Carl Ledbetter Sells 8,022 Shares of Cloudflare, Inc. (NYSE:NET) Stock

Cloudflare, Inc. (NYSE:NET) Director Carl Ledbetter sold 8,022 shares of the stock in a transaction dated Wednesday, May 1st. The stock was sold at an average price of $87.49, for a total value of $701,844.78. Following the sale, the director now owns 1,196,793 shares of the company’s stock, valued at $104,707,419.57. The sale was disclosed in a document filed with the SEC, which is available at 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 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 stock was 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 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.

Cloudflare Trading Down 16.4 %

Shares of NET stock opened at $74.40 on Friday. The stock has a market capitalization of $25.12 billion, a price-to-earnings ratio of -140.38 and a beta of 1.15. Cloudflare, Inc. has a 1 year low of $39.90 and a 1 year high of $116.00. The company’s fifty day simple moving average is $93.67 and its two-hundred day simple moving average is $83.60. 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 released its quarterly earnings results on Thursday, February 8th. The company reported ($0.06) earnings per share 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, analysts anticipate that Cloudflare, Inc. will post -0.2 earnings per share for the current year.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in the company. Deutsche Bank AG increased its stake in Cloudflare by 5.1% in the third quarter. Deutsche Bank AG now owns 1,352,203 shares of the company’s stock valued at $85,243,000 after acquiring an additional 65,596 shares during the last quarter. Envestnet Portfolio Solutions Inc. bought a new position in Cloudflare in the third quarter valued at $569,000. International Assets Investment Management LLC purchased a new stake in Cloudflare during the fourth quarter valued at about $11,639,000. Blueshift Asset Management LLC boosted its position in Cloudflare by 100.2% during the third quarter. Blueshift Asset Management LLC now owns 25,926 shares of the company’s stock valued at $1,634,000 after buying an additional 12,974 shares during the period. Finally, LA Financiere DE L Echiquier boosted its position in Cloudflare by 4.5% during the fourth quarter. LA Financiere DE L Echiquier now owns 407,600 shares of the company’s stock valued at $33,937,000 after buying an additional 17,600 shares during the period. Institutional investors own 82.68% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research firms have issued reports on NET. KeyCorp cut their price target on Cloudflare from $132.00 to $94.00 and set an “overweight” rating for the company in a research note on Friday. JMP Securities lifted their price target on Cloudflare from $75.00 to $90.00 and gave the company a “market outperform” rating in a research note on Wednesday, January 31st. Truist Financial lifted their price target on Cloudflare from $90.00 to $120.00 and gave the company a “buy” rating in a research note on Friday, February 9th. Mizuho cut their price target on Cloudflare from $95.00 to $88.00 and set a “neutral” rating for the company in a research note on Friday. Finally, Cantor Fitzgerald cut their target price on Cloudflare from $100.00 to $80.00 and set a “neutral” rating on the stock in a research note on Friday. Four equities research analysts have rated the stock with a sell rating, ten have issued a hold rating and nine have given a buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $90.17.

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.