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

Key Points

• Director Carl Ledbetter sold 15,000 shares of Cloudflare on March 18 at an average price of $227.05, generating $3,405,750 and leaving him with 938,073 shares (a 1.57% ownership decrease).
• Ledbetter has sold a total of 45,000 shares in recent transactions (late Dec.–Mar.), raising roughly $9.6 million in aggregate proceeds.
• Cloudflare shares recently traded around $215.14; the company reported 33.6% year-over-year revenue growth, beat quarterly EPS and revenue estimates, and carries a consensus analyst rating of “Moderate Buy” with an average price target of $233.38.

Cloudflare, Inc. (NYSE:NET - Get Free Report) Director Carl Ledbetter sold 15,000 shares of the firm's stock in a transaction that occurred on Wednesday, March 18th. The shares were sold at an average price of $227.05, for a total value of $3,405,750.00. Following the completion of the sale, the director directly owned 938,073 shares of the company's stock, valued at $212,989,474.65. This represents a 1.57% 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 link.

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 value 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 value of $1,216,126.84.
• On Tuesday, December 30th, Carl Ledbetter sold 192 shares of Cloudflare stock. The stock was sold at an average price of $201.25, for a total value 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 value of $1,747,464.04.

Cloudflare Price Performance

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

Cloudflare (NYSE:NET - Get Free Report) last announced its quarterly earnings results on Tuesday, February 10th. The company reported $0.28 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.27 by $0.01. The business had revenue of $614.51 million during the quarter, compared to the consensus estimate of $591.67 million. Cloudflare had a negative net margin of 4.72% and a negative return on equity of 7.24%. The business's revenue was up 33.6% compared to the same quarter last year. During the same quarter last year, the firm posted $0.19 EPS. On average, sell-side analysts expect that Cloudflare, Inc. will post -0.11 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

NET has been the topic of several research analyst reports. New Street Research set a $140.00 price target on Cloudflare in a research note on Wednesday, February 11th. Barclays raised their price objective on Cloudflare from $235.00 to $250.00 and gave the company an "overweight" rating in a research note on Wednesday, February 11th. Truist Financial set a $225.00 price objective on Cloudflare in a report on Tuesday, January 20th. Needham & Company LLC decreased 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. Finally, Zacks Research raised Cloudflare from a "strong sell" rating to a "hold" rating in a report on Friday, March 13th. One equities research analyst has rated the stock with a Strong Buy rating, eighteen have given a Buy rating, eight have assigned a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average price target of $233.38.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of the business. Purpose Unlimited Inc. acquired a new stake in Cloudflare during the 4th quarter valued at $721,000. Stance Capital LLC increased its position in Cloudflare by 10.7% during the fourth quarter. Stance Capital LLC now owns 6,721 shares of the company's stock worth $1,325,000 after buying an additional 650 shares in the last quarter. Osbon Capital Management LLC acquired a new position in shares of Cloudflare in the fourth quarter worth $2,456,000. Fund Advisors of America Inc FL purchased a new stake in shares of Cloudflare in the fourth quarter valued at $1,900,000. Finally, Spear Advisors LLC purchased a new stake in shares of Cloudflare in the fourth quarter valued at $5,844,000. 82.68% of the stock is owned by hedge funds and other institutional investors.

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.

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