Cloudflare, Inc. (NYSE:NET) Director Carl Ledbetter Sells 7,988 Shares

Cloudflare, Inc. (NYSE:NET) Director Carl Ledbetter sold 7,988 shares of the company’s stock in a transaction dated Wednesday, September 6th. The shares were sold at an average price of $64.79, for a total transaction of $517,542.52. Following the completion of the sale, the director now directly owns 1,818,631 shares in the company, valued at approximately $117,829,102.49. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link.

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

• On Wednesday, August 30th, Carl Ledbetter sold 30,191 shares of Cloudflare stock. The shares were sold at an average price of $63.28, for a total value of $1,910,486.48.
• On Wednesday, August 23rd, Carl Ledbetter sold 8,030 shares of Cloudflare stock. The stock was sold at an average price of $59.35, for a total value of $476,580.50.
• On Wednesday, August 16th, Carl Ledbetter sold 9,967 shares of Cloudflare stock. The shares were sold at an average price of $62.18, for a total transaction of $619,748.06.
• On Wednesday, August 2nd, Carl Ledbetter sold 30,115 shares of Cloudflare stock. The stock was sold at an average price of $65.72, for a total value of $1,979,157.80.
• On Wednesday, July 26th, Carl Ledbetter sold 8,030 shares of Cloudflare stock. The stock was sold at an average price of $64.80, for a total value of $520,344.00.
• On Wednesday, July 19th, Carl Ledbetter sold 9,999 shares of Cloudflare stock. The shares were sold at an average price of $74.36, for a total transaction of $743,525.64.
• On Wednesday, July 12th, Carl Ledbetter sold 7,986 shares of Cloudflare stock. The shares were sold at an average price of $68.97, for a total transaction of $550,794.42.
• On Wednesday, July 5th, Carl Ledbetter sold 30,145 shares of Cloudflare stock. The shares were sold at an average price of $64.76, for a total value of $1,952,190.20.

Cloudflare Stock Performance

NYSE NET opened at $63.56 on Friday. The company has a 50-day moving average price of $64.92 and a two-hundred day moving average price of $61.20. Cloudflare, Inc. has a 52 week low of $37.37 and a 52 week high of $76.07. The company has a debt-to-equity ratio of 2.00, a quick ratio of 3.84 and a current ratio of 3.84.

Cloudflare (NYSE:NET) last issued its quarterly earnings data on Thursday, August 3rd. The company reported ($0.12) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.09) by ($0.03). The business had revenue of $308.49 million during the quarter, compared to the consensus estimate of $305.63 million. Cloudflare had a negative return on equity of 21.42% and a negative net margin of 19.61%. Sell-side analysts expect that Cloudflare, Inc. will post -0.34 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently issued reports on NET shares. The Goldman Sachs Group increased their target price on Cloudflare from $38.00 to $43.00 and gave the company a “sell” rating in a research note on Friday, August 4th. Morgan Stanley reissued an “equal weight” rating and issued a $43.00 price objective on shares of Cloudflare in a research report on Monday, August 7th. Robert W. Baird lifted their target price on Cloudflare from $64.00 to $75.00 in a research report on Friday, July 28th. TD Cowen raised their price objective on Cloudflare from $70.00 to $80.00 and gave the company an “outperform” rating in a research note on Friday, August 4th. Finally, JMP Securities upped their target price on Cloudflare from $60.00 to $75.00 in a research report on Thursday, July 13th. Four research analysts have rated the stock with a sell rating, nine have assigned a hold rating and eleven have assigned a buy rating to the company. According to data from MarketBeat.com, Cloudflare presently has a consensus rating of “Hold” and an average target price of $65.85.

Institutional Investors Weigh In On Cloudflare

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Thrivent Financial for Lutherans bought a new stake in shares of Cloudflare during the 4th quarter worth about $725,000. Ellevest Inc. lifted its position in Cloudflare by 14.3% in the first quarter. Ellevest Inc. now owns 2,685 shares of the company’s stock worth $166,000 after purchasing an additional 335 shares during the period. AIA Group Ltd bought a new position in Cloudflare during the 1st quarter valued at $357,000. Voya Investment Management LLC increased its position in shares of Cloudflare by 2.2% during the 4th quarter. Voya Investment Management LLC now owns 2,426,706 shares of the company’s stock valued at $109,711,000 after purchasing an additional 51,684 shares during the period. Finally, Van ECK Associates Corp bought a new stake in shares of Cloudflare in the 1st quarter worth $919,000. 73.14% of the stock is currently owned by institutional investors.

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, secure origin connection, and rate limiting products.