Carl Ledbetter Sells 8,030 Shares of Cloudflare, Inc. (NYSE:NET) Stock

Cloudflare, Inc. (NYSE:NET) Director Carl Ledbetter sold 8,030 shares of the company’s stock in a transaction that occurred on Wednesday, June 26th. The stock was sold at an average price of $79.89, for a total value of $641,516.70. Following the completion of the sale, the director now owns 1,084,364 shares in the company, valued at approximately $86,629,839.96. The transaction was disclosed in a filing with the SEC, which is available through the SEC website.

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

• On Wednesday, June 12th, Carl Ledbetter sold 7,986 shares of Cloudflare stock. The stock was sold at an average price of $74.48, for a total value of $594,797.28.
• On Wednesday, May 29th, Carl Ledbetter sold 7,994 shares of Cloudflare stock. The stock was sold at an average price of $72.79, for a total value of $581,883.26.
• On Wednesday, May 8th, Carl Ledbetter sold 30,145 shares of Cloudflare stock. The stock was sold at an average price of $72.86, for a total value of $2,196,364.70.
• On Wednesday, May 1st, Carl Ledbetter sold 8,022 shares of Cloudflare stock. The stock was sold at an average price of $87.49, for a total value of $701,844.78.
• On Wednesday, April 24th, Carl Ledbetter sold 10,015 shares of Cloudflare stock. The stock was 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.

Cloudflare Stock Up 3.2 %

NET stock opened at $81.79 on Friday. The company has a debt-to-equity ratio of 1.61, a current ratio of 3.51 and a quick ratio of 3.51. Cloudflare, Inc. has a 52-week low of $53.88 and a 52-week high of $116.00. The company has a 50-day moving average of $76.92 and a two-hundred day moving average of $85.33. The stock has a market capitalization of $27.79 billion, a price-to-earnings ratio of -154.32 and a beta of 1.08.

Cloudflare (NYSE:NET) last released its quarterly earnings results on Thursday, May 2nd. The company reported ($0.03) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.05) by $0.02. The company had revenue of $378.60 million during the quarter, compared to analysts’ expectations of $372.93 million. Cloudflare had a negative net margin of 13.10% and a negative return on equity of 12.78%. As a group, equities research analysts anticipate that Cloudflare, Inc. will post -0.19 EPS for the current year.

Analysts Set New Price Targets

Several analysts recently weighed in on NET shares. Citigroup lowered their price objective on Cloudflare from $95.00 to $90.00 and set a “neutral” rating for the company in a report on Thursday, May 9th. KeyCorp lowered their target price on Cloudflare from $132.00 to $94.00 and set an “overweight” rating for the company in a report on Friday, May 3rd. Needham & Company LLC reaffirmed a “buy” rating and set a $135.00 target price on shares of Cloudflare in a report on Friday, May 31st. TD Cowen lowered their target price on Cloudflare from $117.00 to $110.00 and set a “buy” rating for the company in a report on Friday, May 3rd. Finally, Susquehanna lowered their target price on Cloudflare from $115.00 to $80.00 and set a “neutral” rating for the company in a report on Monday, May 6th. Three research analysts have rated the stock with a sell rating, ten have assigned a hold rating and ten have given a buy rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $90.96.

Institutional Trading of Cloudflare

Several hedge funds have recently modified their holdings of the company. Vanguard Group Inc. increased its holdings in shares of Cloudflare by 1.5% during the first quarter. Vanguard Group Inc. now owns 28,572,053 shares of the company’s stock worth $2,766,632,000 after buying an additional 412,864 shares in the last quarter. Capital World Investors increased its holdings in shares of Cloudflare by 2.1% during the first quarter. Capital World Investors now owns 28,128,522 shares of the company’s stock worth $2,723,685,000 after buying an additional 584,566 shares in the last quarter. 1832 Asset Management L.P. increased its holdings in shares of Cloudflare by 121.2% during the fourth quarter. 1832 Asset Management L.P. now owns 2,916,600 shares of the company’s stock worth $242,836,000 after buying an additional 1,597,900 shares in the last quarter. Norges Bank acquired a new stake in shares of Cloudflare during the fourth quarter worth approximately $221,858,000. Finally, Northern Trust Corp increased its holdings in shares of Cloudflare by 3.1% during the third quarter. Northern Trust Corp now owns 1,733,639 shares of the company’s stock worth $109,289,000 after buying an additional 51,345 shares in the last quarter. 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.