Cloudflare, Inc. (NYSE:NET) Director Sells $892,937.40 in Stock

Cloudflare, Inc. (NYSE:NET) Director Carl Ledbetter sold 10,015 shares of the firm’s stock in a transaction that occurred on Wednesday, April 24th. The shares were sold at an average price of $89.16, for a total transaction of $892,937.40. Following the completion of the sale, the director now directly owns 1,204,815 shares in the company, valued at $107,421,305.40. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link.

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

• 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 transaction 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 transaction of $4,166,812.98.
• On Wednesday, April 3rd, Carl Ledbetter sold 7,991 shares of Cloudflare stock. The stock was sold at an average price of $94.05, for a total transaction of $751,553.55.
• On Wednesday, March 27th, Carl Ledbetter sold 9,993 shares of Cloudflare stock. The stock was sold at an average price of $100.16, for a total transaction of $1,000,898.88.
• On Wednesday, March 20th, Carl Ledbetter sold 7,968 shares of Cloudflare stock. The stock was sold at an average price of $95.08, for a total transaction of $757,597.44.
• On Wednesday, March 6th, Carl Ledbetter sold 8,022 shares of Cloudflare stock. The stock was sold at an average price of $98.35, for a total transaction 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 transaction 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 transaction of $648,266.04.
• On Wednesday, January 31st, Carl Ledbetter sold 10,031 shares of Cloudflare stock. The stock was sold at an average price of $80.91, for a total transaction of $811,608.21.

Cloudflare Stock Performance

Shares of Cloudflare stock opened at $88.01 on Friday. The stock has a market cap of $29.72 billion, a price-to-earnings ratio of -160.02 and a beta of 1.12. The firm’s 50-day moving average is $94.89 and its 200 day moving average is $82.70. Cloudflare, Inc. has a 1 year low of $39.90 and a 1 year high of $116.00. The company has a debt-to-equity ratio of 1.68, a current ratio of 3.50 and a quick ratio of 3.50.

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

Hedge Funds Weigh In On Cloudflare

A number of hedge funds have recently bought and sold shares of NET. Riverview Trust Co purchased a new position in Cloudflare in the 1st quarter worth about $27,000. Allspring Global Investments Holdings LLC raised its position in Cloudflare by 595.0% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 278 shares of the company’s stock worth $27,000 after buying an additional 238 shares during the last quarter. ICA Group Wealth Management LLC purchased a new position in Cloudflare in the 4th quarter worth about $38,000. GAMMA Investing LLC purchased a new position in Cloudflare in the 4th quarter worth about $39,000. Finally, Pingora Partners LLC purchased a new position in Cloudflare in the 4th quarter worth about $42,000. Institutional investors own 82.68% of the company’s stock.

Analysts Set New Price Targets

Several research analysts recently commented on the stock. Wells Fargo & Company lifted their target price on shares of Cloudflare from $95.00 to $125.00 and gave the stock an “overweight” rating in a research note on Friday, February 9th. Capital One Financial assumed coverage on shares of Cloudflare in a research note on Wednesday, January 17th. They issued an “equal weight” rating and a $83.00 target price on the stock. Sanford C. Bernstein assumed coverage on shares of Cloudflare in a research note on Thursday, January 18th. They issued a “market perform” rating and a $85.00 target price on the stock. Needham & Company LLC lifted their target price on shares of Cloudflare from $110.00 to $135.00 and gave the stock a “buy” rating in a research note on Friday, February 9th. Finally, KeyCorp lifted their target price on shares of Cloudflare from $94.00 to $132.00 and gave the stock an “overweight” rating in a research note on Friday, February 9th. Four equities research analysts have rated the stock with a sell rating, ten have assigned a hold rating and eight have issued a buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $87.08.

Cloudflare Company Profile

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.