Carl Ledbetter Sells 30,145 Shares of Cloudflare, Inc. (NYSE:NET) Stock

Cloudflare, Inc. (NYSE:NET) Director Carl Ledbetter sold 30,145 shares of the company’s stock in a transaction that occurred on Wednesday, May 8th. The stock was sold at an average price of $72.86, for a total transaction of $2,196,364.70. Following the transaction, the director now owns 1,166,648 shares of the company’s stock, valued at $85,001,973.28. The transaction was disclosed in a filing with the SEC, which is available through this link.

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

• 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 transaction of $701,844.78.
• 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 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 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 transaction 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 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 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.

Cloudflare Price Performance

NYSE:NET traded up $0.89 during trading hours on Thursday, hitting $73.34. 2,500,061 shares of the company’s stock traded hands, compared to its average volume of 3,938,248. Cloudflare, Inc. has a 52 week low of $47.79 and a 52 week high of $116.00. The business’s fifty day simple moving average is $92.19 and its two-hundred day simple moving average is $83.85. The company has a quick ratio of 3.51, a current ratio of 3.51 and a debt-to-equity ratio of 1.61. The firm has a market cap of $24.76 billion, a P/E ratio of -138.98 and a beta of 1.15.

Cloudflare (NYSE:NET) last issued its quarterly earnings results on Thursday, February 8th. The company reported ($0.06) earnings per share (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 return on equity of 12.78% and a negative net margin of 13.10%. On average, research analysts anticipate that Cloudflare, Inc. will post -0.2 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Cloudflare

Several hedge funds have recently bought and sold shares of the stock. Deutsche Bank AG lifted its holdings in shares of 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 acquiring an additional 65,596 shares during the last quarter. Envestnet Portfolio Solutions Inc. purchased a new position in shares of Cloudflare during the 3rd quarter valued at about $569,000. International Assets Investment Management LLC bought a new position in Cloudflare during the fourth quarter valued at approximately $11,639,000. Truist Financial Corp raised its stake in shares of Cloudflare by 1.2% during the fourth quarter. Truist Financial Corp now owns 28,388 shares of the company’s stock worth $2,364,000 after acquiring an additional 331 shares in the last quarter. Finally, Blueshift Asset Management LLC lifted its holdings in shares of Cloudflare by 100.2% in the 3rd quarter. Blueshift Asset Management LLC now owns 25,926 shares of the company’s stock worth $1,634,000 after acquiring an additional 12,974 shares during the last quarter. 82.68% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

NET has been the topic of a number of recent analyst reports. Bank of America lifted their price objective on Cloudflare from $52.00 to $60.00 and gave the stock an “underperform” rating in a research note on Friday, May 3rd. The Goldman Sachs Group decreased their price objective on shares of Cloudflare from $89.00 to $77.00 and set a “sell” rating for the company in a research report on Monday. Sanford C. Bernstein assumed coverage on shares of Cloudflare in a research report on Thursday, January 18th. They set a “market perform” rating and a $85.00 price target on the stock. Citigroup lowered their price objective on Cloudflare from $95.00 to $90.00 and set a “neutral” rating for the company in a research report on Thursday. Finally, Piper Sandler reiterated a “neutral” rating and issued a $81.00 target price (down from $110.00) on shares of Cloudflare in a report on Friday, May 3rd. Four equities research analysts have rated the stock with a sell rating, nine have given a hold rating and ten have issued a buy rating to the stock. According to MarketBeat.com, Cloudflare has an average rating of “Hold” and an average price target of $90.57.

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.