Insider Selling: Cloudflare, Inc. (NYSE:NET) Director Sells 8,030 Shares of Stock

Cloudflare, Inc. (NYSE:NET) Director Carl Ledbetter sold 8,030 shares of the business’s stock in a transaction that occurred on 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 approximately $86,629,839.96. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link.

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 shares were 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 Up 3.2 %

NYSE:NET opened at $81.79 on Friday. Cloudflare, Inc. has a 1-year low of $53.88 and a 1-year high of $116.00. The company has a 50-day moving average of $76.92 and a 200 day moving average of $85.33. The firm has a market cap of $27.79 billion, a PE ratio of -154.32 and a beta of 1.08. The company has a debt-to-equity ratio of 1.61, a current ratio of 3.51 and a quick ratio of 3.51.

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

Institutional Investors Weigh In On Cloudflare

A number of large investors have recently bought and sold shares of NET. Riverview Trust Co purchased a new stake in Cloudflare in the first quarter valued at approximately $27,000. Allspring Global Investments Holdings LLC boosted its position in Cloudflare by 595.0% in the first quarter. Allspring Global Investments Holdings LLC now owns 278 shares of the company’s stock valued at $27,000 after buying an additional 238 shares during the last quarter. ICA Group Wealth Management LLC purchased a new stake in Cloudflare in the 4th quarter worth approximately $38,000. GAMMA Investing LLC purchased a new stake in Cloudflare in the 4th quarter worth approximately $39,000. Finally, Pingora Partners LLC purchased a new stake in Cloudflare in the 4th quarter worth approximately $42,000. Hedge funds and other institutional investors own 82.68% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages have commented on NET. Guggenheim restated a “sell” rating and issued a $50.00 price objective on shares of Cloudflare in a report on Tuesday. Citigroup dropped their price target on shares of Cloudflare from $95.00 to $90.00 and set a “neutral” rating on the stock in a report on Thursday, May 9th. JPMorgan Chase & Co. dropped their price target on shares of Cloudflare from $90.00 to $80.00 and set a “neutral” rating on the stock in a report on Friday, May 3rd. DZ Bank raised shares of Cloudflare from a “hold” rating to a “buy” rating and set a $95.00 price target on the stock in a report on Tuesday, May 7th. Finally, UBS Group raised shares of Cloudflare from a “sell” rating to a “neutral” rating and raised their price target for the company from $76.00 to $82.00 in a report on Tuesday. Three analysts have rated the stock with a sell rating, ten have given a hold rating and ten have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $90.96.

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.