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 company’s stock in a transaction on Wednesday, January 8th. The stock was sold at an average price of $113.73, for a total transaction of $5,957,632.32. Following the completion of the sale, the chief executive officer now owns 10,762 shares of the company’s stock, valued at $1,223,962.26. This represents a 82.96 % decrease in their ownership of the stock. The sale 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 stock was 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 stock was 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 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 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 shares were sold at an average price of $93.95, for a total transaction of $4,921,476.80.

Cloudflare Price Performance

Shares of Cloudflare stock opened at $112.91 on Friday. The company has a current ratio of 3.37, a quick ratio of 3.37 and a debt-to-equity ratio of 1.32. The stock has a market capitalization of $38.75 billion, a price-to-earnings ratio of -434.27 and a beta of 1.10. Cloudflare, Inc. has a 1-year low of $66.24 and a 1-year high of $119.42. The firm’s 50-day moving average price is $104.91 and its two-hundred day moving average price is $90.09.

Cloudflare (NYSE:NET) last issued its quarterly earnings data on Thursday, November 7th. The company reported ($0.03) earnings per share for the quarter, hitting the consensus estimate of ($0.03). The firm had revenue of $430.08 million for the quarter, compared to analysts’ expectations of $423.65 million. Cloudflare had a negative net margin of 5.97% and a negative return on equity of 7.18%. On average, equities analysts predict that Cloudflare, Inc. will post -0.1 earnings per share for the current fiscal year.

Institutional Trading of Cloudflare

Several hedge funds have recently modified their holdings of the stock. Allspring Global Investments Holdings LLC grew its stake in shares of Cloudflare by 13.7% during the third 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 during the last quarter. Quarry LP grew its stake in shares of Cloudflare by 38.6% during the third quarter. Quarry LP now owns 478 shares of the company’s stock valued at $39,000 after purchasing an additional 133 shares during the last quarter. Elo Mutual Pension Insurance Co grew its stake in shares of 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 purchasing an additional 136 shares during the last quarter. OneDigital Investment Advisors LLC grew its stake in shares of Cloudflare by 3.5% during the third quarter. OneDigital Investment Advisors LLC now owns 4,047 shares of the company’s stock valued at $327,000 after purchasing an additional 137 shares during the last quarter. Finally, Versant Capital Management Inc grew its stake in shares of Cloudflare by 44.9% during 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 during the last quarter. 82.68% of the stock is owned by institutional investors.

Analyst Ratings Changes

A number of equities research analysts have issued reports on the stock. Stifel Nicolaus upgraded shares of Cloudflare from a “hold” rating to a “buy” rating and upped their price target for the company from $95.00 to $136.00 in a report on Tuesday, December 17th. Scotiabank upped their price target on shares of Cloudflare from $85.00 to $87.00 and gave the company a “sector perform” rating in a report on Friday, November 8th. Piper Sandler upped their price target on shares of Cloudflare from $83.00 to $92.00 and gave the company a “neutral” rating in a report on Friday, November 8th. Morgan Stanley raised shares of Cloudflare from an “equal weight” rating to an “overweight” rating and upped their price objective for the company from $92.00 to $130.00 in a research 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 report on Friday, December 13th. Three investment analysts have rated the stock with a sell rating, twelve have given a hold rating and thirteen have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $102.30.

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.