Insider Selling: Cloudflare, Inc. (NYSE:NET) CEO Sells 52,384 Shares of Stock

Cloudflare, Inc. (NYSE:NET) CEO Matthew Prince sold 52,384 shares of the stock in a transaction on Tuesday, October 15th. The shares were sold at an average price of $93.95, for a total value of $4,921,476.80. Following the completion of the sale, the chief executive officer now directly owns 10,761 shares of the company’s stock, valued at $1,010,995.95. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this link.

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

• 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 Friday, September 6th, Matthew Prince sold 52,384 shares of Cloudflare stock. The stock was sold at an average price of $76.55, for a total transaction of $4,009,995.20.
• On Wednesday, September 4th, Matthew Prince sold 52,384 shares of Cloudflare stock. The shares were sold at an average price of $78.06, for a total transaction of $4,089,095.04.
• On Thursday, August 8th, Matthew Prince sold 52,384 shares of Cloudflare stock. The shares were sold at an average price of $76.70, for a total value of $4,017,852.80.

Cloudflare Price Performance

NYSE:NET opened at $90.80 on Friday. The stock has a fifty day moving average of $82.39 and a 200 day moving average of $81.01. Cloudflare, Inc. has a 52-week low of $53.88 and a 52-week high of $116.00. The firm has a market capitalization of $30.85 billion, a price-to-earnings ratio of -171.32 and a beta of 1.10. The company has a debt-to-equity ratio of 1.46, a quick ratio of 3.51 and a current ratio of 3.51.

Cloudflare (NYSE:NET) last posted its quarterly earnings data on Thursday, August 1st. The company reported $0.20 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.14 by $0.06. Cloudflare had a negative net margin of 6.90% and a negative return on equity of 8.54%. The company had revenue of $401.00 million during the quarter, compared to the consensus estimate of $394.11 million. During the same period in the previous year, the firm posted ($0.12) EPS. The firm’s revenue was up 30.0% compared to the same quarter last year. On average, research analysts expect that Cloudflare, Inc. will post -0.13 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several research firms have weighed in on NET. Susquehanna boosted their price objective on Cloudflare from $80.00 to $85.00 and gave the stock a “neutral” rating in a research report on Monday, August 5th. Wolfe Research initiated coverage on shares of Cloudflare in a research report on Tuesday, July 16th. They set a “peer perform” rating for the company. Royal Bank of Canada lifted their price objective on shares of Cloudflare from $90.00 to $99.00 and gave the stock an “outperform” rating in a research report on Friday, August 2nd. Robert W. Baird raised their price target on shares of Cloudflare from $94.00 to $100.00 and gave the stock an “outperform” rating in a research note on Friday, August 2nd. Finally, Guggenheim lifted their price target on shares of Cloudflare from $50.00 to $57.00 and gave the stock a “sell” rating in a report on Friday, August 2nd. Four investment analysts have rated the stock with a sell rating, twelve have assigned a hold rating and ten have issued a buy rating to the company. According to MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $91.72.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of the business. CVA Family Office LLC lifted its stake in Cloudflare by 121.3% in the third quarter. CVA Family Office LLC now owns 312 shares of the company’s stock worth $25,000 after purchasing an additional 171 shares during the last quarter. Riverview Trust Co purchased a new stake in Cloudflare during the 1st quarter valued at about $27,000. Allspring Global Investments Holdings LLC boosted its holdings 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 acquiring an additional 238 shares during the period. Thurston Springer Miller Herd & Titak Inc. purchased a new position in Cloudflare in the 2nd quarter worth approximately $29,000. Finally, Quarry LP raised its holdings in Cloudflare by 73.4% during the 2nd quarter. Quarry LP now owns 345 shares of the company’s stock valued at $29,000 after buying an additional 146 shares during the last quarter. 82.68% of the stock is currently owned by institutional investors.

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.