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

Cloudflare, Inc. (NYSE:NET) CEO Matthew Prince sold 52,384 shares of the firm’s stock in a transaction that occurred on Friday, September 6th. The shares were sold at an average price of $76.55, for a total transaction of $4,009,995.20. Following the completion of the transaction, the chief executive officer now directly owns 10,761 shares of the company’s stock, valued at approximately $823,754.55. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website.

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

• On Wednesday, September 4th, Matthew Prince sold 52,384 shares of Cloudflare stock. The stock was sold at an average price of $78.06, for a total value of $4,089,095.04.
• On Thursday, August 8th, Matthew Prince sold 52,384 shares of Cloudflare stock. The shares were sold at an average price of $76.70, for a total value of $4,017,852.80.
• On Thursday, July 11th, Matthew Prince sold 52,384 shares of Cloudflare stock. The stock was sold at an average price of $82.67, for a total transaction of $4,330,585.28.
• On Tuesday, July 9th, Matthew Prince sold 52,384 shares of Cloudflare stock. The stock was sold at an average price of $82.96, for a total transaction of $4,345,776.64.
• On Thursday, June 13th, Matthew Prince sold 52,384 shares of Cloudflare stock. The shares were sold at an average price of $74.46, for a total transaction of $3,900,512.64.
• On Tuesday, June 11th, Matthew Prince sold 52,384 shares of Cloudflare stock. The stock was sold at an average price of $72.04, for a total transaction of $3,773,743.36.

Cloudflare Trading Down 3.0 %

NYSE:NET opened at $76.03 on Friday. Cloudflare, Inc. has a 12-month low of $53.88 and a 12-month high of $116.00. The company has a current ratio of 3.51, a quick ratio of 3.51 and a debt-to-equity ratio of 1.46. The stock’s 50 day simple moving average is $80.41 and its 200-day simple moving average is $83.86. The firm has a market cap of $25.83 billion, a P/E ratio of -143.45 and a beta of 1.10.

Cloudflare (NYSE:NET) last announced its quarterly earnings data on Thursday, August 1st. The company reported $0.20 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.14 by $0.06. Cloudflare had a negative net margin of 6.90% and a negative return on equity of 8.54%. The company had revenue of $401.00 million for the quarter, compared to analysts’ expectations of $394.11 million. During the same period in the previous year, the company posted ($0.12) EPS. Cloudflare’s revenue was up 30.0% compared to the same quarter last year. Equities analysts anticipate that Cloudflare, Inc. will post -0.14 EPS for the current year.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the company. Norges Bank purchased a new position in Cloudflare in the fourth quarter worth $221,858,000. Baillie Gifford & Co. increased its holdings in shares of Cloudflare by 8.5% in the 2nd quarter. Baillie Gifford & Co. now owns 32,722,670 shares of the company’s stock valued at $2,710,419,000 after purchasing an additional 2,575,396 shares in the last quarter. 1832 Asset Management L.P. lifted its stake in shares of Cloudflare by 121.2% in the fourth quarter. 1832 Asset Management L.P. now owns 2,916,600 shares of the company’s stock valued at $242,836,000 after purchasing an additional 1,597,900 shares during the period. Marshall Wace LLP boosted its holdings in Cloudflare by 123.4% during the second quarter. Marshall Wace LLP now owns 1,548,535 shares of the company’s stock worth $128,265,000 after buying an additional 855,334 shares in the last quarter. Finally, Vanguard Group Inc. grew its position in Cloudflare by 2.7% during the fourth quarter. Vanguard Group Inc. now owns 28,159,189 shares of the company’s stock worth $2,344,534,000 after buying an additional 740,914 shares during the period. 82.68% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several research firms have recently issued reports on NET. The Goldman Sachs Group lowered their price objective on Cloudflare from $77.00 to $68.00 and set a “sell” rating for the company in a research report on Tuesday, June 4th. Needham & Company LLC reaffirmed a “buy” rating and issued a $135.00 price target on shares of Cloudflare in a report on Friday, August 2nd. Cantor Fitzgerald raised their price objective on shares of Cloudflare from $80.00 to $85.00 and gave the stock a “neutral” rating in a report on Friday, August 2nd. Morgan Stanley restated an “equal weight” rating and issued a $92.00 target price on shares of Cloudflare in a report on Monday, June 17th. Finally, Wolfe Research began coverage on shares of Cloudflare in a research note on Tuesday, July 16th. They set a “peer perform” rating on the stock. Three investment analysts have rated the stock with a sell rating, twelve have given a hold rating and ten have assigned a buy rating to the stock. According to MarketBeat.com, Cloudflare currently has an average rating of “Hold” and a consensus target price of $92.29.

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.