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

Cloudflare, Inc. (NYSE:NET - Get Free Report) Director Carl Ledbetter sold 15,000 shares of the company's stock in a transaction dated Monday, June 30th. The stock was sold at an average price of $193.94, for a total transaction of $2,909,100.00. Following the completion of the sale, the director directly owned 1,058,073 shares in the company, valued at $205,202,677.62. This represents a 1.40% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink.

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

• On Tuesday, June 17th, Carl Ledbetter sold 10,050 shares of Cloudflare stock. The shares were sold at an average price of $181.57, for a total transaction of $1,824,778.50.
• 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 value of $89,278.32.
• On Wednesday, June 11th, Carl Ledbetter sold 749 shares of Cloudflare stock. The shares were sold at an average price of $181.46, for a total value of $135,913.54.

Cloudflare Stock Down 5.5%

Shares of NYSE:NET traded down $10.70 during mid-day trading on Tuesday, reaching $185.13. The stock had a trading volume of 5,629,712 shares, compared to its average volume of 3,153,395. The business's 50 day moving average price is $156.92 and its 200 day moving average price is $136.10. 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 1 year low of $69.26 and a 1 year high of $197.88.

Cloudflare (NYSE:NET - Get Free Report) last posted its earnings results on Thursday, May 8th. The company reported $0.16 earnings per share for the quarter, missing analysts' consensus estimates of $0.17 by ($0.01). The business had revenue of $479.09 million during the quarter, compared to analysts' expectations of $469.49 million. Cloudflare had a negative net margin of 4.62% and a negative return on equity of 6.31%. The company's revenue for the quarter was up 26.5% compared to the same quarter last year. During the same period last year, the business posted $0.16 earnings per share. Sell-side analysts expect that Cloudflare, Inc. will post -0.11 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on NET shares. Cowen reaffirmed a "buy" rating on shares of Cloudflare in a report on Monday, June 16th. UBS Group boosted their target price on shares of Cloudflare from $135.00 to $145.00 and gave the company a "neutral" rating in a research note on Friday, May 9th. The Goldman Sachs Group cut their price objective on Cloudflare from $183.00 to $161.00 and set a "buy" rating for the company in a report on Friday, March 14th. Capital One Financial raised Cloudflare from a "hold" rating to a "strong-buy" rating in a report on Thursday, May 8th. Finally, Needham & Company LLC boosted their price target on Cloudflare from $145.00 to $160.00 and gave the company a "buy" rating in a research note on Friday, May 9th. Three equities research analysts have rated the stock with a sell rating, ten have assigned a hold rating, fifteen have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, Cloudflare presently has an average rating of "Hold" and an average price target of $145.92.

Institutional Trading of Cloudflare

Several hedge funds have recently made changes to their positions in NET. Mather Group LLC. lifted its stake in shares of Cloudflare by 1,188.2% in the 1st quarter. Mather Group LLC. now owns 219 shares of the company's stock valued at $25,000 after purchasing an additional 202 shares during the last quarter. NBC Securities Inc. purchased a new position in Cloudflare during the first quarter worth $27,000. GPS Wealth Strategies Group LLC increased its position in Cloudflare by 213.4% during the first quarter. GPS Wealth Strategies Group LLC now owns 257 shares of the company's stock valued at $29,000 after acquiring an additional 175 shares during the last quarter. MassMutual Private Wealth & Trust FSB increased its position in Cloudflare by 115.4% during the first quarter. MassMutual Private Wealth & Trust FSB now owns 265 shares of the company's stock valued at $30,000 after acquiring an additional 142 shares during the last quarter. Finally, Global Financial Private Client LLC raised its stake in shares of Cloudflare by 38,100.0% in the first quarter. Global Financial Private Client LLC now owns 382 shares of the company's stock valued at $43,000 after acquiring an additional 381 shares during the period. 82.68% of the stock is currently owned by hedge funds and other institutional investors.

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.

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