Cloudflare, Inc. (NYSE:NET) CEO Sells $9,669,038.72 in Stock

Cloudflare, Inc. (NYSE:NET - Get Free Report) CEO Matthew Prince sold 52,384 shares of the business's stock in a transaction on Thursday, July 10th. The shares were sold at an average price of $184.58, for a total transaction of $9,669,038.72. Following the completion of the transaction, the chief executive officer owned 381,213 shares of the company's stock, valued at approximately $70,364,295.54. This represents a 12.08% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through 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 stock was sold at an average price of $192.27, for a total transaction of $10,071,871.68.
• On Friday, June 13th, Matthew Prince sold 52,384 shares of Cloudflare stock. The stock was 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 shares were 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 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 value of $7,797,358.40.

Cloudflare Stock Performance

NET traded down $11.66 during trading hours on Thursday, hitting $181.83. The company's stock had a trading volume of 3,855,927 shares, compared to its average volume of 3,158,602. The firm has a market capitalization of $63.02 billion, a PE ratio of -790.57 and a beta of 1.85. The company has a 50-day simple moving average of $168.30 and a 200 day simple moving average of $140.02. Cloudflare, Inc. has a fifty-two week low of $69.26 and a fifty-two week high of $198.01. 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 (NYSE:NET - Get Free Report) last announced its earnings results on Thursday, May 8th. The company reported $0.16 EPS for the quarter, missing the consensus estimate 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 firm had revenue of $479.09 million during the quarter, compared to analyst estimates of $469.49 million. During the same quarter in the previous year, the business earned $0.16 earnings per share. The business's quarterly revenue was up 26.5% compared to the same quarter last year. As a group, sell-side analysts expect that Cloudflare, Inc. will post -0.11 EPS for the current year.

Analysts Set New Price Targets

NET has been the subject of several research reports. Piper Sandler reiterated a "neutral" rating and set a $151.00 price target (up from $112.00) on shares of Cloudflare in a research report on Friday, May 9th. Susquehanna dropped their target price on shares of Cloudflare from $170.00 to $140.00 and set a "neutral" rating for the company in a report on Monday, May 12th. Royal Bank Of Canada decreased their price target on shares of Cloudflare from $170.00 to $148.00 and set an "outperform" rating on the stock in a research note on Thursday, March 13th. KeyCorp assumed coverage on shares of Cloudflare in a research note on Friday, June 6th. They set an "overweight" rating and a $210.00 price objective for the company. Finally, Oppenheimer reissued an "outperform" rating and issued a $200.00 target price (up from $165.00) on shares of Cloudflare in a research note on Thursday, June 5th. Three research analysts have rated the stock with a sell rating, ten have issued a hold rating, fifteen have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of "Hold" and an average price target of $145.92.

Hedge Funds Weigh In On Cloudflare

Several institutional investors have recently bought and sold shares of NET. Capital World Investors grew its position 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 purchasing an additional 260,415 shares during the last quarter. Vanguard Group Inc. grew its holdings 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 purchasing an additional 538,850 shares in the last quarter. Geode Capital Management LLC increased its holdings in Cloudflare by 1.4% in the 4th 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 during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its stake in Cloudflare by 33.5% in 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 valued at $352,610,000 after acquiring an additional 786,063 shares during the period. Finally, American Century Companies Inc. raised its holdings in shares of Cloudflare by 34.5% in the 1st quarter. American Century Companies Inc. now owns 3,037,420 shares of the company's stock worth $342,287,000 after buying an additional 779,819 shares in the last quarter. 82.68% of the stock is currently owned by institutional investors.

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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