Insider Selling: Cloudflare, Inc. (NYSE:NET) Director Sells 9,993 Shares of Stock

Cloudflare, Inc. (NYSE:NET) Director Carl Ledbetter sold 9,993 shares of the business’s stock in a transaction that occurred on Wednesday, March 27th. The stock was sold at an average price of $100.16, for a total value of $1,000,898.88. Following the sale, the director now directly owns 1,275,004 shares of the company’s stock, valued at $127,704,400.64. The sale was disclosed in a legal filing with the SEC, which is accessible through this link.

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

• 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 stock was 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 shares were sold at an average price of $81.42, for a total transaction 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.
• On Wednesday, January 24th, Carl Ledbetter sold 7,982 shares of Cloudflare stock. The stock was sold at an average price of $85.06, for a total value of $678,948.92.
• On Monday, January 22nd, Carl Ledbetter sold 66,384 shares of Cloudflare stock. The stock was sold at an average price of $86.88, for a total value of $5,767,441.92.
• On Wednesday, January 17th, Carl Ledbetter sold 30,214 shares of Cloudflare stock. The stock was sold at an average price of $76.03, for a total transaction of $2,297,170.42.
• On Wednesday, January 10th, Carl Ledbetter sold 7,970 shares of Cloudflare stock. The stock was sold at an average price of $82.35, for a total transaction of $656,329.50.
• On Wednesday, January 3rd, Carl Ledbetter sold 10,047 shares of Cloudflare stock. The shares were sold at an average price of $76.22, for a total transaction of $765,782.34.

Cloudflare Stock Performance

Shares of NET traded up $0.23 during mid-day trading on Thursday, hitting $96.78. The stock had a trading volume of 1,698,630 shares, compared to its average volume of 4,138,791. The company has a quick ratio of 3.50, a current ratio of 3.50 and a debt-to-equity ratio of 1.68. Cloudflare, Inc. has a fifty-two week low of $39.90 and a fifty-two week high of $116.00. The company’s fifty day simple moving average is $93.17 and its two-hundred day simple moving average is $78.14. The company has a market cap of $32.68 billion, a PE ratio of -175.27 and a beta of 1.14.

Cloudflare (NYSE:NET) last posted its 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. Cloudflare had a negative net margin of 14.19% and a negative return on equity of 15.92%. The firm had revenue of $362.47 million during the quarter, compared to analysts’ expectations of $352.70 million. On average, equities analysts expect that Cloudflare, Inc. will post -0.19 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of research firms have commented on NET. Capital One Financial initiated coverage on Cloudflare in a report on Wednesday, January 17th. They issued an “equal weight” rating and a $83.00 target price for the company. DZ Bank cut shares of Cloudflare from a “buy” rating to a “hold” rating and set a $110.00 price objective for the company. in a research note on Tuesday, February 13th. Wells Fargo & Company lifted their price target on shares of Cloudflare from $95.00 to $125.00 and gave the company an “overweight” rating in a report on Friday, February 9th. Royal Bank of Canada increased their price objective on shares of Cloudflare from $95.00 to $108.00 and gave the stock an “outperform” rating in a research report on Friday, February 9th. Finally, Mizuho raised their price target on shares of Cloudflare from $73.00 to $105.00 and gave the stock a “neutral” rating in a research note on Friday, February 9th. Four research analysts have rated the stock with a sell rating, ten have assigned a hold rating and nine have assigned a buy rating to the company. According to MarketBeat, Cloudflare presently has a consensus rating of “Hold” and a consensus price target of $87.50.

Hedge Funds Weigh In On Cloudflare

Several hedge funds have recently made changes to their positions in NET. PNC Financial Services Group Inc. raised its holdings in shares of Cloudflare by 13.1% during the fourth quarter. PNC Financial Services Group Inc. now owns 7,132 shares of the company’s stock valued at $594,000 after acquiring an additional 824 shares during the period. Vanguard Group Inc. lifted its position in shares of Cloudflare by 2.7% in the fourth quarter. Vanguard Group Inc. now owns 28,159,189 shares of the company’s stock worth $2,344,534,000 after buying an additional 740,914 shares during the last quarter. ICA Group Wealth Management LLC bought a new stake in Cloudflare during the fourth quarter worth approximately $38,000. True Vision MN LLC bought a new position in shares of Cloudflare in the fourth quarter valued at approximately $510,000. Finally, Fortis Group Advisors LLC boosted its holdings in shares of Cloudflare by 48.5% during the 4th quarter. Fortis Group Advisors LLC now owns 1,510 shares of the company’s stock worth $126,000 after buying an additional 493 shares during the period. Institutional investors and hedge funds own 82.68% of the company’s stock.

Cloudflare Company Profile

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.