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

Cloudflare, Inc. (NYSE:NET) CEO Matthew Prince sold 52,384 shares of the firm’s stock in a transaction dated Friday, September 6th. The stock was sold at an average price of $76.55, for a total value of $4,009,995.20. Following the completion of the sale, the chief executive officer now directly owns 10,761 shares of the company’s stock, valued at approximately $823,754.55. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link.

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

• 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 transaction of $4,017,852.80.
• On Thursday, July 11th, Matthew Prince sold 52,384 shares of Cloudflare stock. The stock was sold at an average price of $82.67, for a total transaction of $4,330,585.28.
• On Tuesday, July 9th, Matthew Prince sold 52,384 shares of Cloudflare stock. The shares were sold at an average price of $82.96, for a total value of $4,345,776.64.
• On Thursday, June 13th, Matthew Prince sold 52,384 shares of Cloudflare stock. The stock was sold at an average price of $74.46, for a total value of $3,900,512.64.
• On Tuesday, June 11th, Matthew Prince sold 52,384 shares of Cloudflare stock. The shares were sold at an average price of $72.04, for a total value of $3,773,743.36.

Cloudflare Price Performance

Shares of NYSE NET opened at $76.03 on Friday. Cloudflare, Inc. has a 52 week low of $53.88 and a 52 week high of $116.00. The company has a quick ratio of 3.51, a current ratio of 3.51 and a debt-to-equity ratio of 1.46. The stock has a market capitalization of $25.83 billion, a price-to-earnings ratio of -143.45 and a beta of 1.10. The firm has a 50-day simple moving average of $80.41 and a 200-day simple moving average of $83.86.

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

Hedge Funds Weigh In On Cloudflare

Large investors have recently made changes to their positions in the stock. Sanctuary Advisors LLC acquired a new stake in Cloudflare in the 2nd quarter valued at approximately $906,000. Teachers Retirement System of The State of Kentucky boosted its position in shares of Cloudflare by 13.5% during the second quarter. Teachers Retirement System of The State of Kentucky now owns 192,381 shares of the company’s stock worth $15,935,000 after buying an additional 22,900 shares during the period. 3Chopt Investment Partners LLC acquired a new stake in shares of Cloudflare in the second quarter valued at $538,000. B. Riley Wealth Advisors Inc. raised its holdings in shares of Cloudflare by 67.7% in the 2nd quarter. B. Riley Wealth Advisors Inc. now owns 6,600 shares of the company’s stock valued at $547,000 after buying an additional 2,664 shares during the period. Finally, Quarry LP lifted its stake in Cloudflare by 73.4% during the 2nd quarter. Quarry LP now owns 345 shares of the company’s stock worth $29,000 after acquiring an additional 146 shares in the last quarter. 82.68% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of equities research analysts recently commented on the company. The Goldman Sachs Group dropped their target price on Cloudflare from $77.00 to $68.00 and set a “sell” rating on the stock in a research report on Tuesday, June 4th. Piper Sandler upped their price objective on shares of Cloudflare from $82.00 to $83.00 and gave the company a “neutral” rating in a report on Friday, August 2nd. Royal Bank of Canada increased their price objective on shares of Cloudflare from $90.00 to $99.00 and gave the stock an “outperform” rating in a research note on Friday, August 2nd. Needham & Company LLC restated a “buy” rating and set a $135.00 target price on shares of Cloudflare in a research report on Friday, August 2nd. Finally, Susquehanna increased their price target on Cloudflare from $80.00 to $85.00 and gave the stock a “neutral” rating in a research report on Monday, August 5th. Three 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’s stock. According to data from MarketBeat.com, the company has an average rating of “Hold” and an average target price of $92.29.

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.