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

Cloudflare, Inc. (NYSE:NET) CEO Matthew Prince sold 52,384 shares of Cloudflare stock in a transaction that occurred on Friday, December 20th. The shares were sold at an average price of $111.90, for a total transaction of $5,861,769.60. Following the completion of the sale, the chief executive officer now owns 10,762 shares in the company, valued at $1,204,267.80. This trade represents a 82.96 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink.

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

• On Wednesday, December 18th, Matthew Prince sold 52,384 shares of Cloudflare stock. The shares were sold at an average price of $113.00, for a total transaction of $5,919,392.00.
• On Friday, November 15th, Matthew Prince sold 52,384 shares of Cloudflare stock. The shares were sold at an average price of $89.06, for a total transaction of $4,665,319.04.
• On Wednesday, November 13th, Matthew Prince sold 52,384 shares of Cloudflare stock. The shares were sold at an average price of $95.59, for a total transaction of $5,007,386.56.
• 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 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 transaction of $4,921,476.80.

Cloudflare Trading Up 3.8 %

Shares of Cloudflare stock opened at $112.69 on Friday. The firm has a 50-day moving average of $98.69 and a 200-day moving average of $86.54. The stock has a market cap of $38.67 billion, a PE ratio of -433.42 and a beta of 1.10. Cloudflare, Inc. has a 52-week low of $66.24 and a 52-week high of $119.42. The company has a debt-to-equity ratio of 1.32, a quick ratio of 3.37 and a current ratio of 3.37.

Cloudflare (NYSE:NET) last posted its quarterly earnings data on Thursday, November 7th. The company reported ($0.03) earnings per share for the quarter, hitting the consensus estimate of ($0.03). Cloudflare had a negative net margin of 5.97% and a negative return on equity of 7.18%. The business had revenue of $430.08 million during the quarter, compared to analysts’ expectations of $423.65 million. As a group, sell-side analysts forecast that Cloudflare, Inc. will post -0.1 EPS for the current year.

Institutional Investors Weigh In On Cloudflare

Several institutional investors and hedge funds have recently bought and sold shares of NET. 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 worth $2,710,419,000 after purchasing an additional 2,575,396 shares during the period. Marshall Wace LLP lifted its holdings in shares of 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 last quarter. WIM INVESTMENT MANAGEMENT Ltd acquired a new stake in shares of Cloudflare in the 3rd quarter valued at approximately $25,588,000. American Century Companies Inc. boosted its stake in shares of Cloudflare by 24.8% in the 2nd quarter. American Century Companies Inc. now owns 1,394,732 shares of the company’s stock valued at $115,526,000 after purchasing an additional 277,228 shares in the last quarter. Finally, Glynn Capital Management LLC acquired a new stake in shares of Cloudflare in the 2nd quarter valued at approximately $16,765,000. Institutional investors own 82.68% of the company’s stock.

Wall Street Analyst Weigh In

NET has been the topic of a number of recent analyst reports. Wells Fargo & Company boosted their target price on shares of Cloudflare from $105.00 to $110.00 and gave the stock an “overweight” rating in a report on Friday, November 8th. Piper Sandler boosted their target price on shares of Cloudflare from $83.00 to $92.00 and gave the stock a “neutral” rating in a report on Friday, November 8th. BNP Paribas initiated coverage on shares of Cloudflare in a report on Tuesday, October 8th. They set an “underperform” rating and a $65.00 target price on the stock. Scotiabank boosted their target price on shares of Cloudflare from $85.00 to $87.00 and gave the stock a “sector perform” rating in a report on Friday, November 8th. Finally, Morgan Stanley upgraded shares of Cloudflare from an “equal weight” rating to an “overweight” rating and boosted their target price for the stock from $92.00 to $130.00 in a report on Monday, December 2nd. Four equities research analysts have rated the stock with a sell rating, twelve have given a hold rating and twelve have given a buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $97.81.

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.