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

Cloudflare, Inc. (NYSE:NET) CEO Matthew Prince sold 52,384 shares of the firm’s stock in a transaction that occurred on Thursday, February 26th. The stock was sold at an average price of $173.78, for a total value of $9,103,291.52. Following the transaction, the chief executive officer owned 22,911 shares in the company, valued at approximately $3,981,473.58. The trade was a 69.57% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website.

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 value 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 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 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 transaction of $10,591,520.96.

Cloudflare Trading Up 1.6%

NYSE NET traded up $2.79 during trading on Thursday, hitting $174.59. The company had a trading volume of 4,094,326 shares, compared to its average volume of 6,125,009. The company’s fifty day moving average is $186.33 and its 200-day moving average is $203.14. Cloudflare, Inc. has a one year low of $89.42 and a one year high of $260.00. The company has a current ratio of 2.04, a quick ratio of 2.04 and a debt-to-equity ratio of 1.46. The company has a market cap of $61.16 billion, a price-to-earnings ratio of -602.01 and a beta of 1.97.

Cloudflare (NYSE:NET) last released its quarterly 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. 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 period in the previous year, the company posted $0.19 earnings per share. The firm’s revenue was up 33.6% on a year-over-year basis. On average, sell-side analysts predict that Cloudflare, Inc. will post -0.11 earnings per share for the current year.

Institutional Investors Weigh In On Cloudflare

Several hedge funds have recently added to or reduced their stakes in the business. HM Payson & Co. acquired a new position in Cloudflare during the fourth quarter worth $25,000. Physician Wealth Advisors Inc. raised its holdings in shares of Cloudflare by 693.3% during the 3rd quarter. Physician Wealth Advisors Inc. now owns 119 shares of the company’s stock worth $26,000 after acquiring an additional 104 shares during the period. Wiser Advisor Group LLC acquired a new position in shares of Cloudflare during the 3rd quarter valued at about $26,000. Westside Investment Management Inc. boosted its position in shares of Cloudflare by 100.0% during the 3rd quarter. Westside Investment Management Inc. now owns 130 shares of the company’s stock valued at $28,000 after acquiring an additional 65 shares during the last quarter. Finally, Twin Peaks Wealth Advisors LLC acquired a new stake in Cloudflare during the second quarter worth about $29,000. 82.68% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of analysts have issued reports on NET shares. Wells Fargo & Company lifted their price objective on Cloudflare from $265.00 to $270.00 and gave the stock an “overweight” rating in a research note on Wednesday, February 11th. Scotiabank reduced their price target on shares of Cloudflare from $255.00 to $225.00 and set a “sector perform” rating on the stock in a research report on Wednesday, February 11th. TD Cowen reaffirmed a “buy” rating on shares of Cloudflare in a research note on Tuesday, January 27th. Weiss Ratings reissued a “sell (d-)” rating on shares of Cloudflare in a research note on Wednesday, January 21st. Finally, Barclays boosted their target price on shares of Cloudflare from $235.00 to $250.00 and gave the stock an “overweight” rating in a report on Wednesday, February 11th. One equities research analyst has rated the stock with a Strong Buy rating, nineteen have assigned a Buy rating, seven have assigned a Hold rating and three have given a Sell rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus 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.