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 company’s stock in a transaction that occurred on Wednesday, June 11th. The shares were sold at an average price of $179.63, for a total value of $9,409,737.92. Following the sale, the chief executive officer now owns 381,213 shares in the company, valued at approximately $68,477,291.19. This trade represents a 12.08% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link.

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

• On Friday, June 13th, Matthew Prince sold 52,384 shares of Cloudflare stock. The shares were sold at an average price of $171.25, for a total value of $8,970,760.00.
• On Thursday, May 15th, Matthew Prince sold 52,384 shares of Cloudflare stock. The shares were sold at an average price of $152.68, for a total value of $7,997,989.12.
• On Tuesday, May 13th, Matthew Prince sold 52,384 shares of Cloudflare stock. The shares were sold at an average price of $148.85, for a total value of $7,797,358.40.
• 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 value 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 shares were sold at an average price of $116.47, for a total value of $6,101,164.48.

Cloudflare Price Performance

Shares of Cloudflare stock opened at $171.69 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 twelve month low of $69.26 and a twelve month high of $181.81. The business has a 50-day moving average price of $139.61 and a 200 day moving average price of $129.85. The firm has a market cap of $59.51 billion, a PE ratio of -780.40 and a beta of 1.84.

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

Analyst Ratings Changes

Several brokerages have issued reports on NET. Bank of America raised Cloudflare from an “underperform” rating to a “buy” rating and increased their target price for the company from $60.00 to $160.00 in a research report on Tuesday, March 25th. KeyCorp began coverage on Cloudflare in a research report on Friday, June 6th. They set an “overweight” rating and a $210.00 target price on the stock. Guggenheim increased their target price on Cloudflare from $68.00 to $70.00 and gave the company a “sell” rating in a research report on Friday, May 9th. UBS Group increased their target price on Cloudflare from $135.00 to $145.00 and gave the company a “neutral” rating in a research report on Friday, May 9th. Finally, Royal Bank of Canada lowered their price objective on Cloudflare from $170.00 to $148.00 and set an “outperform” rating for the company in a research report on Thursday, March 13th. Three analysts have rated the stock with a sell rating, ten have issued a hold rating, fourteen have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $145.92.

Institutional Investors Weigh In On Cloudflare

Several institutional investors have recently bought and sold shares of NET. CreativeOne Wealth LLC increased its position in shares of Cloudflare by 0.8% during the fourth quarter. CreativeOne Wealth LLC now owns 6,982 shares of the company’s stock worth $752,000 after acquiring an additional 58 shares during the period. Smartleaf Asset Management LLC increased its position in shares of Cloudflare by 6.2% during the first quarter. Smartleaf Asset Management LLC now owns 1,320 shares of the company’s stock worth $152,000 after acquiring an additional 77 shares during the period. Gill Capital Partners LLC increased its position in shares of Cloudflare by 2.9% during the first quarter. Gill Capital Partners LLC now owns 2,761 shares of the company’s stock worth $311,000 after acquiring an additional 79 shares during the period. Spire Wealth Management increased its position in shares of Cloudflare by 11.0% during the first quarter. Spire Wealth Management now owns 962 shares of the company’s stock worth $108,000 after acquiring an additional 95 shares during the period. Finally, Yousif Capital Management LLC increased its holdings in Cloudflare by 2.5% in the first quarter. Yousif Capital Management LLC now owns 3,969 shares of the company’s stock valued at $447,000 after buying an additional 98 shares during the last quarter. 82.68% of the stock is currently owned by institutional investors and hedge funds.

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.