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 stock was 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 stock was sold at an average price of $93.95, for a total value of $4,921,476.80.

Cloudflare Stock Performance

NYSE NET opened at $112.91 on Friday. The stock’s fifty day moving average is $104.91 and its two-hundred day moving average is $90.09. The firm has a market capitalization of $38.75 billion, a P/E ratio of -434.27 and a beta of 1.10. The company has a debt-to-equity ratio of 1.32, a quick ratio of 3.37 and a current ratio of 3.37. Cloudflare, Inc. has a fifty-two week low of $66.24 and a fifty-two week high of $119.42.

Cloudflare (NYSE:NET) last released its quarterly earnings data on Thursday, November 7th. The company reported ($0.03) earnings per share for the quarter, hitting analysts’ consensus estimates of ($0.03). Cloudflare had a negative return on equity of 7.18% and a negative net margin of 5.97%. The company had revenue of $430.08 million for the quarter, compared to analyst estimates of $423.65 million. On average, research analysts anticipate that Cloudflare, Inc. will post -0.1 earnings per share for the current year.

Institutional Investors Weigh In On Cloudflare

A number of institutional investors and hedge funds have recently added to or reduced their stakes in NET. CVA Family Office LLC raised its position in Cloudflare by 121.3% in the third quarter. CVA Family Office LLC now owns 312 shares of the company’s stock valued at $25,000 after purchasing an additional 171 shares during the period. Quarry LP raised its position in Cloudflare by 73.4% in the second quarter. Quarry LP now owns 345 shares of the company’s stock valued at $29,000 after purchasing an additional 146 shares during the period. Capital Performance Advisors LLP purchased a new stake in Cloudflare in the third quarter valued at $38,000. Quest Partners LLC purchased a new stake in Cloudflare in the third quarter valued at $54,000. Finally, Versant Capital Management Inc raised its position in Cloudflare by 44.9% in the fourth quarter. Versant Capital Management Inc now owns 549 shares of the company’s stock valued at $59,000 after purchasing an additional 170 shares during the period. Hedge funds and other institutional investors own 82.68% of the company’s stock.

Analysts Set New Price Targets

NET has been the topic of several analyst reports. Piper Sandler raised their target price on Cloudflare from $83.00 to $92.00 and gave the stock a “neutral” rating in a report on Friday, November 8th. Mizuho raised their target price on Cloudflare from $102.00 to $125.00 and gave the stock a “neutral” rating in a report on Friday, December 13th. Jefferies Financial Group raised their target price on Cloudflare from $100.00 to $125.00 and gave the stock a “hold” rating in a report on Thursday, December 19th. Morgan Stanley upgraded Cloudflare from an “equal weight” rating to an “overweight” rating and increased their price target for the stock from $92.00 to $130.00 in a research report on Monday, December 2nd. Finally, Wells Fargo & Company increased their price target on Cloudflare from $110.00 to $135.00 and gave the stock an “overweight” rating in a research report on Tuesday. Three equities research analysts have rated the stock with a sell rating, twelve have given a hold rating and thirteen have given a buy rating to the company. According to MarketBeat, the company 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.