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

Cloudflare, Inc. (NYSE:NET) Director Carl Ledbetter sold 15,000 shares of the stock in a transaction that occurred on Tuesday, January 27th. The stock was sold at an average price of $211.16, for a total transaction of $3,167,400.00. Following the transaction, the director directly owned 953,073 shares of the company’s stock, valued at $201,250,894.68. The trade was a 1.55% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link.

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

• On Monday, January 5th, Carl Ledbetter sold 6,134 shares of Cloudflare stock. The shares were 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 stock was sold at an average price of $201.46, for a total value of $1,747,464.04.
• On Monday, November 17th, Carl Ledbetter sold 15,000 shares of Cloudflare stock. The shares were sold at an average price of $207.96, for a total value of $3,119,400.00.

Cloudflare Price Performance

NET opened at $180.72 on Friday. The stock’s 50-day moving average price is $194.71 and its 200 day moving average price is $205.85. Cloudflare, Inc. has a 12-month low of $89.42 and a 12-month high of $260.00. The firm has a market cap of $63.30 billion, a price-to-earnings ratio of -602.39, a PEG ratio of 160.25 and a beta of 1.96. The company has a current ratio of 2.04, a quick ratio of 2.04 and a debt-to-equity ratio of 1.46.

Cloudflare (NYSE:NET) last released its earnings results on Thursday, October 30th. The company reported $0.27 earnings per share for the quarter, beating the consensus estimate of $0.23 by $0.04. The company had revenue of $562.03 million during the quarter, compared to the consensus estimate of $544.65 million. Cloudflare had a negative return on equity of 6.54% and a negative net margin of 5.12%.Cloudflare’s revenue was up 30.7% compared to the same quarter last year. During the same period in the previous year, the company posted $0.20 EPS. As a group, sell-side analysts expect 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 added to or reduced their stakes in NET. Norges Bank acquired a new position in shares of Cloudflare in the 2nd quarter valued at $541,462,000. Groupama Asset Managment purchased a new stake in Cloudflare in the second quarter valued at $225,204,000. Vanguard Group Inc. boosted its stake in Cloudflare by 2.6% in the third quarter. Vanguard Group Inc. now owns 32,317,249 shares of the company’s stock valued at $6,934,958,000 after acquiring an additional 821,684 shares in the last quarter. KBC Group NV grew its holdings in shares of Cloudflare by 1,388.7% during the second quarter. KBC Group NV now owns 736,153 shares of the company’s stock worth $144,161,000 after purchasing an additional 686,702 shares during the last quarter. Finally, Rakuten Investment Management Inc. purchased a new position in shares of Cloudflare during the third quarter worth about $138,660,000. 82.68% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

NET has been the topic of several recent research reports. Barclays assumed coverage on shares of Cloudflare in a research note on Tuesday, December 2nd. They set an “overweight” rating and a $235.00 target price on the stock. Wells Fargo & Company upped their price objective on Cloudflare from $250.00 to $265.00 and gave the stock an “overweight” rating in a research report on Friday, October 31st. Robert W. Baird set a $230.00 target price on Cloudflare in a report on Wednesday, December 17th. Weiss Ratings reissued a “sell (d-)” rating on shares of Cloudflare in a research note on Wednesday, January 21st. Finally, Wall Street Zen raised Cloudflare from a “hold” rating to a “buy” rating in a research report on Saturday, November 8th. One equities research analyst has rated the stock with a Strong Buy rating, seventeen have issued a Buy rating, ten have issued a Hold rating and two have issued a Sell rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $232.48.

Cloudflare Company Profile

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.