Insider Selling: Cloudflare, Inc. (NYSE:NET) Director Sells 10,015 Shares of Stock

Cloudflare, Inc. (NYSE:NET) Director Carl Ledbetter sold 10,015 shares of the firm’s stock in a transaction that occurred on Wednesday, April 24th. The shares were sold at an average price of $89.16, for a total transaction of $892,937.40. Following the sale, the director now directly owns 1,204,815 shares of the company’s stock, valued at approximately $107,421,305.40. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link.

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

• 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 stock was 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 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 transaction of $1,000,898.88.
• On Wednesday, March 20th, Carl Ledbetter sold 7,968 shares of Cloudflare stock. The stock was 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 transaction of $788,963.70.
• On Wednesday, February 14th, Carl Ledbetter sold 44,220 shares of Cloudflare stock. The stock was 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 stock was 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 transaction of $811,608.21.

Cloudflare Stock Performance

NYSE:NET traded down $0.92 during trading hours on Thursday, reaching $86.76. 1,869,564 shares of the company’s stock were exchanged, compared to its average volume of 3,742,231. 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 50-day moving average of $95.39 and a 200 day moving average of $82.50. Cloudflare, Inc. has a 1-year low of $39.90 and a 1-year high of $116.00. The firm has a market capitalization of $29.30 billion, a price-to-earnings ratio of -156.93 and a beta of 1.12.

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

Wall Street Analyst Weigh In

Several equities research analysts have recently weighed in on NET shares. 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. Morgan Stanley boosted their price target on Cloudflare from $66.00 to $92.00 and gave the stock an “equal weight” rating in a research note on Monday, February 12th. Capital One Financial assumed coverage on shares of Cloudflare in a research note on Wednesday, January 17th. They set an “equal weight” rating and a $83.00 price objective for the company. Sanford C. Bernstein started coverage on Cloudflare in a report on Thursday, January 18th. They issued a “market perform” rating and a $85.00 price objective on the stock. Finally, Needham & Company LLC upped their price target on Cloudflare from $110.00 to $135.00 and gave the company a “buy” rating in a research note on Friday, February 9th. Four equities research analysts have rated the stock with a sell rating, ten have assigned a hold rating and eight have given a buy rating to the stock. According to MarketBeat, Cloudflare presently has a consensus rating of “Hold” and a consensus price target of $87.08.

Hedge Funds Weigh In On Cloudflare

Several hedge funds have recently bought and sold shares of NET. Deutsche Bank AG increased its position in Cloudflare by 5.1% during the 3rd quarter. Deutsche Bank AG now owns 1,352,203 shares of the company’s stock worth $85,243,000 after purchasing an additional 65,596 shares in the last quarter. Envestnet Portfolio Solutions Inc. acquired a new stake in Cloudflare in the 3rd quarter valued at $569,000. International Assets Investment Management LLC acquired a new position in shares of Cloudflare during the fourth quarter worth about $11,639,000. Blueshift Asset Management LLC boosted its position in shares of Cloudflare by 100.2% in the third quarter. Blueshift Asset Management LLC now owns 25,926 shares of the company’s stock worth $1,634,000 after buying an additional 12,974 shares during the period. Finally, LA Financiere DE L Echiquier lifted its position in shares of Cloudflare by 4.5% during the fourth quarter. LA Financiere DE L Echiquier now owns 407,600 shares of the company’s stock worth $33,937,000 after purchasing an additional 17,600 shares during the last quarter. 82.68% of the stock is owned by hedge funds and other 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, script management, security center, and rate limiting products.