Insider Selling: Cloudflare, Inc. (NYSE:NET) Director Sells $701,844.78 in 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 stock was sold at an average price of $87.49, for a total transaction of $701,844.78. Following the completion of the sale, the director now directly owns 1,196,793 shares of the company’s stock, valued at approximately $104,707,419.57. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website.

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 transaction 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 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 shares were 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 shares were 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 shares were 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 shares were 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.

Cloudflare Price Performance

Shares of Cloudflare stock opened at $74.40 on Friday. The company has a current ratio of 3.50, a quick ratio of 3.50 and a debt-to-equity ratio of 1.68. The company’s 50-day moving average price is $93.67 and its two-hundred day moving average price is $83.60. Cloudflare, Inc. has a 52 week low of $39.90 and a 52 week high of $116.00. The stock has a market cap of $25.12 billion, a PE ratio of -140.38 and a beta of 1.15.

Cloudflare (NYSE:NET) last issued its quarterly earnings results on Thursday, February 8th. The company reported ($0.06) EPS for the quarter, topping the consensus estimate of ($0.07) by $0.01. The firm had revenue of $362.47 million for the quarter, compared to analysts’ expectations of $352.70 million. Cloudflare had a negative net margin of 13.10% and a negative return on equity of 13.22%. As a group, sell-side analysts anticipate that Cloudflare, Inc. will post -0.2 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

NET has been the topic of a number of analyst reports. KeyCorp reduced their target price on shares of Cloudflare from $132.00 to $94.00 and set an “overweight” rating on the stock in a research note on Friday. UBS Group dropped their price target on shares of Cloudflare from $88.00 to $76.00 and set a “sell” rating for the company in a research report on Friday. DZ Bank cut shares of Cloudflare from a “buy” rating to a “hold” rating and set a $110.00 price target for the company. in a research report on Tuesday, February 13th. Cantor Fitzgerald dropped their price objective on shares of Cloudflare from $100.00 to $80.00 and set a “neutral” rating for the company in a report on Friday. Finally, Oppenheimer dropped their price objective on shares of Cloudflare from $122.00 to $110.00 and set an “outperform” rating for the company in a report on Friday. Four research analysts have rated the stock with a sell rating, ten have assigned a hold rating and nine have given a buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $90.17.

Institutional Trading of Cloudflare

Institutional investors and hedge funds have recently bought and sold shares of the stock. Riverview Trust Co acquired a new stake in Cloudflare during the 1st quarter worth about $27,000. Allspring Global Investments Holdings LLC raised its holdings in Cloudflare by 595.0% during 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 period. ICA Group Wealth Management LLC acquired a new position in shares of Cloudflare in the 4th quarter valued at about $38,000. GAMMA Investing LLC acquired a new position in shares of Cloudflare in the 4th quarter valued at about $39,000. Finally, Pingora Partners LLC acquired a new position in shares of Cloudflare in the 4th quarter valued at about $42,000. Institutional investors and hedge funds own 82.68% of the company’s stock.

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.