Matthew Prince Sells 51,725 Shares of Cloudflare (NYSE:NET) Stock
by Michael Walen · The Markets DailyCloudflare, Inc. (NYSE:NET – Get Free Report) CEO Matthew Prince sold 51,725 shares of Cloudflare stock in a transaction that occurred on Wednesday, April 8th. The stock was sold at an average price of $213.59, for a total value of $11,047,942.75. Following the sale, the chief executive officer directly owned 659 shares in the company, valued at $140,755.81. The trade was a 98.74% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.
Matthew Prince also recently made the following trade(s):
- On Monday, April 6th, Matthew Prince sold 52,384 shares of Cloudflare stock. The stock was sold at an average price of $210.02, for a total transaction of $11,001,687.68.
- On Wednesday, April 8th, Matthew Prince sold 659 shares of Cloudflare stock. The stock was sold at an average price of $223.62, for a total transaction of $147,365.58.
- On Wednesday, March 18th, Matthew Prince sold 38,766 shares of Cloudflare stock. The stock was sold at an average price of $218.87, for a total transaction of $8,484,714.42.
- On Monday, March 16th, Matthew Prince sold 52,384 shares of Cloudflare stock. The stock was sold at an average price of $209.08, for a total transaction of $10,952,446.72.
- On Wednesday, March 18th, Matthew Prince sold 13,618 shares of Cloudflare stock. The stock was sold at an average price of $227.80, for a total transaction of $3,102,180.40.
- 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 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 stock was sold at an average price of $189.47, for a total value of $9,925,196.48.
Cloudflare Stock Down 2.5%
NYSE NET traded down $5.37 during trading on Wednesday, hitting $210.92. The stock had a trading volume of 4,118,601 shares, compared to its average volume of 4,528,759. Cloudflare, Inc. has a 12 month low of $96.41 and a 12 month high of $260.00. The company has a market capitalization of $74.24 billion, a PE ratio of -727.27 and a beta of 1.87. The company has a debt-to-equity ratio of 1.35, a quick ratio of 1.98 and a current ratio of 1.98. The company’s 50-day moving average price is $194.55 and its two-hundred day moving average price is $202.49.
Cloudflare (NYSE:NET – Get Free Report) last announced its earnings results on Tuesday, February 10th. The company reported $0.28 EPS for the quarter, beating the consensus estimate of $0.27 by $0.01. The company had revenue of $614.51 million for the quarter, compared to analyst estimates of $591.67 million. Cloudflare had a negative return on equity of 7.24% and a negative net margin of 4.72%.The firm’s revenue for the quarter was up 33.6% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.19 EPS. As a group, sell-side analysts forecast that Cloudflare, Inc. will post -0.11 EPS for the current year.
Wall Street Analysts Forecast Growth
Several equities analysts have commented on NET shares. Piper Sandler upped their target price on shares of Cloudflare from $220.00 to $222.00 and gave the stock a “neutral” rating in a research report on Wednesday, February 11th. Royal Bank Of Canada upped their target price on shares of Cloudflare from $230.00 to $240.00 and gave the stock an “outperform” rating in a research report on Wednesday, February 11th. Needham & Company LLC cut their price target on Cloudflare from $285.00 to $250.00 and set a “buy” rating on the stock in a research note on Wednesday, February 11th. Cantor Fitzgerald restated a “neutral” rating and issued a $224.00 price target on shares of Cloudflare in a research note on Wednesday, February 11th. Finally, Barclays increased their target price on Cloudflare from $235.00 to $250.00 and gave the stock an “overweight” rating in a research note on Wednesday, February 11th. One equities research analyst has rated the stock with a Strong Buy rating, eighteen have issued a Buy rating, eight have issued a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $233.38.
Get Our Latest Analysis on NET
Institutional Inflows and Outflows
A number of large investors have recently modified their holdings of NET. Vanguard Group Inc. increased its stake in shares of Cloudflare by 0.3% during the fourth quarter. Vanguard Group Inc. now owns 32,407,646 shares of the company’s stock worth $6,389,167,000 after purchasing an additional 90,397 shares in the last quarter. Geode Capital Management LLC raised its holdings in shares of Cloudflare by 4.2% in the 4th quarter. Geode Capital Management LLC now owns 6,018,175 shares of the company’s stock valued at $1,184,044,000 after buying an additional 241,981 shares during the period. First Trust Advisors LP lifted its stake in Cloudflare by 1.6% during the 4th quarter. First Trust Advisors LP now owns 4,019,157 shares of the company’s stock worth $792,377,000 after acquiring an additional 63,198 shares in the last quarter. Invesco Ltd. lifted its holdings in Cloudflare by 1.3% during the 3rd quarter. Invesco Ltd. now owns 3,964,733 shares of the company’s stock worth $850,792,000 after buying an additional 49,485 shares in the last quarter. Finally, Norges Bank acquired a new stake in Cloudflare during the 4th quarter worth approximately $718,316,000. 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.