Cloudflare (NYSE:NET) CEO Sells $9,103,291.52 in Stock

Cloudflare, Inc. (NYSE:NET) CEO Matthew Prince sold 52,384 shares of the business’s stock in a transaction on Thursday, February 26th. The shares were sold at an average price of $173.78, for a total value of $9,103,291.52. Following the completion of the sale, the chief executive officer owned 22,911 shares of the company’s stock, valued at $3,981,473.58. This trade represents a 69.57% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link.

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

• On Tuesday, February 24th, Matthew Prince sold 52,384 shares of Cloudflare stock. The stock was sold at an average price of $164.15, for a total value of $8,598,833.60.
• 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 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 stock was sold at an average price of $201.23, for a total transaction of $10,541,232.32.
• On Wednesday, December 3rd, Matthew Prince sold 52,384 shares of Cloudflare stock. The shares were sold at an average price of $202.19, for a total transaction of $10,591,520.96.

Cloudflare Trading Down 1.6%

Shares of NET stock opened at $171.80 on Friday. The stock has a market cap of $60.18 billion, a P/E ratio of -592.38 and a beta of 1.97. Cloudflare, Inc. has a 1 year low of $89.42 and a 1 year high of $260.00. The company has a current ratio of 2.04, a quick ratio of 2.04 and a debt-to-equity ratio of 1.46. The stock has a 50 day simple moving average of $185.86 and a 200 day simple moving average of $202.95.

Cloudflare (NYSE:NET) last announced its quarterly earnings data on Tuesday, February 10th. The company reported $0.28 earnings per share for the quarter, beating the consensus estimate of $0.27 by $0.01. The firm had revenue of $614.51 million during 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 company’s quarterly revenue was up 33.6% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.19 EPS. On average, research analysts predict that Cloudflare, Inc. will post -0.11 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Cloudflare

A number of institutional investors and hedge funds have recently bought and sold shares of the company. Physician Wealth Advisors Inc. grew its holdings in shares of Cloudflare by 693.3% during the third 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 last quarter. Wiser Advisor Group LLC bought a new position in Cloudflare in the 3rd quarter valued at approximately $26,000. HM Payson & Co. acquired a new stake in Cloudflare during the 4th quarter worth approximately $25,000. Westside Investment Management Inc. grew its holdings in Cloudflare by 100.0% during the 3rd quarter. Westside Investment Management Inc. now owns 130 shares of the company’s stock worth $28,000 after acquiring an additional 65 shares during the last quarter. Finally, ORG Wealth Partners LLC increased its position in Cloudflare by 101.4% in the 3rd quarter. ORG Wealth Partners LLC now owns 139 shares of the company’s stock valued at $30,000 after acquiring an additional 70 shares during the period. Institutional investors and hedge funds own 82.68% of the company’s stock.

Analyst Upgrades and Downgrades

NET has been the subject of several analyst reports. DZ Bank upgraded shares of 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. Needham & Company LLC decreased their price objective on shares of Cloudflare from $285.00 to $250.00 and set a “buy” rating on the stock in a research note on Wednesday, February 11th. Jefferies Financial Group upped their target price on Cloudflare from $185.00 to $225.00 and gave the stock a “hold” rating in a research note on Wednesday, February 11th. Oppenheimer initiated coverage on Cloudflare in a research note on Monday, November 10th. They set an “outperform” rating and a $260.00 target price for the company. Finally, Wells Fargo & Company lifted their price target on Cloudflare from $265.00 to $270.00 and gave the company an “overweight” rating in a research note on Wednesday, February 11th. One research analyst has rated the stock with a Strong Buy rating, nineteen have assigned a Buy rating, seven have issued a Hold rating and three have issued a Sell rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $230.70.

About Cloudflare

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.