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 dated Friday, June 13th. The stock was sold at an average price of $171.25, for a total transaction of $8,970,760.00. Following the transaction, the chief executive officer now owns 381,213 shares in the company, valued at $65,282,726.25. This represents a 12.08% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website.

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

• On Wednesday, June 11th, Matthew Prince sold 52,384 shares of Cloudflare stock. The shares were sold at an average price of $179.63, for a total transaction of $9,409,737.92.
• On Thursday, May 15th, Matthew Prince sold 52,384 shares of Cloudflare stock. The shares were sold at an average price of $152.68, for a total transaction of $7,997,989.12.
• On Tuesday, May 13th, Matthew Prince sold 52,384 shares of Cloudflare stock. The shares were sold at an average price of $148.85, for a total transaction of $7,797,358.40.
• On Tuesday, April 8th, Matthew Prince sold 52,384 shares of Cloudflare stock. The shares were sold at an average price of $100.88, for a total transaction of $5,284,497.92.
• On Thursday, April 10th, Matthew Prince sold 2,311 shares of Cloudflare stock. The shares were sold at an average price of $107.75, for a total transaction of $249,010.25.
• On Wednesday, March 19th, Matthew Prince sold 52,384 shares of Cloudflare stock. The stock was sold at an average price of $117.32, for a total transaction of $6,145,690.88.
• On Monday, March 17th, Matthew Prince sold 52,384 shares of Cloudflare stock. The stock was sold at an average price of $116.47, for a total transaction of $6,101,164.48.

Cloudflare Price Performance

Shares of NYSE:NET opened at $171.69 on Friday. The company has a market cap of $59.51 billion, a price-to-earnings ratio of -780.40 and a beta of 1.84. The company has a debt-to-equity ratio of 1.32, a current ratio of 3.37 and a quick ratio of 3.37. The firm has a 50 day simple moving average of $139.61 and a 200 day simple moving average of $129.85. Cloudflare, Inc. has a one year low of $69.26 and a one year high of $181.81.

Cloudflare (NYSE:NET) last released its quarterly earnings results on Thursday, May 8th. The company reported $0.16 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.17 by ($0.01). The business had revenue of $479.09 million for the quarter, compared to the consensus estimate of $469.49 million. Cloudflare had a negative net margin of 4.72% and a negative return on equity of 5.52%. Cloudflare’s revenue was up 26.5% on a year-over-year basis. During the same period in the previous year, the business posted $0.16 EPS. Research analysts predict that Cloudflare, Inc. will post -0.11 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

NET has been the topic of a number of analyst reports. Jefferies Financial Group decreased their target price on shares of Cloudflare from $170.00 to $150.00 and set a “hold” rating on the stock in a research report on Friday, May 9th. KeyCorp initiated coverage on shares of Cloudflare in a research report on Friday, June 6th. They set an “overweight” rating and a $210.00 target price on the stock. Guggenheim increased their target price on shares of Cloudflare from $68.00 to $70.00 and gave the stock a “sell” rating in a research report on Friday, May 9th. Piper Sandler reiterated a “neutral” rating and set a $151.00 price target (up previously from $112.00) on shares of Cloudflare in a research report on Friday, May 9th. Finally, Royal Bank of Canada reduced their price target on shares of Cloudflare from $170.00 to $148.00 and set an “outperform” rating on the stock in a research report on Thursday, March 13th. Three equities research analysts have rated the stock with a sell rating, ten have given a hold rating, fourteen have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, Cloudflare has a consensus rating of “Hold” and a consensus price target of $145.92.

Hedge Funds Weigh In On Cloudflare

Several large investors have recently modified their holdings of the business. Strs Ohio bought a new position in shares of Cloudflare during the first quarter valued at $688,000. Acadian Asset Management LLC raised its stake in shares of Cloudflare by 538.6% during the first quarter. Acadian Asset Management LLC now owns 12,452 shares of the company’s stock valued at $1,401,000 after acquiring an additional 10,502 shares during the last quarter. Geneos Wealth Management Inc. raised its stake in shares of Cloudflare by 20.2% during the first quarter. Geneos Wealth Management Inc. now owns 15,112 shares of the company’s stock valued at $1,703,000 after acquiring an additional 2,540 shares during the last quarter. IFM Investors Pty Ltd raised its stake in shares of Cloudflare by 1.7% during the first quarter. IFM Investors Pty Ltd now owns 56,178 shares of the company’s stock valued at $6,331,000 after acquiring an additional 931 shares during the last quarter. Finally, Belpointe Asset Management LLC bought a new position in shares of Cloudflare during the first quarter valued at $878,000. Institutional investors own 82.68% of the company’s stock.

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.