Cloudflare, Inc. (NYSE:NET) CEO Sells $10,071,871.68 in Stock

Cloudflare, Inc. (NYSE:NET - Get Free Report) CEO Matthew Prince sold 52,384 shares of the stock in a transaction that occurred on Tuesday, July 8th. The shares were sold at an average price of $192.27, for a total transaction of $10,071,871.68. Following the completion of the sale, the chief executive officer directly owned 381,213 shares of the company's stock, valued at approximately $73,295,823.51. This trade represents a 12.08% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website.

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

• On Thursday, July 10th, Matthew Prince sold 52,384 shares of Cloudflare stock. The stock was sold at an average price of $184.58, for a total value of $9,669,038.72.
• On Friday, June 13th, Matthew Prince sold 52,384 shares of Cloudflare stock. The shares were sold at an average price of $171.25, for a total transaction of $8,970,760.00.
• On Wednesday, June 11th, Matthew Prince sold 52,384 shares of Cloudflare stock. The stock was 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 stock was sold at an average price of $152.68, for a total value of $7,997,989.12.
• On Tuesday, May 13th, Matthew Prince sold 52,384 shares of Cloudflare stock. The stock was sold at an average price of $148.85, for a total value of $7,797,358.40.

Cloudflare Stock Performance

Shares of NET traded down $11.66 during mid-day trading on Thursday, hitting $181.83. 3,855,927 shares of the company's stock were exchanged, compared to its average volume of 3,158,602. The company has a current ratio of 3.20, a quick ratio of 3.20 and a debt-to-equity ratio of 0.90. Cloudflare, Inc. has a fifty-two week low of $69.26 and a fifty-two week high of $198.01. The business's 50 day moving average is $168.30 and its two-hundred day moving average is $140.02. The firm has a market capitalization of $63.02 billion, a P/E ratio of -790.57 and a beta of 1.85.

Cloudflare (NYSE:NET - Get Free Report) last posted its quarterly earnings data on Thursday, May 8th. The company reported $0.16 earnings per share for the quarter, missing analysts' consensus estimates of $0.17 by ($0.01). Cloudflare had a negative return on equity of 6.31% and a negative net margin of 4.62%. The company had revenue of $479.09 million for the quarter, compared to analyst estimates of $469.49 million. During the same period in the previous year, the business posted $0.16 earnings per share. The firm's revenue was up 26.5% compared to the same quarter last year. On average, equities analysts expect that Cloudflare, Inc. will post -0.11 earnings per share for the current year.

Hedge Funds Weigh In On Cloudflare

A number of hedge funds and other institutional investors have recently bought and sold shares of NET. Capital World Investors boosted its holdings in shares of Cloudflare by 0.7% in the fourth quarter. Capital World Investors now owns 35,409,307 shares of the company's stock valued at $3,812,942,000 after acquiring an additional 260,415 shares in the last quarter. Vanguard Group Inc. raised its stake in shares of Cloudflare by 1.8% during the 1st quarter. Vanguard Group Inc. now owns 30,836,909 shares of the company's stock worth $3,475,011,000 after buying an additional 538,850 shares in the last quarter. Geode Capital Management LLC boosted its stake in shares of Cloudflare by 1.4% in the fourth quarter. Geode Capital Management LLC now owns 4,903,219 shares of the company's stock valued at $526,986,000 after buying an additional 68,661 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its holdings in Cloudflare by 33.5% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 3,129,030 shares of the company's stock worth $352,610,000 after acquiring an additional 786,063 shares during the period. Finally, American Century Companies Inc. grew its holdings in Cloudflare by 34.5% during the first quarter. American Century Companies Inc. now owns 3,037,420 shares of the company's stock worth $342,287,000 after acquiring an additional 779,819 shares during the period. 82.68% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several analysts have recently issued reports on NET shares. KeyCorp started coverage on shares of Cloudflare in a research report on Friday, June 6th. They set an "overweight" rating and a $210.00 price target on the stock. Piper Sandler reaffirmed a "neutral" rating and set a $151.00 price objective (up previously from $112.00) on shares of Cloudflare in a research report on Friday, May 9th. Jefferies Financial Group decreased their target price on Cloudflare from $170.00 to $150.00 and set a "hold" rating for the company in a report on Friday, May 9th. Susquehanna cut their price target on Cloudflare from $170.00 to $140.00 and set a "neutral" rating on the stock in a report on Monday, May 12th. Finally, Morgan Stanley lifted their price objective on Cloudflare from $144.00 to $150.00 and gave the company an "overweight" rating in a research note on Friday, May 9th. Three research analysts have rated the stock with a sell rating, ten have assigned a hold rating, fifteen have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, Cloudflare currently has a consensus rating of "Hold" and a consensus price target of $145.92.

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.

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