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 firm's stock in a transaction that occurred on Thursday, July 10th. The shares were sold at an average price of $184.58, for a total value of $9,669,038.72. Following the completion of the sale, the chief executive officer directly owned 381,213 shares in the company, valued at $70,364,295.54. This trade represents a 12.08% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink.

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

• On Tuesday, July 8th, Matthew Prince sold 52,384 shares of Cloudflare stock. The shares were sold at an average price of $192.27, for a total value of $10,071,871.68.
• 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 value 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 value 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 Trading Down 0.4%

NYSE:NET traded down $0.74 during mid-day trading on Friday, hitting $181.18. The company had a trading volume of 2,780,115 shares, compared to its average volume of 3,169,136. Cloudflare, Inc. has a fifty-two week low of $69.26 and a fifty-two week high of $198.01. The business's fifty day moving average is $169.44 and its two-hundred day moving average is $140.88. 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 firm has a market cap of $62.80 billion, a P/E ratio of -787.74 and a beta of 1.85.

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

Institutional Investors Weigh In On Cloudflare

Several large investors have recently modified their holdings of the business. Wealth Management Partners LLC increased its holdings in shares of Cloudflare by 27.4% in the second quarter. Wealth Management Partners LLC now owns 5,427 shares of the company's stock worth $1,047,000 after acquiring an additional 1,168 shares in the last quarter. Shelton Wealth Management LLC bought a new stake in shares of Cloudflare in the second quarter worth about $1,373,000. Financiere des Professionnels Fonds d investissement inc. bought a new stake in shares of Cloudflare in the second quarter worth about $226,000. Assenagon Asset Management S.A. increased its holdings in shares of Cloudflare by 8.3% in the second quarter. Assenagon Asset Management S.A. now owns 6,991 shares of the company's stock worth $1,369,000 after acquiring an additional 533 shares in the last quarter. Finally, IFM Investors Pty Ltd increased its holdings in shares of Cloudflare by 4.5% in the second quarter. IFM Investors Pty Ltd now owns 58,716 shares of the company's stock worth $11,498,000 after acquiring an additional 2,538 shares in the last quarter. 82.68% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several analysts have recently weighed in on the company. Piper Sandler reissued a "neutral" rating and set a $151.00 price objective (up previously from $112.00) on shares of Cloudflare in a report on Friday, May 9th. Oppenheimer reissued an "outperform" rating and set a $200.00 price objective (up previously from $165.00) on shares of Cloudflare in a report on Thursday, June 5th. Mizuho raised Cloudflare from a "neutral" rating to an "outperform" rating and set a $135.00 price objective on the stock in a report on Wednesday, April 16th. Needham & Company LLC lifted their price objective on Cloudflare from $145.00 to $160.00 and gave the stock a "buy" rating in a report on Friday, May 9th. Finally, Capital One Financial raised Cloudflare from a "hold" rating to a "strong-buy" rating in a report on Thursday, May 8th. Three investment analysts have rated the stock with a sell rating, ten have assigned a hold rating, fifteen have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, Cloudflare presently has an average rating of "Hold" and a consensus target price of $148.92.

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.