Cloudflare, Inc. (NYSE:NET) Director Sells $2,997,750.00 in Stock

Key Points

• Carl Ledbetter, a director at Cloudflare, sold 15,000 shares of stock for approximately $2.99 million, reducing his ownership by 1.42%.
• Cloudflare's recent quarterly earnings missed expectations, reporting $0.16 EPS against a consensus estimate of $0.17, although its revenue increased by 26.5% year over year.
• Despite recent trades and earnings results, analysts maintain a Moderate Buy rating for Cloudflare, with varied price targets ranging from $70.00 to $225.00.

Cloudflare, Inc. (NYSE:NET - Get Free Report) Director Carl Ledbetter sold 15,000 shares of the stock in a transaction that occurred on Monday, July 28th. The stock was sold at an average price of $199.85, for a total value of $2,997,750.00. Following the completion of the sale, the director owned 1,043,073 shares of the company's stock, valued at approximately $208,458,139.05. This trade represents a 1.42% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink.

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

• On Monday, June 30th, Carl Ledbetter sold 15,000 shares of Cloudflare stock. The stock was sold at an average price of $193.94, for a total value of $2,909,100.00.
• On Tuesday, June 17th, Carl Ledbetter sold 10,050 shares of Cloudflare stock. The stock was sold at an average price of $181.57, for a total value of $1,824,778.50.
• 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 value of $135,913.54.

Cloudflare Stock Performance

Shares of NYSE NET traded up $1.22 during trading on Friday, hitting $208.90. The company had a trading volume of 3,783,571 shares, compared to its average volume of 3,715,908. The stock has a 50 day simple moving average of $182.66 and a 200 day simple moving average of $147.77. The company has a debt-to-equity ratio of 0.90, a quick ratio of 3.20 and a current ratio of 3.20. Cloudflare, Inc. has a 12 month low of $69.26 and a 12 month high of $211.27. The firm has a market capitalization of $72.41 billion, a P/E ratio of -907.99 and a beta of 1.85.

Cloudflare (NYSE:NET - Get Free Report) last announced its earnings results on Thursday, July 31st. The company reported $0.21 EPS for the quarter, topping analysts' consensus estimates of $0.18 by $0.03. The firm had revenue of $512.32 million during the quarter, compared to analysts' expectations of $501.58 million. Cloudflare had a negative return on equity of 6.31% and a negative net margin of 4.62%. The company's quarterly revenue was up 27.8% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.20 EPS. As a group, analysts anticipate that Cloudflare, Inc. will post -0.11 earnings per share for the current year.

Hedge Funds Weigh In On Cloudflare

A number of institutional investors and hedge funds have recently modified their holdings of NET. Capital World Investors lifted its stake in shares of Cloudflare by 0.7% during the 4th quarter. Capital World Investors now owns 35,409,307 shares of the company's stock worth $3,812,942,000 after acquiring an additional 260,415 shares during the last quarter. Vanguard Group Inc. lifted its stake in shares of Cloudflare by 1.8% during the 1st quarter. Vanguard Group Inc. now owns 30,836,909 shares of the company's stock worth $3,475,011,000 after acquiring an additional 538,850 shares during the last quarter. Geode Capital Management LLC lifted its stake in shares of Cloudflare by 1.4% during the 4th quarter. Geode Capital Management LLC now owns 4,903,219 shares of the company's stock worth $526,986,000 after acquiring an additional 68,661 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its stake in shares of Cloudflare by 33.5% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 3,129,030 shares of the company's stock worth $352,610,000 after acquiring an additional 786,063 shares during the last quarter. Finally, American Century Companies Inc. lifted its stake in shares of Cloudflare by 34.5% during the 1st quarter. American Century Companies Inc. now owns 3,037,420 shares of the company's stock worth $342,287,000 after acquiring an additional 779,819 shares during the last quarter. Hedge funds and other institutional investors own 82.68% of the company's stock.

Analyst Upgrades and Downgrades

A number of research firms have recently commented on NET. Needham & Company LLC raised their target price on Cloudflare from $200.00 to $240.00 and gave the company a "buy" rating in a research note on Friday. Morgan Stanley raised their target price on Cloudflare from $225.00 to $235.00 and gave the company an "overweight" rating in a research note on Friday. DZ Bank restated a "sell" rating and issued a $170.00 target price on shares of Cloudflare in a research note on Tuesday, July 22nd. Stifel Nicolaus raised their target price on Cloudflare from $175.00 to $230.00 and gave the company a "buy" rating in a research note on Friday. Finally, CICC Research upgraded Cloudflare from a "market perform" rating to an "outperform" rating and set a $154.00 price objective for the company in a research note on Monday, May 12th. Three analysts have rated the stock with a sell rating, nine have issued a hold rating, fifteen have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, Cloudflare currently has a consensus rating of "Moderate Buy" and an average target price of $182.48.

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.