Cloudflare, Inc. (NYSE:NET) CEO Sells $4,762,753.28 in Stock

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

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

• On Tuesday, October 15th, Matthew Prince sold 52,384 shares of Cloudflare stock. The stock was sold at an average price of $93.95, for a total value of $4,921,476.80.
• 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 stock was sold at an average price of $76.70, for a total transaction of $4,017,852.80.

Cloudflare Stock Down 1.1 %

NYSE:NET traded down $1.00 during trading hours on Thursday, hitting $90.34. 1,457,721 shares of the company traded hands, compared to its average volume of 3,207,846. Cloudflare, Inc. has a one year low of $53.88 and a one year 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 1.46. The company has a market cap of $30.70 billion, a PE ratio of -170.45 and a beta of 1.10. The firm’s 50-day simple moving average is $81.86 and its 200-day simple moving average is $80.98.

Cloudflare (NYSE:NET) last released its quarterly earnings results on Thursday, August 1st. The company reported $0.20 earnings per share for the quarter, topping 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 analysts’ expectations of $394.11 million. During the same period in the previous year, the company earned ($0.12) earnings per share. The firm’s revenue for the quarter was up 30.0% compared to the same quarter last year. Equities analysts predict that Cloudflare, Inc. will post -0.13 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of brokerages recently weighed in on NET. Susquehanna lifted their target price on shares of Cloudflare from $80.00 to $85.00 and gave the stock a “neutral” rating in a research note on Monday, August 5th. Royal Bank of Canada lifted their price objective on Cloudflare from $90.00 to $99.00 and gave the stock an “outperform” rating in a research report on Friday, August 2nd. Wolfe Research assumed coverage on Cloudflare in a research report on Tuesday, July 16th. They set a “peer perform” rating on the stock. UBS Group upgraded Cloudflare from a “sell” rating to a “neutral” rating and lifted their target price for the stock from $76.00 to $82.00 in a report on Tuesday, June 25th. Finally, Needham & Company LLC restated a “buy” rating and set a $135.00 price target on shares of Cloudflare in a report on Friday, August 2nd. Four investment analysts have rated the stock with a sell rating, twelve have issued a hold rating and ten have given a buy rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $91.72.

Hedge Funds Weigh In On Cloudflare

Several institutional investors have recently modified their holdings of the business. Baillie Gifford & Co. boosted its position in Cloudflare by 8.5% in the second quarter. Baillie Gifford & Co. now owns 32,722,670 shares of the company’s stock worth $2,710,419,000 after purchasing an additional 2,575,396 shares during the last quarter. Vanguard Group Inc. grew its position in Cloudflare by 1.5% during the first quarter. Vanguard Group Inc. now owns 28,572,053 shares of the company’s stock valued at $2,766,632,000 after buying an additional 412,864 shares during the period. Capital World Investors increased its holdings in Cloudflare by 2.1% during the first quarter. Capital World Investors now owns 28,128,522 shares of the company’s stock worth $2,723,685,000 after buying an additional 584,566 shares during the last quarter. Sumitomo Mitsui Trust Holdings Inc. raised its position 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 worth $137,616,000 after acquiring an additional 19,446 shares during the period. Finally, Marshall Wace LLP raised its position 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 during the period. 82.68% of the stock is owned by institutional investors.

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.