Insider Selling: Cloudflare, Inc. (NYSE:NET) CEO Sells $3,773,743.36 in Stock

Cloudflare, Inc. (NYSE:NET) CEO Matthew Prince sold 52,384 shares of the firm’s stock in a transaction dated Tuesday, June 11th. The stock was sold at an average price of $72.04, for a total value of $3,773,743.36. Following the completion of the transaction, the chief executive officer now directly owns 8,742 shares in the company, valued at $629,773.68. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink.

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

• On Thursday, June 13th, Matthew Prince sold 52,384 shares of Cloudflare stock. The stock was sold at an average price of $74.46, for a total value of $3,900,512.64.
• 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 value of $3,798,363.84.
• On Monday, May 6th, Matthew Prince sold 52,384 shares of Cloudflare stock. The shares were sold at an average price of $74.67, for a total value of $3,911,513.28.
• On Thursday, April 11th, Matthew Prince sold 52,384 shares of Cloudflare stock. The shares were sold at an average price of $95.29, for a total value of $4,991,671.36.
• On Tuesday, April 9th, Matthew Prince sold 52,384 shares of Cloudflare stock. The shares were sold at an average price of $96.04, for a total value of $5,030,959.36.

Cloudflare Price Performance

NET opened at $75.59 on Friday. The business has a fifty day moving average of $79.33 and a 200 day moving average of $85.30. Cloudflare, Inc. has a 52-week low of $53.88 and a 52-week high of $116.00. 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 stock has a market cap of $25.68 billion, a P/E ratio of -142.62 and a beta of 1.08.

Cloudflare (NYSE:NET) last posted its quarterly earnings data on Thursday, May 2nd. The company reported ($0.03) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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 company had revenue of $378.60 million during the quarter, compared to analysts’ expectations of $372.93 million. As a group, sell-side analysts anticipate that Cloudflare, Inc. will post -0.19 EPS for the current year.

Institutional Investors Weigh In On Cloudflare

Several hedge funds have recently made changes to their positions in NET. Riverview Trust Co purchased a new stake in shares of Cloudflare in the 1st quarter worth $27,000. Allspring Global Investments Holdings LLC lifted its holdings in shares of Cloudflare by 595.0% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 278 shares of the company’s stock worth $27,000 after buying an additional 238 shares during the period. ICA Group Wealth Management LLC purchased a new stake in shares of Cloudflare in the 4th quarter worth $38,000. GAMMA Investing LLC purchased a new stake in shares of Cloudflare in the 4th quarter worth $39,000. Finally, Pingora Partners LLC purchased a new stake in shares of Cloudflare in the 4th quarter worth $42,000. 82.68% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of research analysts have recently weighed in on the company. The Goldman Sachs Group lowered their price objective on Cloudflare from $77.00 to $68.00 and set a “sell” rating on the stock in a research report on Tuesday, June 4th. Royal Bank of Canada lowered their price objective on Cloudflare from $108.00 to $90.00 and set an “outperform” rating on the stock in a research report on Friday, May 31st. Citigroup lowered their price objective on Cloudflare from $95.00 to $90.00 and set a “neutral” rating on the stock in a research report on Thursday, May 9th. TD Cowen decreased their target price on Cloudflare from $117.00 to $110.00 and set a “buy” rating on the stock in a research note on Friday, May 3rd. Finally, KeyCorp decreased their target price on Cloudflare from $132.00 to $94.00 and set an “overweight” rating on the stock in a research note on Friday, May 3rd. Four research analysts have rated the stock with a sell rating, nine have given a hold rating and ten have given a buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $90.70.

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.