Matthew Prince Sells 52,384 Shares of Cloudflare (NYSE:NET) Stock

Cloudflare, Inc. (NYSE:NET) CEO Matthew Prince sold 52,384 shares of the company’s stock in a transaction dated Tuesday, February 24th. The stock was sold at an average price of $164.15, for a total transaction of $8,598,833.60. Following the completion of the sale, the chief executive officer directly owned 22,911 shares of the company’s stock, valued at $3,760,840.65. The trade was a 69.57% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link.

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

• On Thursday, February 26th, Matthew Prince sold 52,384 shares of Cloudflare stock. The stock was sold at an average price of $173.78, for a total transaction of $9,103,291.52.
• On Thursday, January 8th, Matthew Prince sold 52,384 shares of Cloudflare stock. The stock was sold at an average price of $189.47, for a total transaction of $9,925,196.48.
• On Tuesday, January 6th, Matthew Prince sold 52,384 shares of Cloudflare stock. The shares were sold at an average price of $194.77, for a total transaction of $10,202,831.68.
• On Friday, December 5th, Matthew Prince sold 52,384 shares of Cloudflare stock. The stock was sold at an average price of $201.23, for a total value of $10,541,232.32.
• On Wednesday, December 3rd, Matthew Prince sold 52,384 shares of Cloudflare stock. The shares were sold at an average price of $202.19, for a total value of $10,591,520.96.

Cloudflare Stock Down 1.6%

NET opened at $171.80 on Friday. Cloudflare, Inc. has a one year low of $89.42 and a one year high of $260.00. The company has a debt-to-equity ratio of 1.46, a quick ratio of 2.04 and a current ratio of 2.04. The stock’s fifty day moving average is $185.86 and its 200-day moving average is $202.94. The company has a market capitalization of $60.18 billion, a PE ratio of -592.38 and a beta of 1.97.

Cloudflare (NYSE:NET) last announced its earnings results on Tuesday, February 10th. The company reported $0.28 earnings per share for the quarter, beating the consensus estimate of $0.27 by $0.01. The business had revenue of $614.51 million during the quarter, compared to analysts’ expectations of $591.67 million. Cloudflare had a negative return on equity of 7.40% and a negative net margin of 4.72%.The company’s quarterly revenue was up 33.6% on a year-over-year basis. During the same quarter last year, the business posted $0.19 earnings per share. On average, equities analysts predict that Cloudflare, Inc. will post -0.11 EPS for the current fiscal year.

Institutional Investors Weigh In On Cloudflare

A number of institutional investors have recently modified their holdings of NET. Rakuten Investment Management Inc. acquired a new position in Cloudflare in the 3rd quarter valued at $138,660,000. Allianz Asset Management GmbH boosted its holdings in Cloudflare by 322.4% during the third quarter. Allianz Asset Management GmbH now owns 65,182 shares of the company’s stock valued at $13,987,000 after acquiring an additional 49,749 shares during the period. National Pension Service grew its position in shares of Cloudflare by 1.0% in the third quarter. National Pension Service now owns 618,662 shares of the company’s stock valued at $132,759,000 after purchasing an additional 5,939 shares during the last quarter. Westfield Capital Management Co. LP bought a new position in shares of Cloudflare in the second quarter worth about $87,868,000. Finally, Swedbank AB lifted its position in shares of Cloudflare by 27.7% during the 3rd quarter. Swedbank AB now owns 43,878 shares of the company’s stock worth $9,416,000 after purchasing an additional 9,527 shares during the last quarter. Institutional investors and hedge funds own 82.68% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts recently weighed in on NET shares. Mizuho dropped their price target on Cloudflare from $280.00 to $255.00 and set an “outperform” rating on the stock in a research note on Wednesday, January 21st. Guggenheim boosted their price target on shares of Cloudflare from $117.00 to $140.00 and gave the company a “sell” rating in a report on Wednesday, February 11th. BTIG Research upped their price target on shares of Cloudflare from $199.00 to $243.00 and gave the company a “buy” rating in a research report on Wednesday, February 11th. DZ Bank upgraded shares of Cloudflare from a “hold” rating to a “buy” rating and set a $215.00 price objective on the stock in a research report on Friday, February 13th. Finally, Wells Fargo & Company boosted their target price on shares of Cloudflare from $265.00 to $270.00 and gave the company an “overweight” rating in a research note on Wednesday, February 11th. One research analyst has rated the stock with a Strong Buy rating, nineteen have given a Buy rating, seven have assigned a Hold rating and three have given a Sell rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $230.70.

About Cloudflare

Cloudflare, Inc is a global web infrastructure and security company that provides a suite of services designed to improve the performance, reliability and security of internet properties. Its core offerings include a content delivery network (CDN), distributed denial-of-service (DDoS) protection, managed DNS, and a web application firewall (WAF). Cloudflare also provides tools for bot management, SSL/TLS, load balancing and rate limiting to help organizations maintain uptime and protect web applications from attack.

In addition to traditional edge and security services, Cloudflare has expanded into edge computing and developer platforms.