Carl Ledbetter Sells 8,022 Shares of Cloudflare, Inc. (NYSE:NET) Stock

Cloudflare, Inc. (NYSE:NET) Director Carl Ledbetter sold 8,022 shares of the company’s stock in a transaction that occurred on Wednesday, May 1st. The shares were sold at an average price of $87.49, for a total value of $701,844.78. Following the sale, the director now directly owns 1,196,793 shares in the company, valued at $104,707,419.57. The transaction was disclosed in a filing with the SEC, which is available at this link.

Carl Ledbetter also recently made the following trade(s):

• On Wednesday, April 24th, Carl Ledbetter sold 10,015 shares of Cloudflare stock. The shares were sold at an average price of $89.16, for a total value of $892,937.40.
• On Wednesday, April 17th, Carl Ledbetter sold 8,029 shares of Cloudflare stock. The shares were sold at an average price of $90.39, for a total value of $725,741.31.
• On Wednesday, April 10th, Carl Ledbetter sold 44,154 shares of Cloudflare stock. The shares were sold at an average price of $94.37, for a total value of $4,166,812.98.
• On Wednesday, April 3rd, Carl Ledbetter sold 7,991 shares of Cloudflare stock. The shares were sold at an average price of $94.05, for a total value of $751,553.55.
• On Wednesday, March 27th, Carl Ledbetter sold 9,993 shares of Cloudflare stock. The shares were sold at an average price of $100.16, for a total value of $1,000,898.88.
• On Wednesday, March 20th, Carl Ledbetter sold 7,968 shares of Cloudflare stock. The shares were sold at an average price of $95.08, for a total value of $757,597.44.
• On Wednesday, March 6th, Carl Ledbetter sold 8,022 shares of Cloudflare stock. The shares were sold at an average price of $98.35, for a total value of $788,963.70.
• On Wednesday, February 14th, Carl Ledbetter sold 44,220 shares of Cloudflare stock. The stock was sold at an average price of $100.16, for a total value of $4,429,075.20.
• On Wednesday, February 7th, Carl Ledbetter sold 7,962 shares of Cloudflare stock. The stock was sold at an average price of $81.42, for a total value of $648,266.04.

Cloudflare Stock Down 16.2 %

Shares of NET opened at $74.52 on Friday. The company has a market capitalization of $25.16 billion, a PE ratio of -135.49 and a beta of 1.15. Cloudflare, Inc. has a 12 month low of $39.90 and a 12 month high of $116.00. The stock’s 50-day moving average price is $93.67 and its two-hundred day moving average price is $83.47. The company has a current ratio of 3.50, a quick ratio of 3.50 and a debt-to-equity ratio of 1.68.

Cloudflare (NYSE:NET) last announced its quarterly earnings data on Thursday, February 8th. The company reported ($0.06) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.07) by $0.01. The company had revenue of $362.47 million for the quarter, compared to the consensus estimate of $352.70 million. Cloudflare had a negative return on equity of 15.92% and a negative net margin of 14.19%. On average, analysts anticipate that Cloudflare, Inc. will post -0.2 EPS for the current year.

Institutional Trading of Cloudflare

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in NET. Deutsche Bank AG grew its holdings in shares of Cloudflare by 5.1% in the third quarter. Deutsche Bank AG now owns 1,352,203 shares of the company’s stock valued at $85,243,000 after acquiring an additional 65,596 shares in the last quarter. Envestnet Portfolio Solutions Inc. purchased a new position in Cloudflare in the third quarter valued at approximately $569,000. International Assets Investment Management LLC purchased a new position in Cloudflare in the fourth quarter valued at approximately $11,639,000. Blueshift Asset Management LLC lifted its stake in Cloudflare by 100.2% in the third quarter. Blueshift Asset Management LLC now owns 25,926 shares of the company’s stock valued at $1,634,000 after purchasing an additional 12,974 shares during the last quarter. Finally, LA Financiere DE L Echiquier lifted its stake in Cloudflare by 4.5% in the fourth quarter. LA Financiere DE L Echiquier now owns 407,600 shares of the company’s stock valued at $33,937,000 after purchasing an additional 17,600 shares during the last quarter. 82.68% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of equities research analysts have commented on NET shares. Piper Sandler restated a “neutral” rating and set a $81.00 price objective (down from $110.00) on shares of Cloudflare in a research report on Friday. Susquehanna lifted their price target on Cloudflare from $75.00 to $115.00 and gave the company a “neutral” rating in a report on Friday, February 9th. TD Cowen reduced their price target on Cloudflare from $117.00 to $110.00 and set a “buy” rating for the company in a report on Friday. Capital One Financial began coverage on Cloudflare in a report on Wednesday, January 17th. They set an “equal weight” rating and a $83.00 price target for the company. Finally, Mizuho reduced their price target on Cloudflare from $95.00 to $88.00 and set a “neutral” rating for the company in a report on Friday. Four analysts have rated the stock with a sell rating, ten have given a hold rating and nine have assigned a buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $90.17.

About Cloudflare

Cloudflare, Inc operates as a cloud services provider that delivers a range of services to businesses worldwide. The company provides an integrated cloud-based security solution to secure a range of combination of platforms, including public cloud, private cloud, on-premise, software-as-a-service applications, and IoT devices; and website and application security products comprising web application firewall, bot management, distributed denial of service, API gateways, SSL/TLS encryption, script management, security center, and rate limiting products.