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

Cloudflare, Inc. (NYSE:NET) CEO Matthew Prince sold 52,384 shares of the business’s stock in a transaction that occurred on Monday, May 6th. The shares were sold at an average price of $74.67, for a total value of $3,911,513.28. Following the completion of the sale, the chief executive officer now owns 230,612 shares in the company, valued at approximately $17,219,798.04. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link.

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

• On Wednesday, May 8th, Matthew Prince sold 52,384 shares of Cloudflare stock. The stock was sold at an average price of $72.51, for a total transaction of $3,798,363.84.
• On Thursday, April 11th, Matthew Prince sold 52,384 shares of Cloudflare stock. The shares were sold at an average price of $95.29, for a total transaction of $4,991,671.36.
• On Tuesday, April 9th, Matthew Prince sold 52,384 shares of Cloudflare stock. The stock was sold at an average price of $96.04, for a total transaction of $5,030,959.36.
• On Thursday, March 14th, Matthew Prince sold 52,384 shares of Cloudflare stock. The shares were sold at an average price of $94.25, for a total value of $4,937,192.00.
• On Tuesday, March 12th, Matthew Prince sold 52,384 shares of Cloudflare stock. The shares were sold at an average price of $96.66, for a total value of $5,063,437.44.
• On Friday, February 23rd, Matthew Prince sold 52,384 shares of Cloudflare stock. The stock was sold at an average price of $98.75, for a total value of $5,172,920.00.
• On Wednesday, February 21st, Matthew Prince sold 52,384 shares of Cloudflare stock. The shares were sold at an average price of $94.59, for a total value of $4,955,002.56.

Cloudflare Price Performance

Cloudflare stock traded down $1.68 during midday trading on Wednesday, reaching $72.45. The company’s stock had a trading volume of 3,160,799 shares, compared to its average volume of 3,954,337. The stock has a market cap of $24.46 billion, a PE ratio of -139.85 and a beta of 1.15. The company has a current ratio of 3.51, a quick ratio of 3.51 and a debt-to-equity ratio of 1.61. The business has a 50-day moving average price of $92.69 and a 200-day moving average price of $83.93. Cloudflare, Inc. has a 52 week low of $45.47 and a 52 week high of $116.00.

Cloudflare (NYSE:NET) last posted its earnings results on Thursday, February 8th. The company reported ($0.06) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.07) by $0.01. Cloudflare had a negative net margin of 13.10% and a negative return on equity of 12.78%. The firm had revenue of $362.47 million for the quarter, compared to analysts’ expectations of $352.70 million. On average, sell-side analysts predict that Cloudflare, Inc. will post -0.2 EPS for the current year.

Institutional Trading of Cloudflare

A number of hedge funds have recently made changes to their positions in the company. Riverview Trust Co acquired a new stake in shares of Cloudflare in the first quarter valued at about $27,000. Allspring Global Investments Holdings LLC increased its position in Cloudflare by 595.0% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 278 shares of the company’s stock valued at $27,000 after purchasing an additional 238 shares during the period. ICA Group Wealth Management LLC bought a new position in Cloudflare during the 4th quarter worth approximately $38,000. GAMMA Investing LLC acquired a new position in shares of Cloudflare in the 4th quarter worth approximately $39,000. Finally, Pingora Partners LLC bought a new stake in shares of Cloudflare in the 4th quarter valued at $42,000. 82.68% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of analysts have commented on the stock. Truist Financial increased their price target on shares of Cloudflare from $90.00 to $120.00 and gave the company a “buy” rating in a research note on Friday, February 9th. Sanford C. Bernstein started coverage on Cloudflare in a report on Thursday, January 18th. They set a “market perform” rating and a $85.00 price target for the company. Mizuho lowered their price target on Cloudflare from $95.00 to $88.00 and set a “neutral” rating on the stock in a research report on Friday, May 3rd. Cantor Fitzgerald cut their price objective on Cloudflare from $100.00 to $80.00 and set a “neutral” rating for the company in a research report on Friday, May 3rd. Finally, Capital One Financial initiated coverage on Cloudflare in a report on Wednesday, January 17th. They set an “equal weight” rating and a $83.00 target price on the stock. Four research analysts have rated the stock with a sell rating, nine have given a hold rating and ten have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, Cloudflare presently has a consensus rating of “Hold” and a consensus price target of $89.48.

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.