Insider Selling: Cloudflare, Inc. (NYSE:NET) CEO Sells $5,861,769.60 in Stock

Cloudflare, Inc. (NYSE:NET) CEO Matthew Prince sold 52,384 shares of the company’s stock in a transaction that occurred on Friday, December 20th. The stock was sold at an average price of $111.90, for a total value of $5,861,769.60. Following the completion of the transaction, the chief executive officer now owns 10,762 shares of the company’s stock, valued at approximately $1,204,267.80. This represents a 82.96 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link.

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

• On Wednesday, December 18th, Matthew Prince sold 52,384 shares of Cloudflare stock. The stock was 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 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 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 value of $4,921,476.80.

Cloudflare Trading Up 3.8 %

NYSE:NET opened at $112.69 on Monday. Cloudflare, Inc. has a 1 year low of $66.24 and a 1 year high of $119.42. The business has a fifty day moving average of $98.69 and a 200-day moving average of $86.66. The company has a debt-to-equity ratio of 1.32, a quick ratio of 3.37 and a current ratio of 3.37. The stock has a market cap of $38.67 billion, a price-to-earnings ratio of -433.42 and a beta of 1.10.

Cloudflare (NYSE:NET) last announced its earnings results on Thursday, November 7th. The company reported ($0.03) earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of ($0.03). Cloudflare had a negative net margin of 5.97% and a negative return on equity of 7.18%. The firm had revenue of $430.08 million during the quarter, compared to analyst estimates of $423.65 million. Equities analysts predict that Cloudflare, Inc. will post -0.1 earnings per share for the current year.

Institutional Investors Weigh In On Cloudflare

Several hedge funds and other institutional investors have recently added to or reduced their stakes in NET. Allspring Global Investments Holdings LLC boosted its stake in Cloudflare by 13.7% during the 3rd quarter. Allspring Global Investments Holdings LLC now owns 987 shares of the company’s stock valued at $80,000 after purchasing an additional 119 shares in the last quarter. Quarry LP lifted its holdings in shares of Cloudflare by 38.6% in the third quarter. Quarry LP now owns 478 shares of the company’s stock valued at $39,000 after buying an additional 133 shares during the period. Elo Mutual Pension Insurance Co boosted its stake in Cloudflare by 0.5% during the second quarter. Elo Mutual Pension Insurance Co now owns 27,196 shares of the company’s stock valued at $2,253,000 after buying an additional 136 shares in the last quarter. OneDigital Investment Advisors LLC grew its holdings in Cloudflare by 3.5% during the third quarter. OneDigital Investment Advisors LLC now owns 4,047 shares of the company’s stock worth $327,000 after acquiring an additional 137 shares during the period. Finally, Forum Financial Management LP raised its position in Cloudflare by 6.1% in the second quarter. Forum Financial Management LP now owns 2,823 shares of the company’s stock worth $234,000 after acquiring an additional 162 shares in the last quarter. Institutional investors own 82.68% of the company’s stock.

Analyst Upgrades and Downgrades

A number of analysts have recently weighed in on the stock. Morgan Stanley raised shares of Cloudflare from an “equal weight” rating to an “overweight” rating and raised their price target for the stock from $92.00 to $130.00 in a research report on Monday, December 2nd. 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. Wells Fargo & Company increased their price target on shares of Cloudflare from $105.00 to $110.00 and gave the stock an “overweight” rating in a research report on Friday, November 8th. Jefferies Financial Group boosted their price objective on Cloudflare from $100.00 to $125.00 and gave the company a “hold” rating in a report on Thursday. Finally, UBS Group increased their target price on Cloudflare from $88.00 to $95.00 and gave the stock a “neutral” rating in a report on Friday, November 8th. Four investment analysts have rated the stock with a sell rating, twelve have assigned a hold rating and twelve have issued a buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus 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.