Insider Selling: Cloudflare, Inc. (NYSE:NET) CEO Sells 52,384 Shares of Stock

Cloudflare, Inc. (NYSE:NET) CEO Matthew Prince sold 52,384 shares of the stock in a transaction on Thursday, October 17th. The stock was sold at an average price of $90.92, for a total value of $4,762,753.28. Following the sale, the chief executive officer now owns 10,761 shares in the company, valued at approximately $978,390.12. This represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link.

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

• 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 transaction of $4,921,476.80.
• On Friday, September 6th, Matthew Prince sold 52,384 shares of Cloudflare stock. The shares were sold at an average price of $76.55, for a total transaction of $4,009,995.20.
• On Wednesday, September 4th, Matthew Prince sold 52,384 shares of Cloudflare stock. The stock was sold at an average price of $78.06, for a total value of $4,089,095.04.
• On Thursday, August 8th, Matthew Prince sold 52,384 shares of Cloudflare stock. The stock was sold at an average price of $76.70, for a total transaction of $4,017,852.80.

Cloudflare Stock Performance

Shares of NET stock traded down $1.00 during trading hours on Thursday, reaching $90.34. 1,457,721 shares of the company traded hands, compared to its average volume of 3,207,846. The firm has a 50-day moving average price of $81.86 and a 200 day moving average price of $80.98. The company has a market cap of $30.70 billion, a P/E ratio of -170.45 and a beta of 1.10. The company has a debt-to-equity ratio of 1.46, a current ratio of 3.51 and a quick ratio of 3.51. Cloudflare, Inc. has a 12-month low of $53.88 and a 12-month high of $116.00.

Cloudflare (NYSE:NET) last posted its quarterly earnings results on Thursday, August 1st. The company reported $0.20 earnings per share for the quarter, topping analysts’ consensus estimates of $0.14 by $0.06. The business had revenue of $401.00 million during the quarter, compared to analyst estimates of $394.11 million. Cloudflare had a negative net margin of 6.90% and a negative return on equity of 8.54%. The company’s revenue was up 30.0% on a year-over-year basis. During the same period in the prior year, the business posted ($0.12) earnings per share. As a group, sell-side analysts predict that Cloudflare, Inc. will post -0.13 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Cloudflare

A number of institutional investors and hedge funds have recently bought and sold shares of NET. Riverview Trust Co purchased a new stake in shares of Cloudflare during the first quarter worth about $27,000. Allspring Global Investments Holdings LLC boosted its stake in 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 purchasing an additional 238 shares during the period. CVA Family Office LLC grew its holdings in Cloudflare by 121.3% during the 3rd quarter. CVA Family Office LLC now owns 312 shares of the company’s stock valued at $25,000 after buying an additional 171 shares in the last quarter. Quarry LP raised its position in shares of Cloudflare by 73.4% during the second quarter. Quarry LP now owns 345 shares of the company’s stock valued at $29,000 after buying an additional 146 shares during the last quarter. Finally, Thurston Springer Miller Herd & Titak Inc. purchased a new position in shares of Cloudflare in the second quarter worth $29,000. 82.68% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

NET has been the topic of a number of analyst reports. BNP Paribas began coverage on Cloudflare in a research note on Tuesday, October 8th. They issued an “underperform” rating and a $65.00 price target on the stock. Piper Sandler raised their price objective on shares of Cloudflare from $82.00 to $83.00 and gave the stock a “neutral” rating in a report on Friday, August 2nd. Royal Bank of Canada boosted their target price on shares of Cloudflare from $90.00 to $99.00 and gave the company an “outperform” rating in a report on Friday, August 2nd. Susquehanna upped their price target on Cloudflare from $80.00 to $85.00 and gave the stock a “neutral” rating in a research note on Monday, August 5th. Finally, Wolfe Research began coverage on shares of Cloudflare in a research note on Tuesday, July 16th. They set a “peer perform” rating for the company. Four analysts have rated the stock with a sell rating, twelve have given a hold rating and ten have given a buy rating to the stock. Based on data from MarketBeat, Cloudflare presently has a consensus rating of “Hold” and an average price target of $91.72.

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.