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

Cloudflare, Inc. (NYSE:NET) CEO Matthew Prince sold 52,384 shares of Cloudflare stock in a transaction on Thursday, February 26th. The stock was sold at an average price of $173.78, for a total transaction of $9,103,291.52. Following the sale, the chief executive officer directly owned 22,911 shares in the company, valued at approximately $3,981,473.58. This trade represents a 69.57% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link.

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

• On Tuesday, February 24th, Matthew Prince sold 52,384 shares of Cloudflare stock. The stock was sold at an average price of $164.15, for a total transaction of $8,598,833.60.
• 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 transaction of $10,541,232.32.
• On Wednesday, December 3rd, Matthew Prince sold 52,384 shares of Cloudflare stock. The stock was sold at an average price of $202.19, for a total value of $10,591,520.96.

Cloudflare Price Performance

NYSE: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 has a market cap of $60.18 billion, a PE ratio of -592.38 and a beta of 1.97. The stock has a 50 day moving average price of $185.86 and a 200 day moving average price of $202.94.

Cloudflare (NYSE:NET) last released its quarterly earnings data on Tuesday, February 10th. The company reported $0.28 earnings per share for the quarter, topping analysts’ consensus estimates of $0.27 by $0.01. Cloudflare had a negative return on equity of 7.40% and a negative net margin of 4.72%.The company had revenue of $614.51 million for the quarter, compared to analyst estimates of $591.67 million. During the same quarter in the previous year, the company posted $0.19 earnings per share. The firm’s revenue for the quarter was up 33.6% compared to the same quarter last year. Equities research analysts expect that Cloudflare, Inc. will post -0.11 EPS for the current fiscal year.

Institutional Investors Weigh In On Cloudflare

Institutional investors have recently modified their holdings of the company. Norges Bank purchased a new position in Cloudflare during the 4th quarter valued at about $718,316,000. Jennison Associates LLC lifted its position in shares of Cloudflare by 802.6% during the fourth quarter. Jennison Associates LLC now owns 1,863,612 shares of the company’s stock worth $367,411,000 after purchasing an additional 1,657,144 shares in the last quarter. Corient Private Wealth LLC boosted its stake in shares of Cloudflare by 4,042.6% in the fourth quarter. Corient Private Wealth LLC now owns 1,399,378 shares of the company’s stock valued at $275,887,000 after purchasing an additional 1,365,598 shares during the period. Groupama Asset Managment acquired a new position in shares of Cloudflare in the second quarter valued at approximately $225,204,000. Finally, Vanguard Group Inc. increased its stake in Cloudflare by 2.6% during the 3rd quarter. Vanguard Group Inc. now owns 32,317,249 shares of the company’s stock worth $6,934,958,000 after buying an additional 821,684 shares during the period. 82.68% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several analysts have recently weighed in on the stock. Susquehanna set a $190.00 price target on shares of Cloudflare in a research note on Thursday, February 12th. Mizuho decreased their price objective on Cloudflare from $280.00 to $255.00 and set an “outperform” rating on the stock in a report on Wednesday, January 21st. Royal Bank Of Canada increased their price objective on Cloudflare from $230.00 to $240.00 and gave the stock an “outperform” rating in a research report on Wednesday, February 11th. Robert W. Baird set a $260.00 target price on Cloudflare and gave the company an “outperform” rating in a research report on Wednesday, February 11th. Finally, Citizens Jmp set a $270.00 price target on Cloudflare in a research note on Friday, October 31st. One analyst has rated the stock with a Strong Buy rating, nineteen have given a Buy rating, seven have given a Hold rating and three have assigned a Sell rating to the company. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $230.70.

Cloudflare Company Profile

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.