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 Cloudflare stock in a transaction 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 in the company, valued at $1,204,267.80. The trade was a 82.96 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at 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 shares were sold at an average price of $113.00, for a total value 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 transaction 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 transaction of $4,762,753.28.
• On Tuesday, October 15th, Matthew Prince sold 52,384 shares of Cloudflare stock. The stock was sold at an average price of $93.95, for a total transaction of $4,921,476.80.

Cloudflare Price Performance

NYSE NET opened at $112.69 on Monday. The stock has a 50-day simple moving average of $98.69 and a 200 day simple moving average of $86.66. Cloudflare, Inc. has a twelve month low of $66.24 and a twelve month high of $119.42. The stock has a market capitalization of $38.67 billion, a PE ratio of -433.42 and a beta of 1.10. The company has a debt-to-equity ratio of 1.32, a quick ratio of 3.37 and a current ratio of 3.37.

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

Analyst Ratings Changes

A number of research firms have recently issued reports on NET. Piper Sandler increased their target price on Cloudflare from $83.00 to $92.00 and gave the company a “neutral” rating in a report on Friday, November 8th. Jefferies Financial Group raised their price objective on Cloudflare from $100.00 to $125.00 and gave the stock a “hold” rating in a research report on Thursday. Scotiabank upped their target price on Cloudflare from $85.00 to $87.00 and gave the company a “sector perform” rating in a report on Friday, November 8th. Morgan Stanley upgraded 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 report on Monday, December 2nd. Finally, Mizuho upped their price objective on shares of Cloudflare from $102.00 to $125.00 and gave the company a “neutral” rating in a research note on Friday, December 13th. Four analysts have rated the stock with a sell rating, twelve have given a hold rating and twelve have assigned a buy rating to the company. According to MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $97.81.

Institutional Trading of Cloudflare

Hedge funds have recently bought and sold shares of the stock. CVA Family Office LLC raised its position in shares of Cloudflare by 121.3% during the third quarter. CVA Family Office LLC now owns 312 shares of the company’s stock valued at $25,000 after buying an additional 171 shares during the last quarter. Quarry LP increased its stake in Cloudflare by 73.4% during the second quarter. Quarry LP now owns 345 shares of the company’s stock valued at $29,000 after acquiring an additional 146 shares during the period. Capital Performance Advisors LLP bought a new position in Cloudflare during the third quarter valued at about $38,000. Quest Partners LLC bought a new stake in shares of Cloudflare in the 3rd quarter worth approximately $54,000. Finally, Blue Trust Inc. grew its holdings in shares of Cloudflare by 37,600.0% during the 2nd quarter. Blue Trust Inc. now owns 754 shares of the company’s stock worth $62,000 after purchasing an additional 752 shares in the last quarter. 82.68% of the stock is owned by institutional investors.

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.