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 that occurred on Thursday, February 26th. The shares were sold at an average price of $173.78, for a total value of $9,103,291.52. Following the completion of the transaction, the chief executive officer owned 22,911 shares in the company, valued at $3,981,473.58. This represents a 69.57% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, 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 shares were sold at an average price of $164.15, for a total value of $8,598,833.60.
• On Thursday, January 8th, Matthew Prince sold 52,384 shares of Cloudflare stock. The shares were sold at an average price of $189.47, for a total value of $9,925,196.48.
• On Tuesday, January 6th, Matthew Prince sold 52,384 shares of Cloudflare stock. The stock was sold at an average price of $194.77, for a total value 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 transaction of $10,591,520.96.

Cloudflare Trading Up 1.6%

NYSE NET traded up $2.79 on Thursday, reaching $174.59. The stock had a trading volume of 4,094,326 shares, compared to its average volume of 6,125,009. The firm has a market capitalization of $61.16 billion, a price-to-earnings ratio of -602.01 and a beta of 1.97. The company has a quick ratio of 2.04, a current ratio of 2.04 and a debt-to-equity ratio of 1.46. Cloudflare, Inc. has a 12-month low of $89.42 and a 12-month high of $260.00. The stock has a fifty day moving average price of $186.33 and a two-hundred day moving average price of $203.14.

Cloudflare (NYSE:NET) last posted its quarterly earnings data on Tuesday, February 10th. The company reported $0.28 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.27 by $0.01. The firm had revenue of $614.51 million for the quarter, compared to the consensus estimate 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% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.19 EPS. As a group, sell-side analysts forecast that Cloudflare, Inc. will post -0.11 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of research firms have recently weighed in on NET. Wall Street Zen raised Cloudflare from a “hold” rating to a “buy” rating in a research report on Saturday, November 8th. UBS Group reissued a “neutral” rating and set a $220.00 target price on shares of Cloudflare in a research note on Wednesday, February 11th. Jefferies Financial Group increased their price target on Cloudflare from $185.00 to $225.00 and gave the company a “hold” rating in a research report on Wednesday, February 11th. Susquehanna set a $190.00 price objective on Cloudflare in a research note on Thursday, February 12th. Finally, Robert W. Baird set a $260.00 target price on shares of Cloudflare and gave the stock an “outperform” rating in a research note on Wednesday, February 11th. One equities research analyst has rated the stock with a Strong Buy rating, nineteen have given a Buy rating, seven have issued a Hold rating and three have assigned a Sell rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $230.70.

Institutional Investors Weigh In On Cloudflare

Hedge funds and other institutional investors have recently made changes to their positions in the business. Rakuten Investment Management Inc. purchased a new stake in Cloudflare during the third quarter worth about $138,660,000. Allianz Asset Management GmbH lifted its position in shares of Cloudflare by 322.4% during the 3rd 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 holdings in shares of Cloudflare by 1.0% in the 3rd quarter. National Pension Service now owns 618,662 shares of the company’s stock worth $132,759,000 after acquiring an additional 5,939 shares during the period. Westfield Capital Management Co. LP acquired a new stake in shares of Cloudflare in the 2nd quarter worth approximately $87,868,000. Finally, Swedbank AB increased its stake in Cloudflare by 27.7% in the 3rd quarter. Swedbank AB now owns 43,878 shares of the company’s stock valued at $9,416,000 after purchasing an additional 9,527 shares in the last quarter. Institutional investors and hedge funds own 82.68% of the company’s stock.

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.