Carl Ledbetter Sells 8,029 Shares of Cloudflare, Inc. (NYSE:NET) Stock

Cloudflare, Inc. (NYSE:NET) Director Carl Ledbetter sold 8,029 shares of Cloudflare stock in a transaction that occurred on Wednesday, April 17th. The stock was sold at an average price of $90.39, for a total value of $725,741.31. Following the completion of the transaction, the director now owns 1,214,830 shares of the company’s stock, valued at approximately $109,808,483.70. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website.

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

• On Wednesday, April 10th, Carl Ledbetter sold 44,154 shares of Cloudflare stock. The stock was 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 shares were 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 shares were sold at an average price of $81.42, for a total value of $648,266.04.
• On Wednesday, January 31st, Carl Ledbetter sold 10,031 shares of Cloudflare stock. The shares were sold at an average price of $80.91, for a total value of $811,608.21.
• On Wednesday, January 24th, Carl Ledbetter sold 7,982 shares of Cloudflare stock. The stock was sold at an average price of $85.06, for a total value of $678,948.92.
• On Monday, January 22nd, Carl Ledbetter sold 66,384 shares of Cloudflare stock. The shares were sold at an average price of $86.88, for a total value of $5,767,441.92.

Cloudflare Stock Performance

NET opened at $84.10 on Friday. Cloudflare, Inc. has a 52-week low of $39.90 and a 52-week high of $116.00. The company has a quick ratio of 3.50, a current ratio of 3.50 and a debt-to-equity ratio of 1.68. The company has a market cap of $28.40 billion, a P/E ratio of -152.90 and a beta of 1.12. The firm’s 50-day moving average price is $96.38 and its 200-day moving average price is $81.78.

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

Hedge Funds Weigh In On Cloudflare

Several hedge funds and other institutional investors have recently bought and sold shares of NET. PNC Financial Services Group Inc. increased its holdings in Cloudflare by 48.6% in the 1st quarter. PNC Financial Services Group Inc. now owns 8,903 shares of the company’s stock worth $1,066,000 after buying an additional 2,912 shares during the period. MetLife Investment Management LLC acquired a new position in Cloudflare in the 1st quarter worth approximately $1,950,000. Synovus Financial Corp acquired a new position in Cloudflare in the 1st quarter worth approximately $439,000. Cibc World Market Inc. increased its holdings in Cloudflare by 16.8% in the 1st quarter. Cibc World Market Inc. now owns 21,811 shares of the company’s stock worth $2,611,000 after buying an additional 3,140 shares during the period. Finally, Dimensional Fund Advisors LP increased its holdings in Cloudflare by 10.8% in the 1st quarter. Dimensional Fund Advisors LP now owns 181,514 shares of the company’s stock worth $21,732,000 after buying an additional 17,681 shares during the period. Institutional investors and hedge funds own 82.68% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research firms recently weighed in on NET. Capital One Financial began coverage on shares of Cloudflare in a research note on Wednesday, January 17th. They issued an “equal weight” rating and a $83.00 price objective for the company. JMP Securities upped their price objective on shares of Cloudflare from $75.00 to $90.00 and gave the stock a “market outperform” rating in a research note on Wednesday, January 31st. Mizuho lowered their price objective on shares of Cloudflare from $105.00 to $95.00 and set a “neutral” rating for the company in a research note on Monday, April 15th. Sanford C. Bernstein began coverage on shares of Cloudflare in a research note on Thursday, January 18th. They issued a “market perform” rating and a $85.00 price objective for the company. Finally, DZ Bank downgraded shares of Cloudflare from a “buy” rating to a “hold” rating and set a $110.00 target price for the company. in a report on Tuesday, February 13th. Four analysts have rated the stock with a sell rating, ten have given a hold rating and eight have issued a buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $87.08.

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.