Cloudflare, Inc. (NYSE:NET) Director Sells $1,824,778.50 in Stock

Cloudflare, Inc. (NYSE:NET) Director Carl Ledbetter sold 10,050 shares of the firm’s stock in a transaction that occurred on Tuesday, June 17th. The stock was sold at an average price of $181.57, for a total transaction of $1,824,778.50. Following the sale, the director now owns 1,073,073 shares of the company’s stock, valued at approximately $194,837,864.61. The trade was a 0.93% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link.

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

• On Thursday, June 12th, Carl Ledbetter sold 492 shares of Cloudflare stock. The stock was sold at an average price of $181.46, for a total transaction of $89,278.32.
• On Wednesday, June 11th, Carl Ledbetter sold 749 shares of Cloudflare stock. The stock was sold at an average price of $181.46, for a total transaction of $135,913.54.

Cloudflare Stock Down 1.2%

Shares of NYSE:NET opened at $179.27 on Friday. The firm has a fifty day moving average price of $146.95 and a two-hundred day moving average price of $132.57. The company has a debt-to-equity ratio of 0.90, a current ratio of 3.20 and a quick ratio of 3.20. Cloudflare, Inc. has a one year low of $69.26 and a one year high of $184.85. The company has a market cap of $62.14 billion, a price-to-earnings ratio of -779.42 and a beta of 1.84.

Cloudflare (NYSE:NET) last announced its quarterly earnings results on Thursday, May 8th. The company reported $0.16 EPS for the quarter, missing the consensus estimate of $0.17 by ($0.01). Cloudflare had a negative net margin of 4.62% and a negative return on equity of 6.31%. The firm had revenue of $479.09 million during the quarter, compared to the consensus estimate of $469.49 million. During the same period in the previous year, the business earned $0.16 earnings per share. The firm’s revenue for the quarter was up 26.5% on a year-over-year basis. Analysts anticipate that Cloudflare, Inc. will post -0.11 EPS for the current fiscal year.

Institutional Trading of Cloudflare

A number of hedge funds have recently made changes to their positions in NET. Groupama Asset Managment bought a new stake in shares of Cloudflare during the 4th quarter worth $269,200,000. Norges Bank bought a new stake in shares of Cloudflare during the 4th quarter worth $249,544,000. American Century Companies Inc. lifted its holdings in shares of Cloudflare by 82.0% during the 4th quarter. American Century Companies Inc. now owns 2,257,601 shares of the company’s stock worth $243,098,000 after acquiring an additional 1,017,399 shares during the last quarter. Fred Alger Management LLC lifted its holdings in shares of Cloudflare by 856.3% during the 4th quarter. Fred Alger Management LLC now owns 934,286 shares of the company’s stock worth $100,604,000 after acquiring an additional 836,591 shares during the last quarter. Finally, Invesco Ltd. lifted its holdings in shares of Cloudflare by 292.5% during the 4th quarter. Invesco Ltd. now owns 1,078,921 shares of the company’s stock worth $116,178,000 after acquiring an additional 804,059 shares during the last quarter. 82.68% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Several equities research analysts have recently issued reports on the stock. Morgan Stanley raised their price target on shares of Cloudflare from $144.00 to $150.00 and gave the stock an “overweight” rating in a research note on Friday, May 9th. UBS Group raised their price target on shares of Cloudflare from $135.00 to $145.00 and gave the stock a “neutral” rating in a research note on Friday, May 9th. Mizuho upgraded shares of Cloudflare from a “neutral” rating to an “outperform” rating and set a $135.00 price target for the company in a research note on Wednesday, April 16th. Bank of America upgraded shares of Cloudflare from an “underperform” rating to a “buy” rating and raised their price target for the stock from $60.00 to $160.00 in a research note on Tuesday, March 25th. Finally, The Goldman Sachs Group cut their price objective on shares of Cloudflare from $183.00 to $161.00 and set a “buy” rating for the company in a report on Friday, March 14th. Three research analysts have rated the stock with a sell rating, ten have issued a hold rating, fifteen have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, Cloudflare currently has an average rating of “Hold” and an average price target of $145.92.

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.