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

Cloudflare, Inc. (NYSE:NET - Get Free Report) CEO Matthew Prince sold 52,384 shares of the company's stock in a transaction on Tuesday, July 8th. The stock was sold at an average price of $192.27, for a total transaction of $10,071,871.68. Following the transaction, the chief executive officer owned 381,213 shares of the company's stock, valued at approximately $73,295,823.51. The trade was a 12.08% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link.

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

• On Thursday, July 10th, Matthew Prince sold 52,384 shares of Cloudflare stock. The shares were sold at an average price of $184.58, for a total transaction 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 transaction 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 transaction of $7,797,358.40.

Cloudflare Stock Down 0.4%

Shares of NET stock traded down $0.74 during mid-day trading on Friday, reaching $181.18. 2,771,568 shares of the company were exchanged, compared to its average volume of 3,157,112. Cloudflare, Inc. has a fifty-two week low of $69.26 and a fifty-two week high of $198.01. The company has a debt-to-equity ratio of 0.90, a quick ratio of 3.20 and a current ratio of 3.20. The company has a market capitalization of $62.80 billion, a P/E ratio of -787.74 and a beta of 1.85. The business's 50 day simple moving average is $168.30 and its 200 day simple moving average is $140.02.

Cloudflare (NYSE:NET - Get Free Report) last released its quarterly earnings results 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 EPS. The firm's quarterly revenue was up 26.5% compared to the same quarter last year. Research analysts predict that Cloudflare, Inc. will post -0.11 earnings per share for the current year.

Hedge Funds Weigh In On Cloudflare

Hedge funds have recently added to or reduced their stakes in the business. GAMMA Investing LLC lifted its stake in Cloudflare by 86.8% in the first quarter. GAMMA Investing LLC now owns 1,093 shares of the company's stock valued at $123,000 after buying an additional 508 shares during the last quarter. LPL Financial LLC lifted its stake in Cloudflare by 3.4% in the fourth quarter. LPL Financial LLC now owns 122,171 shares of the company's stock valued at $13,155,000 after buying an additional 3,989 shares during the last quarter. Amalgamated Bank raised its stake in shares of Cloudflare by 7.0% during the first quarter. Amalgamated Bank now owns 21,402 shares of the company's stock valued at $2,412,000 after purchasing an additional 1,400 shares in the last quarter. Wellington Management Group LLP raised its stake in shares of Cloudflare by 47.0% during the fourth quarter. Wellington Management Group LLP now owns 5,930 shares of the company's stock valued at $639,000 after purchasing an additional 1,896 shares in the last quarter. Finally, Yousif Capital Management LLC raised its stake in shares of Cloudflare by 2.5% during the first quarter. Yousif Capital Management LLC now owns 3,969 shares of the company's stock valued at $447,000 after purchasing an additional 98 shares in the last quarter. Institutional investors and hedge funds own 82.68% of the company's stock.

Analyst Ratings Changes

NET has been the topic of several recent analyst reports. Oppenheimer reiterated an "outperform" rating and set a $200.00 price objective (up from $165.00) on shares of Cloudflare in a report on Thursday, June 5th. The Goldman Sachs Group cut their price objective on shares of Cloudflare from $183.00 to $161.00 and set a "buy" rating on the stock in a report on Friday, March 14th. CICC Research upgraded shares of Cloudflare from a "market perform" rating to an "outperform" rating and set a $154.00 price objective on the stock in a report on Monday, May 12th. KeyCorp started coverage on shares of Cloudflare in a report on Friday, June 6th. They issued an "overweight" rating and a $210.00 price target on the stock. Finally, Piper Sandler restated a "neutral" rating and issued a $151.00 price target (up previously from $112.00) on shares of Cloudflare in a report on Friday, May 9th. Three analysts have rated the stock with a sell rating, ten have given a hold rating, fifteen have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of "Hold" and a consensus price target of $148.92.

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.