Cloudflare, Inc. (NYSE:NET) Director Carl Ledbetter Sells 10,050 Shares

Cloudflare, Inc. (NYSE:NET - Get Free Report) Director Carl Ledbetter sold 10,050 shares of the stock in a transaction on Tuesday, June 17th. The shares were sold at an average price of $181.57, for a total value of $1,824,778.50. Following the transaction, the director now directly owns 1,073,073 shares in the company, valued at $194,837,864.61. The trade was a 0.93% 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 Thursday, June 12th, Carl Ledbetter sold 492 shares of Cloudflare stock. The shares were 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 transaction of $135,913.54.

Cloudflare Price Performance

NYSE NET traded up $0.12 on Wednesday, reaching $181.35. The company had a trading volume of 2,951,360 shares, compared to its average volume of 3,165,173. The firm's 50 day moving average price is $142.60 and its 200 day moving average price is $131.18. Cloudflare, Inc. has a 12 month low of $69.26 and a 12 month high of $182.77. The stock has a market capitalization of $62.86 billion, a PE ratio of -788.47 and a beta of 1.84. The company has a quick ratio of 3.20, a current ratio of 3.20 and a debt-to-equity ratio of 0.90.

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

Analyst Ratings Changes

NET has been the subject of several recent research reports. Oppenheimer restated an "outperform" rating and set a $200.00 target price (up from $165.00) on shares of Cloudflare in a research report on Thursday, June 5th. Morgan Stanley lifted 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. The Goldman Sachs Group reduced their price objective on Cloudflare from $183.00 to $161.00 and set a "buy" rating for the company in a research note on Friday, March 14th. Piper Sandler reaffirmed a "neutral" rating and issued a $151.00 target price (up from $112.00) on shares of Cloudflare in a report on Friday, May 9th. 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 report on Friday, May 9th. Three investment analysts have rated the stock with a sell rating, ten have issued a hold rating, fourteen have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of "Hold" and an average target price of $145.92.

Institutional Investors Weigh In On Cloudflare

Several large investors have recently bought and sold shares of NET. Groupama Asset Managment bought a new position in shares of Cloudflare during the 4th quarter valued at approximately $269,200,000. Norges Bank purchased a new position in Cloudflare during the fourth quarter worth $249,544,000. American Century Companies Inc. boosted its stake in Cloudflare by 82.0% during the fourth quarter. American Century Companies Inc. now owns 2,257,601 shares of the company's stock worth $243,098,000 after buying an additional 1,017,399 shares during the period. Fred Alger Management LLC increased its position in Cloudflare by 856.3% during the fourth quarter. Fred Alger Management LLC now owns 934,286 shares of the company's stock valued at $100,604,000 after acquiring an additional 836,591 shares during the last quarter. Finally, Invesco Ltd. raised its stake in shares of Cloudflare by 292.5% in the fourth quarter. Invesco Ltd. now owns 1,078,921 shares of the company's stock valued at $116,178,000 after acquiring an additional 804,059 shares during the period. Institutional investors own 82.68% of the company's stock.

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.

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