Insider Selling: Cloudflare, Inc. (NYSE:NET) Director Sells 8,022 Shares of Stock

Cloudflare, Inc. (NYSE:NET) Director Carl Ledbetter sold 8,022 shares of the business’s stock in a transaction on Wednesday, May 1st. The stock was sold at an average price of $87.49, for a total value of $701,844.78. Following the completion of the transaction, the director now directly owns 1,196,793 shares in the company, valued at approximately $104,707,419.57. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link.

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

• On Wednesday, April 24th, Carl Ledbetter sold 10,015 shares of Cloudflare stock. The stock was 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 shares were 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 value 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 value of $1,000,898.88.
• On Wednesday, March 20th, Carl Ledbetter sold 7,968 shares of Cloudflare stock. The shares were 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 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.
• 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 value of $648,266.04.

Cloudflare Stock Performance

NET stock traded up $0.90 during mid-day trading on Thursday, reaching $88.94. The company had a trading volume of 7,700,136 shares, compared to its average volume of 3,753,151. The company has a quick ratio of 3.50, a current ratio of 3.50 and a debt-to-equity ratio of 1.68. The stock has a 50 day simple moving average of $94.36 and a two-hundred day simple moving average of $83.35. Cloudflare, Inc. has a 52 week low of $39.90 and a 52 week high of $116.00.

Cloudflare (NYSE:NET) last posted its quarterly earnings results on Thursday, February 8th. The company reported ($0.06) earnings per share 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 15.92% and a negative net margin of 14.19%. As a group, analysts anticipate that Cloudflare, Inc. will post -0.2 EPS for the current year.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of the stock. Cigna Investments Inc. New lifted its position in shares of Cloudflare by 4.2% in the first quarter. Cigna Investments Inc. New now owns 3,178 shares of the company’s stock valued at $307,000 after buying an additional 129 shares during the last quarter. Yousif Capital Management LLC increased its stake in Cloudflare by 4.0% during the 4th quarter. Yousif Capital Management LLC now owns 3,399 shares of the company’s stock worth $283,000 after acquiring an additional 130 shares during the period. Kingswood Wealth Advisors LLC increased its stake in Cloudflare by 0.5% during the 4th quarter. Kingswood Wealth Advisors LLC now owns 27,358 shares of the company’s stock worth $2,278,000 after acquiring an additional 132 shares during the period. Quent Capital LLC increased its stake in Cloudflare by 8.1% during the 4th quarter. Quent Capital LLC now owns 1,877 shares of the company’s stock worth $156,000 after acquiring an additional 140 shares during the period. Finally, GAMMA Investing LLC increased its stake in Cloudflare by 34.4% during the 1st quarter. GAMMA Investing LLC now owns 668 shares of the company’s stock worth $65,000 after acquiring an additional 171 shares during the period. 82.68% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

NET has been the topic of several analyst reports. Needham & Company LLC increased their target price on Cloudflare from $110.00 to $135.00 and gave the company a “buy” rating in a research note on Friday, February 9th. Wells Fargo & Company increased their target price on Cloudflare from $95.00 to $125.00 and gave the company an “overweight” rating in a research note on Friday, February 9th. Susquehanna increased their target price on Cloudflare from $75.00 to $115.00 and gave the company a “neutral” rating in a research note on Friday, February 9th. Sanford C. Bernstein initiated coverage on Cloudflare in a research note on Thursday, January 18th. They issued a “market perform” rating and a $85.00 target price on the stock. Finally, Cantor Fitzgerald reissued a “neutral” rating and issued a $100.00 target price on shares of Cloudflare in a research note on Wednesday, April 17th. Four analysts have rated the stock with a sell rating, ten have issued a hold rating and eight have given a buy rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $89.09.

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.