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

Cloudflare logo with Computer and Technology background

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.

Read Our Latest Analysis on Cloudflare

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

(Get Free Report)

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.

See Also

Insider Buying and Selling by Quarter for Cloudflare (NYSE:NET)

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.

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