Insider Selling: Cloudflare, Inc. (NYSE:NET) Director Sells 8,029 Shares of Stock

Cloudflare, Inc. (NYSE:NET) Director Carl Ledbetter sold 8,029 shares of Cloudflare stock in a transaction on Wednesday, April 17th. The stock was sold at an average price of $90.39, for a total transaction of $725,741.31. Following the completion of the transaction, the director now owns 1,214,830 shares in the company, valued at approximately $109,808,483.70. The sale was disclosed in a document filed with the SEC, which is available through the SEC website.

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

• 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.
• On Wednesday, March 27th, Carl Ledbetter sold 9,993 shares of Cloudflare stock. The stock was 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 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 transaction 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 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 shares were sold at an average price of $85.06, for a total transaction of $678,948.92.
• On Monday, January 22nd, Carl Ledbetter sold 66,384 shares of Cloudflare stock. The shares were sold at an average price of $86.88, for a total transaction of $5,767,441.92.

Cloudflare Price Performance

Shares of NYSE NET traded down $1.29 during trading on Thursday, reaching $86.71. The company had a trading volume of 2,510,021 shares, compared to its average volume of 3,816,684. Cloudflare, Inc. has a 52 week low of $39.90 and a 52 week high of $116.00. The stock has a market cap of $29.28 billion, a PE ratio of -157.65 and a beta of 1.12. The company has a debt-to-equity ratio of 1.68, a quick ratio of 3.50 and a current ratio of 3.50. The business’s 50 day moving average price is $96.86 and its 200-day moving average price is $81.63.

Cloudflare (NYSE:NET) last announced its earnings results on Thursday, February 8th. The company reported ($0.06) earnings per share for the quarter, topping analysts’ consensus estimates 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 company had revenue of $362.47 million during the quarter, compared to the consensus estimate of $352.70 million. Analysts expect that Cloudflare, Inc. will post -0.2 earnings per share for the current year.

Analyst Ratings Changes

NET has been the topic of several recent research reports. Truist Financial lifted their target price on shares of Cloudflare from $90.00 to $120.00 and gave the company a “buy” rating in a research report on Friday, February 9th. Mizuho decreased their target price on shares of Cloudflare from $105.00 to $95.00 and set a “neutral” rating on the stock in a research report on Monday. DZ Bank lowered shares of Cloudflare from a “buy” rating to a “hold” rating and set a $110.00 target price on the stock. in a research report on Tuesday, February 13th. Sanford C. Bernstein started coverage on shares of Cloudflare in a research report on Thursday, January 18th. They issued a “market perform” rating and a $85.00 price target on the stock. Finally, Royal Bank of Canada boosted their price target on shares of Cloudflare from $95.00 to $108.00 and gave the company an “outperform” rating in a research report on Friday, February 9th. Four research analysts have rated the stock with a sell rating, ten have given a hold rating and nine have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $87.08.

Institutional Investors Weigh In On Cloudflare

A number of institutional investors and hedge funds have recently modified their holdings of the business. Allspring Global Investments Holdings LLC raised its stake in shares of Cloudflare by 595.0% during the first quarter. Allspring Global Investments Holdings LLC now owns 278 shares of the company’s stock worth $27,000 after buying an additional 238 shares during the last quarter. Diversified Trust Co raised its stake in shares of Cloudflare by 52.8% during the first quarter. Diversified Trust Co now owns 5,337 shares of the company’s stock worth $517,000 after buying an additional 1,845 shares during the last quarter. 180 Wealth Advisors LLC bought a new stake in shares of Cloudflare during the first quarter worth approximately $205,000. Wealth Enhancement Advisory Services LLC raised its stake in shares of Cloudflare by 5.8% during the first quarter. Wealth Enhancement Advisory Services LLC now owns 21,126 shares of the company’s stock worth $2,046,000 after buying an additional 1,163 shares during the last quarter. Finally, Riverview Trust Co bought a new stake in shares of Cloudflare during the first quarter worth approximately $27,000. 82.68% of the stock is owned by 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.