Cloudflare, Inc. (NYSE:NET) CEO Sells $6,101,164.48 in Stock

Cloudflare, Inc. (NYSE:NET) CEO Matthew Prince sold 52,384 shares of Cloudflare stock in a transaction dated Monday, March 17th. The stock was sold at an average price of $116.47, for a total value of $6,101,164.48. Following the sale, the chief executive officer now owns 413,413 shares in the company, valued at $48,150,212.11. This trade represents a 11.25 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink.

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

• On Wednesday, March 19th, Matthew Prince sold 52,384 shares of Cloudflare stock. The stock was sold at an average price of $117.32, for a total value of $6,145,690.88.
• On Thursday, February 27th, Matthew Prince sold 52,384 shares of Cloudflare stock. The stock was sold at an average price of $145.04, for a total value of $7,597,775.36.
• On Tuesday, February 25th, Matthew Prince sold 52,384 shares of Cloudflare stock. The stock was sold at an average price of $143.39, for a total value of $7,511,341.76.
• On Wednesday, January 8th, Matthew Prince sold 52,384 shares of Cloudflare stock. The stock was sold at an average price of $113.73, for a total value of $5,957,632.32.
• On Monday, January 6th, Matthew Prince sold 52,384 shares of Cloudflare stock. The stock was sold at an average price of $113.98, for a total value of $5,970,728.32.
• On Friday, December 20th, Matthew Prince sold 52,384 shares of Cloudflare stock. The stock was sold at an average price of $111.90, for a total value of $5,861,769.60.

Cloudflare Price Performance

Shares of NYSE:NET traded up $2.36 during midday trading on Wednesday, hitting $117.48. 2,974,982 shares of the stock were exchanged, compared to its average volume of 3,016,373. The stock has a market cap of $40.54 billion, a P/E ratio of -534.02 and a beta of 1.27. The company has a current ratio of 3.37, a quick ratio of 3.37 and a debt-to-equity ratio of 1.32. Cloudflare, Inc. has a twelve month low of $66.24 and a twelve month high of $177.37. The company has a 50 day moving average price of $136.54 and a 200-day moving average price of $109.42.

Cloudflare (NYSE:NET) last released its quarterly earnings results on Thursday, February 6th. The company reported ($0.03) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.18 by ($0.21). Cloudflare had a negative return on equity of 5.52% and a negative net margin of 4.72%. On average, research analysts forecast that Cloudflare, Inc. will post -0.11 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of equities analysts recently issued reports on the company. Citigroup raised Cloudflare from a “neutral” rating to a “buy” rating and raised their price target for the stock from $95.00 to $145.00 in a report on Friday, January 17th. JMP Securities raised their price target on Cloudflare from $135.00 to $180.00 and gave the stock a “market outperform” rating in a report on Friday, February 7th. Susquehanna raised their price target on Cloudflare from $95.00 to $170.00 and gave the stock a “neutral” rating in a report on Monday, February 10th. Needham & Company LLC lowered their price target on Cloudflare from $185.00 to $145.00 and set a “buy” rating on the stock in a report on Thursday, March 13th. Finally, Scotiabank boosted their target price on Cloudflare from $87.00 to $110.00 and gave the stock a “sector perform” rating in a research report on Tuesday, January 21st. Four investment analysts have rated the stock with a sell rating, twelve have assigned a hold rating and eleven have issued a buy rating to the company. Based on data from MarketBeat.com, Cloudflare currently has a consensus rating of “Hold” and a consensus target price of $130.04.

Institutional Trading of Cloudflare

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in NET. Groupama Asset Managment purchased a new stake in Cloudflare during the 4th quarter worth about $269,200,000. Norges Bank purchased a new stake in Cloudflare during the 4th quarter worth about $249,544,000. American Century Companies Inc. increased its position in Cloudflare by 82.0% during the 4th quarter. American Century Companies Inc. now owns 2,257,601 shares of the company’s stock worth $243,098,000 after purchasing an additional 1,017,399 shares in the last quarter. Fred Alger Management LLC increased its position in Cloudflare by 856.3% during the 4th quarter. Fred Alger Management LLC now owns 934,286 shares of the company’s stock worth $100,604,000 after purchasing an additional 836,591 shares in the last quarter. Finally, Invesco Ltd. increased its position in Cloudflare by 292.5% during the 4th quarter. Invesco Ltd. now owns 1,078,921 shares of the company’s stock worth $116,178,000 after purchasing an additional 804,059 shares in the last quarter. Hedge funds and other institutional investors own 82.68% of the company’s stock.

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.