Cloudflare, Inc. (NYSE:NET) CEO Matthew Prince Sells 52,384 Shares

Cloudflare, Inc. (NYSE:NET) CEO Matthew Prince sold 52,384 shares of Cloudflare stock in a transaction dated Tuesday, October 15th. The shares were sold at an average price of $93.95, for a total value of $4,921,476.80. Following the sale, the chief executive officer now owns 10,761 shares of the company’s stock, valued at approximately $1,010,995.95. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website.

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

• 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 transaction of $4,762,753.28.
• On Friday, September 6th, Matthew Prince sold 52,384 shares of Cloudflare stock. The stock was sold at an average price of $76.55, for a total value of $4,009,995.20.
• On Wednesday, September 4th, Matthew Prince sold 52,384 shares of Cloudflare stock. The shares were 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 shares were sold at an average price of $76.70, for a total transaction of $4,017,852.80.

Cloudflare Trading Down 1.1 %

Shares of NYSE NET opened at $90.34 on Friday. The stock has a market capitalization of $30.70 billion, a P/E ratio of -170.45 and a beta of 1.10. Cloudflare, Inc. has a 1-year low of $53.88 and a 1-year high of $116.00. The business’s 50 day moving average is $82.13 and its two-hundred day moving average is $81.05. 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 (NYSE:NET) last announced its earnings results on Thursday, August 1st. The company reported $0.20 earnings per share for the quarter, beating the consensus estimate of $0.14 by $0.06. Cloudflare had a negative net margin of 6.90% and a negative return on equity of 8.54%. The business had revenue of $401.00 million for the quarter, compared to the consensus estimate of $394.11 million. During the same quarter in the prior year, the firm posted ($0.12) earnings per share. The business’s revenue for the quarter was up 30.0% on a year-over-year basis. As a group, research analysts expect that Cloudflare, Inc. will post -0.13 EPS for the current year.

Hedge Funds Weigh In On Cloudflare

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Baillie Gifford & Co. lifted its position in Cloudflare by 8.5% during the second quarter. Baillie Gifford & Co. now owns 32,722,670 shares of the company’s stock valued at $2,710,419,000 after acquiring an additional 2,575,396 shares during the last quarter. Vanguard Group Inc. grew its stake in Cloudflare by 1.5% during the 1st quarter. Vanguard Group Inc. now owns 28,572,053 shares of the company’s stock worth $2,766,632,000 after buying an additional 412,864 shares during the last quarter. Capital World Investors increased its position in Cloudflare by 2.1% during the 1st quarter. Capital World Investors now owns 28,128,522 shares of the company’s stock valued at $2,723,685,000 after buying an additional 584,566 shares in the last quarter. Sumitomo Mitsui Trust Holdings Inc. raised its stake in Cloudflare by 1.2% in the second quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 1,661,425 shares of the company’s stock valued at $137,616,000 after buying an additional 19,446 shares during the last quarter. Finally, Marshall Wace LLP boosted its holdings in Cloudflare by 123.4% in the second quarter. Marshall Wace LLP now owns 1,548,535 shares of the company’s stock worth $128,265,000 after acquiring an additional 855,334 shares in the last quarter. Hedge funds and other institutional investors own 82.68% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities analysts recently issued reports on the stock. Scotiabank began coverage on shares of Cloudflare in a research note on Monday, July 8th. They issued a “sector perform” rating and a $85.00 price target for the company. Susquehanna lifted their price target on shares of Cloudflare from $80.00 to $85.00 and gave the company a “neutral” rating in a research report on Monday, August 5th. Piper Sandler raised their price objective on Cloudflare from $82.00 to $83.00 and gave the company a “neutral” rating in a research report on Friday, August 2nd. UBS Group raised Cloudflare from a “sell” rating to a “neutral” rating and lifted their price target for the stock from $76.00 to $82.00 in a research report on Tuesday, June 25th. Finally, BNP Paribas began coverage on shares of Cloudflare in a report on Tuesday, October 8th. They set an “underperform” rating and a $65.00 price target on the stock. Four equities research analysts have rated the stock with a sell rating, twelve have assigned a hold rating and ten have issued a buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $91.72.

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.