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 business's stock in a transaction dated Thursday, July 10th. The stock was sold at an average price of $184.58, for a total value of $9,669,038.72. Following the sale, the chief executive officer owned 381,213 shares in the company, valued at approximately $70,364,295.54. The trade was a 12.08% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website.

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 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 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 value 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

Shares of NET traded down $0.74 during mid-day trading on Friday, hitting $181.18. The company's stock had a trading volume of 2,771,568 shares, compared to its average volume of 3,157,112. Cloudflare, Inc. has a one year low of $69.26 and a one year 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 firm has a market capitalization of $62.80 billion, a PE ratio of -787.74 and a beta of 1.85. The stock's 50-day moving average is $168.30 and its two-hundred day moving average is $140.02.

Cloudflare (NYSE:NET - Get Free Report) last issued 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). The firm had revenue of $479.09 million during the quarter, compared to the consensus estimate of $469.49 million. Cloudflare had a negative return on equity of 6.31% and a negative net margin of 4.62%. The firm's revenue for the quarter was up 26.5% compared to the same quarter last year. During the same period last year, the business earned $0.16 earnings per share. As a group, sell-side analysts anticipate that Cloudflare, Inc. will post -0.11 EPS for the current year.

Wall Street Analyst Weigh In

A number of equities analysts have recently weighed in on NET shares. Piper Sandler reiterated a "neutral" rating and issued a $151.00 target price (up previously from $112.00) on shares of Cloudflare in a report on Friday, May 9th. UBS Group upped their target price on Cloudflare from $135.00 to $145.00 and gave the company a "neutral" rating in a report on Friday, May 9th. The Goldman Sachs Group dropped their target price on Cloudflare from $183.00 to $161.00 and set a "buy" rating on the stock in a report on Friday, March 14th. Oppenheimer restated an "outperform" rating and issued a $200.00 price objective (up previously from $165.00) on shares of Cloudflare in a report on Thursday, June 5th. Finally, Capital One Financial upgraded Cloudflare from a "hold" rating to a "strong-buy" rating in a report on Thursday, May 8th. Three equities research analysts have rated the stock with a sell rating, ten have given a hold rating, fifteen have assigned a buy rating and one has assigned a strong buy rating to the company's stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Hold" and a consensus price target of $148.92.

Institutional Trading of Cloudflare

A number of hedge funds and other institutional investors have recently made changes to their positions in NET. Groupama Asset Managment acquired a new stake in shares of Cloudflare in the fourth quarter valued at $269,200,000. Norges Bank acquired a new stake in Cloudflare in the fourth quarter worth about $249,544,000. American Century Companies Inc. increased its position in Cloudflare by 82.0% in the fourth quarter. American Century Companies Inc. now owns 2,257,601 shares of the company's stock worth $243,098,000 after purchasing an additional 1,017,399 shares during the period. Fred Alger Management LLC increased its position in Cloudflare by 856.3% in the fourth quarter. Fred Alger Management LLC now owns 934,286 shares of the company's stock worth $100,604,000 after purchasing an additional 836,591 shares during the period. Finally, Invesco Ltd. increased its position in Cloudflare by 292.5% in the fourth quarter. Invesco Ltd. now owns 1,078,921 shares of the company's stock worth $116,178,000 after purchasing an additional 804,059 shares during the period. 82.68% of the stock is currently owned by institutional investors and hedge funds.

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.