Cloudflare (NYSE:NET) CEO Sells $8,598,833.60 in Stock

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

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

• On Thursday, February 26th, Matthew Prince sold 52,384 shares of Cloudflare stock. The shares were 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 stock was sold at an average price of $189.47, for a total transaction 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 transaction 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 Stock Performance

Shares of NET opened at $171.80 on Friday. The firm has a market capitalization of $60.18 billion, a P/E ratio of -592.38 and a beta of 1.97. The company has a debt-to-equity ratio of 1.46, a current ratio of 2.04 and a quick ratio of 2.04. Cloudflare, Inc. has a one year low of $89.42 and a one year high of $260.00. The business has a fifty day moving average of $185.86 and a 200 day moving average of $202.95.

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

Institutional Investors Weigh In On Cloudflare

A number of institutional investors have recently bought and sold shares of NET. Reliant Investment Partners LLC lifted its position in shares of Cloudflare by 1.5% in the third quarter. Reliant Investment Partners LLC now owns 3,316 shares of the company’s stock valued at $718,000 after acquiring an additional 50 shares in the last quarter. Daymark Wealth Partners LLC raised its stake in Cloudflare by 1.1% during the 2nd quarter. Daymark Wealth Partners LLC now owns 4,556 shares of the company’s stock valued at $892,000 after purchasing an additional 51 shares during the period. Frank Rimerman Advisors LLC boosted its stake in Cloudflare by 1.8% in the 3rd quarter. Frank Rimerman Advisors LLC now owns 2,821 shares of the company’s stock worth $605,000 after purchasing an additional 51 shares during the period. Huntington National Bank grew its holdings in Cloudflare by 22.8% during the 2nd quarter. Huntington National Bank now owns 280 shares of the company’s stock valued at $55,000 after buying an additional 52 shares in the last quarter. Finally, IMA Advisory Services Inc. raised its position in shares of Cloudflare by 4.5% during the fourth quarter. IMA Advisory Services Inc. now owns 1,290 shares of the company’s stock valued at $254,000 after buying an additional 55 shares during the last quarter. Hedge funds and other institutional investors own 82.68% of the company’s stock.

Analyst Upgrades and Downgrades

NET has been the subject of a number of research reports. DZ Bank raised shares of Cloudflare from a “hold” rating to a “buy” rating and set a $215.00 target price for the company in a report on Friday, February 13th. Scotiabank cut their price objective on shares of Cloudflare from $255.00 to $225.00 and set a “sector perform” rating for the company in a research report on Wednesday, February 11th. Wells Fargo & Company raised their target price on Cloudflare from $265.00 to $270.00 and gave the stock an “overweight” rating in a report on Wednesday, February 11th. Robert W. Baird set a $260.00 target price on Cloudflare and gave the company an “outperform” rating in a research report on Wednesday, February 11th. Finally, UBS Group restated a “neutral” rating and issued a $220.00 price target on shares of Cloudflare in a research report on Wednesday, February 11th. One analyst has rated the stock with a Strong Buy rating, nineteen have given a Buy rating, seven have issued a Hold rating and three have assigned a Sell rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $230.70.

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.