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 business’s stock in a transaction that occurred on Wednesday, January 8th. The stock was sold at an average price of $113.73, for a total value of $5,957,632.32. Following the transaction, the chief executive officer now directly owns 10,762 shares in the company, valued at $1,223,962.26. This trade represents a 82.96 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website.

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

• On Monday, January 6th, Matthew Prince sold 52,384 shares of Cloudflare stock. The shares were sold at an average price of $113.98, for a total transaction of $5,970,728.32.
• On Friday, December 20th, Matthew Prince sold 52,384 shares of Cloudflare stock. The shares were sold at an average price of $111.90, for a total transaction of $5,861,769.60.
• 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 stock was sold at an average price of $89.06, for a total value of $4,665,319.04.
• On Wednesday, November 13th, Matthew Prince sold 52,384 shares of Cloudflare stock. The stock was sold at an average price of $95.59, for a total value of $5,007,386.56.
• On Thursday, October 17th, Matthew Prince sold 52,384 shares of Cloudflare stock. The shares were sold at an average price of $90.92, for a total value of $4,762,753.28.
• On Tuesday, October 15th, Matthew Prince sold 52,384 shares of Cloudflare stock. The shares were sold at an average price of $93.95, for a total transaction of $4,921,476.80.

Cloudflare Trading Up 1.9 %

Cloudflare stock opened at $115.82 on Friday. Cloudflare, Inc. has a 12-month low of $66.24 and a 12-month high of $119.42. The stock has a market capitalization of $39.75 billion, a PE ratio of -445.46 and a beta of 1.10. The firm has a 50 day simple moving average of $104.34 and a 200-day simple moving average of $89.91. The company has a debt-to-equity ratio of 1.32, a current ratio of 3.37 and a quick ratio of 3.37.

Cloudflare (NYSE:NET) last released its earnings results on Thursday, November 7th. The company reported ($0.03) EPS for the quarter, hitting analysts’ consensus estimates of ($0.03). The business had revenue of $430.08 million for the quarter, compared to the consensus estimate of $423.65 million. Cloudflare had a negative net margin of 5.97% and a negative return on equity of 7.18%. As a group, equities research analysts expect that Cloudflare, Inc. will post -0.1 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

NET has been the subject of several research analyst reports. 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 research report on Friday, November 8th. Mizuho boosted their price objective on Cloudflare from $102.00 to $125.00 and gave the company a “neutral” rating in a report on Friday, December 13th. Morgan Stanley raised Cloudflare from an “equal weight” rating to an “overweight” rating and increased their target price for the stock from $92.00 to $130.00 in a report on Monday, December 2nd. Jefferies Financial Group boosted their price target on Cloudflare from $100.00 to $125.00 and gave the company a “hold” rating in a report on Thursday, December 19th. Finally, Stifel Nicolaus upgraded Cloudflare from a “hold” rating to a “buy” rating and raised their price objective for the stock from $95.00 to $136.00 in a research note on Tuesday, December 17th. Three research analysts have rated the stock with a sell rating, twelve have issued a hold rating and thirteen have given a buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $102.30.

Institutional Investors Weigh In On Cloudflare

Large investors have recently modified their holdings of the stock. Capital Market Strategies LLC purchased a new stake in Cloudflare during the fourth quarter valued at about $647,000. Nordea Investment Management AB boosted its stake in Cloudflare by 0.7% in the 4th quarter. Nordea Investment Management AB now owns 39,776 shares of the company’s stock worth $4,307,000 after purchasing an additional 261 shares during the period. Everence Capital Management Inc. purchased a new position in Cloudflare during the 4th quarter worth approximately $803,000. GAMMA Investing LLC raised its stake in Cloudflare by 59.0% during the 4th quarter. GAMMA Investing LLC now owns 585 shares of the company’s stock valued at $63,000 after purchasing an additional 217 shares during the period. Finally, Versant Capital Management Inc lifted its holdings in shares of Cloudflare by 44.9% in the fourth quarter. Versant Capital Management Inc now owns 549 shares of the company’s stock valued at $59,000 after purchasing an additional 170 shares in the last quarter. 82.68% of the stock is 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.