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

Cloudflare, Inc. (NYSE:NET) CEO Matthew Prince sold 52,384 shares of the business’s stock in a transaction dated Tuesday, February 24th. The stock was sold at an average price of $164.15, for a total value of $8,598,833.60. Following the transaction, the chief executive officer directly owned 22,911 shares of the company’s stock, valued at $3,760,840.65. The trade was a 69.57% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this hyperlink.

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

• On Thursday, February 26th, Matthew Prince sold 52,384 shares of Cloudflare stock. The stock was sold at an average price of $173.78, for a total transaction of $9,103,291.52.
• On Thursday, January 8th, Matthew Prince sold 52,384 shares of Cloudflare stock. The shares were sold at an average price of $189.47, for a total value of $9,925,196.48.
• On Tuesday, January 6th, Matthew Prince sold 52,384 shares of Cloudflare stock. The stock was sold at an average price of $194.77, for a total value of $10,202,831.68.
• On Friday, December 5th, Matthew Prince sold 52,384 shares of Cloudflare stock. The shares were sold at an average price of $201.23, for a total value of $10,541,232.32.
• On Wednesday, December 3rd, Matthew Prince sold 52,384 shares of Cloudflare stock. The stock was sold at an average price of $202.19, for a total value of $10,591,520.96.

Cloudflare Price Performance

NET traded up $2.79 during midday trading on Thursday, hitting $174.59. The stock had a trading volume of 4,094,326 shares, compared to its average volume of 6,125,009. The company has a debt-to-equity ratio of 1.46, a quick ratio of 2.04 and a current ratio of 2.04. Cloudflare, Inc. has a 1 year low of $89.42 and a 1 year high of $260.00. The business has a fifty day moving average of $186.33 and a 200 day moving average of $203.14. The company has a market cap of $61.16 billion, a P/E ratio of -602.01 and a beta of 1.97.

Cloudflare (NYSE:NET) last announced its quarterly earnings data on Tuesday, February 10th. The company reported $0.28 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.27 by $0.01. Cloudflare had a negative return on equity of 7.40% and a negative net margin of 4.72%.The firm had revenue of $614.51 million for the quarter, compared to analysts’ expectations of $591.67 million. During the same period last year, the firm earned $0.19 earnings per share. The company’s revenue for the quarter was up 33.6% compared to the same quarter last year. As a group, equities analysts forecast that Cloudflare, Inc. will post -0.11 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several brokerages have recently issued reports on NET. DZ Bank raised Cloudflare from a “hold” rating to a “buy” rating and set a $215.00 target price for the company in a research report on Friday, February 13th. Mizuho decreased their target price on Cloudflare from $280.00 to $255.00 and set an “outperform” rating for the company in a research report on Wednesday, January 21st. Oppenheimer started coverage on shares of Cloudflare in a research note on Monday, November 10th. They set an “outperform” rating and a $260.00 target price for the company. Wolfe Research reiterated a “peer perform” rating on shares of Cloudflare in a research note on Monday, January 26th. Finally, Morgan Stanley set a $245.00 price objective on Cloudflare in a research note on Wednesday, February 11th. One research analyst has rated the stock with a Strong Buy rating, nineteen have issued a Buy rating, seven have issued a Hold rating and three have assigned a Sell rating to the stock. According to data from MarketBeat, Cloudflare currently has a consensus rating of “Moderate Buy” and an average target price of $230.70.

Hedge Funds Weigh In On Cloudflare

Institutional investors have recently added to or reduced their stakes in the company. Physician Wealth Advisors Inc. raised its position in Cloudflare by 693.3% in the 3rd quarter. Physician Wealth Advisors Inc. now owns 119 shares of the company’s stock worth $26,000 after purchasing an additional 104 shares during the period. Wiser Advisor Group LLC bought a new stake in shares of Cloudflare during the 3rd quarter worth approximately $26,000. HM Payson & Co. purchased a new position in Cloudflare during the 4th quarter valued at $25,000. Westside Investment Management Inc. lifted its position in shares of Cloudflare by 100.0% during the third quarter. Westside Investment Management Inc. now owns 130 shares of the company’s stock worth $28,000 after purchasing an additional 65 shares during the last quarter. Finally, ORG Wealth Partners LLC lifted its position in shares of Cloudflare by 101.4% during the third quarter. ORG Wealth Partners LLC now owns 139 shares of the company’s stock worth $30,000 after purchasing an additional 70 shares during the last quarter. Hedge funds and other institutional investors own 82.68% of the company’s stock.

Cloudflare Company Profile

Cloudflare, Inc is a global web infrastructure and security company that provides a suite of services designed to improve the performance, reliability and security of internet properties. Its core offerings include a content delivery network (CDN), distributed denial-of-service (DDoS) protection, managed DNS, and a web application firewall (WAF). Cloudflare also provides tools for bot management, SSL/TLS, load balancing and rate limiting to help organizations maintain uptime and protect web applications from attack.

In addition to traditional edge and security services, Cloudflare has expanded into edge computing and developer platforms.