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

Cloudflare, Inc. (NYSE:NET) Director Carl Ledbetter sold 8,030 shares of Cloudflare stock in a transaction dated Wednesday, June 26th. The shares were sold at an average price of $79.89, for a total transaction of $641,516.70. Following the transaction, the director now directly owns 1,084,364 shares of the company’s stock, valued at $86,629,839.96. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink.

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

• On Wednesday, June 12th, Carl Ledbetter sold 7,986 shares of Cloudflare stock. The shares were sold at an average price of $74.48, for a total transaction of $594,797.28.
• On Wednesday, May 29th, Carl Ledbetter sold 7,994 shares of Cloudflare stock. The shares were sold at an average price of $72.79, for a total transaction of $581,883.26.
• On Wednesday, May 8th, Carl Ledbetter sold 30,145 shares of Cloudflare stock. The shares were sold at an average price of $72.86, for a total transaction of $2,196,364.70.
• On Wednesday, May 1st, Carl Ledbetter sold 8,022 shares of Cloudflare stock. The shares were 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 transaction 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 transaction 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 stock was sold at an average price of $94.05, for a total transaction of $751,553.55.

Cloudflare Stock Performance

Shares of NET stock opened at $82.83 on Friday. The company’s fifty day simple moving average is $76.89 and its 200-day simple moving average is $85.36. 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 $28.14 billion, a PE ratio of -156.28 and a beta of 1.08. Cloudflare, Inc. has a 12 month low of $53.88 and a 12 month high of $116.00.

Cloudflare (NYSE:NET) last announced its quarterly earnings data on Thursday, May 2nd. The company reported ($0.03) EPS for the quarter, topping analysts’ consensus estimates of ($0.05) by $0.02. The business had revenue of $378.60 million for the quarter, compared to analyst estimates of $372.93 million. Cloudflare had a negative net margin of 13.10% and a negative return on equity of 12.78%. Equities research analysts expect that Cloudflare, Inc. will post -0.19 EPS for the current fiscal year.

Institutional Trading of Cloudflare

Institutional investors have recently made changes to their positions in the business. DekaBank Deutsche Girozentrale raised its position in Cloudflare by 20.2% during the first quarter. DekaBank Deutsche Girozentrale now owns 54,576 shares of the company’s stock worth $5,296,000 after acquiring an additional 9,159 shares in the last quarter. Soltis Investment Advisors LLC raised its position in Cloudflare by 0.5% during the first quarter. Soltis Investment Advisors LLC now owns 31,403 shares of the company’s stock worth $3,041,000 after acquiring an additional 168 shares in the last quarter. Teachers Retirement System of The State of Kentucky raised its position in Cloudflare by 8.1% during the first quarter. Teachers Retirement System of The State of Kentucky now owns 169,481 shares of the company’s stock worth $16,411,000 after acquiring an additional 12,700 shares in the last quarter. Cetera Advisors LLC raised its position in Cloudflare by 298.4% during the first quarter. Cetera Advisors LLC now owns 39,200 shares of the company’s stock worth $3,796,000 after acquiring an additional 29,360 shares in the last quarter. Finally, Cetera Investment Advisers raised its position in Cloudflare by 93.8% during the first quarter. Cetera Investment Advisers now owns 86,487 shares of the company’s stock worth $8,374,000 after acquiring an additional 41,871 shares in the last quarter. Institutional investors own 82.68% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages have recently commented on NET. Oppenheimer lowered their price target on shares of Cloudflare from $122.00 to $110.00 and set an “outperform” rating for the company in a research report on Friday, May 3rd. Wells Fargo & Company lowered their price target on shares of Cloudflare from $125.00 to $105.00 and set an “overweight” rating for the company in a research report on Friday, May 3rd. Piper Sandler reiterated a “neutral” rating and set a $81.00 price target (down previously from $110.00) on shares of Cloudflare in a research report on Friday, May 3rd. Guggenheim restated a “sell” rating and set a $50.00 price objective on shares of Cloudflare in a report on Tuesday. Finally, Susquehanna decreased their price objective on shares of 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 issued a buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $90.96.

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.