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Cloudflare, Inc. (NYSE:NET) CEO and Chair of the Board, Matthew Prince, has executed a series of stock transactions according to a recent SEC filing. The transactions, dated January 6 to January 8, 2025, involved the sale of Cloudflare Class A common stock. The company, currently valued at $39.62 billion, has seen its shares trade near their 52-week high of $119.42.
Prince sold a total of 117,593 shares over three days, with sale prices ranging between $112.1454 and $117.4797 per share. The total value of these sales amounted to approximately $17.9 million. According to InvestingPro data, the stock has delivered an impressive 40.11% return over the past six months.
The sales were conducted under a Rule 10b5-1 trading plan that Prince adopted in November 2023. Following these transactions, Prince retains a significant number of shares in the company, indicating continued investment in Cloudflare's future. The company maintains strong fundamentals with a healthy current ratio of 3.37 and impressive gross profit margins of 77.53%. For deeper insights into Cloudflare's valuation and growth prospects, InvestingPro subscribers can access comprehensive analysis and additional metrics in the Pro Research Report.
In other recent news, Cloudflare Inc (NYSE:NET). has been the subject of several significant developments. The company reported a 28% year-over-year increase in Q3 revenue, reaching $430.1 million, and a significant rise in its customer base, now standing at 3,265. Cloudflare anticipates continued growth in sales capacity and productivity, with Q4 2023 revenue projections indicating a 25% year-over-year increase.
Several analysts have adjusted their ratings on Cloudflare. RBC Capital Markets maintained an Outperform rating and increased the price target to $123. Goldman Sachs upgraded the company's stock from Sell to Buy and substantially increased the price target to $140. Baird maintained its Outperform rating and increased the price target to $120. Stifel upgraded Cloudflare from Hold to Buy, significantly increasing the price target to $136.00.
However, Citi maintained its Neutral rating, noting that Cloudflare's Pool-of-Funds deals are encouraging significant purchases and improving visibility among large enterprises. The firm believes that revenue headwinds from these deals are expected to diminish by 2025, contributing to Cloudflare's aspirations to achieve $5 billion in revenues. These are recent developments that investors should keep an eye on as they provide insight into Cloudflare's financial performance and future growth prospects.
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