Carl Ledbetter Sells 15,000 Shares of Cloudflare (NYSE:NET) Stock

Cloudflare, Inc. (NYSE:NET) Director Carl Ledbetter sold 15,000 shares of the business’s stock in a transaction dated Wednesday, March 18th. The shares were sold at an average price of $227.05, for a total transaction of $3,405,750.00. Following the completion of the transaction, the director directly owned 938,073 shares of the company’s stock, valued at $212,989,474.65. The trade was a 1.57% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website.

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

• On Tuesday, January 27th, Carl Ledbetter sold 15,000 shares of Cloudflare stock. The stock was sold at an average price of $211.16, for a total transaction of $3,167,400.00.
• On Monday, January 5th, Carl Ledbetter sold 6,134 shares of Cloudflare stock. The stock was sold at an average price of $198.26, for a total transaction of $1,216,126.84.
• On Tuesday, December 30th, Carl Ledbetter sold 192 shares of Cloudflare stock. The shares were sold at an average price of $201.25, for a total transaction of $38,640.00.
• On Monday, December 29th, Carl Ledbetter sold 8,674 shares of Cloudflare stock. The shares were sold at an average price of $201.46, for a total transaction of $1,747,464.04.

Cloudflare Trading Down 2.8%

NYSE NET traded down $6.22 during mid-day trading on Friday, reaching $215.14. 3,926,410 shares of the stock were exchanged, compared to its average volume of 4,783,195. The stock has a market capitalization of $75.36 billion, a PE ratio of -741.85 and a beta of 1.98. The company has a debt-to-equity ratio of 1.35, a quick ratio of 1.98 and a current ratio of 1.98. Cloudflare, Inc. has a 1-year low of $89.42 and a 1-year high of $260.00. The business’s fifty day simple moving average is $187.69 and its 200 day simple moving average is $203.31.

Cloudflare (NYSE:NET) last issued its quarterly earnings results on Tuesday, February 10th. The company reported $0.28 earnings per share for the quarter, beating the consensus estimate of $0.27 by $0.01. Cloudflare had a negative return on equity of 7.24% and a negative net margin of 4.72%.The company had revenue of $614.51 million during the quarter, compared to the consensus estimate of $591.67 million. During the same period in the previous year, the firm posted $0.19 EPS. Cloudflare’s revenue was up 33.6% on a year-over-year basis. On average, research analysts anticipate that Cloudflare, Inc. will post -0.11 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several equities analysts recently weighed in on NET shares. Needham & Company LLC reduced their target price on Cloudflare from $285.00 to $250.00 and set a “buy” rating on the stock in a research report on Wednesday, February 11th. Barclays lifted their price target on Cloudflare from $235.00 to $250.00 and gave the company an “overweight” rating in a report on Wednesday, February 11th. KeyCorp reaffirmed an “overweight” rating on shares of Cloudflare in a research note on Wednesday, February 11th. Royal Bank Of Canada raised their target price on shares of Cloudflare from $230.00 to $240.00 and gave the stock an “outperform” rating in a research report on Wednesday, February 11th. Finally, Guggenheim boosted their target price on shares of Cloudflare from $117.00 to $140.00 and gave the company a “sell” rating in a report on Wednesday, February 11th. One analyst has rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating, eight have given a Hold rating and two have assigned a Sell rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $233.38.

Institutional Investors Weigh In On Cloudflare

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Reliant Investment Partners LLC grew its holdings in shares of Cloudflare by 1.5% during the 3rd quarter. Reliant Investment Partners LLC now owns 3,316 shares of the company’s stock worth $718,000 after purchasing an additional 50 shares during the period. Frank Rimerman Advisors LLC lifted its position in Cloudflare by 1.8% during the third quarter. Frank Rimerman Advisors LLC now owns 2,821 shares of the company’s stock valued at $605,000 after buying an additional 51 shares in the last quarter. IMA Advisory Services Inc. grew its stake in Cloudflare by 4.5% during the fourth quarter. IMA Advisory Services Inc. now owns 1,290 shares of the company’s stock worth $254,000 after buying an additional 55 shares during the period. Brown Brothers Harriman & Co. increased its position in shares of Cloudflare by 55.4% in the third quarter. Brown Brothers Harriman & Co. now owns 157 shares of the company’s stock worth $34,000 after acquiring an additional 56 shares in the last quarter. Finally, Silver Oak Securities Incorporated raised its stake in shares of Cloudflare by 5.5% in the 4th quarter. Silver Oak Securities Incorporated now owns 1,090 shares of the company’s stock valued at $218,000 after acquiring an additional 57 shares during the period. 82.68% of the stock is currently owned by institutional investors and hedge funds.

About Cloudflare

Cloudflare, Inc is a global web infrastructure and security company that provides a suite of services designed to improve the performance, reliability and security of internet properties. Its core offerings include a content delivery network (CDN), distributed denial-of-service (DDoS) protection, managed DNS, and a web application firewall (WAF). Cloudflare also provides tools for bot management, SSL/TLS, load balancing and rate limiting to help organizations maintain uptime and protect web applications from attack.

In addition to traditional edge and security services, Cloudflare has expanded into edge computing and developer platforms.