NET - Why Cloudflare Stock Soared Today
2024-01-23 02:55:00 ET
Shares of Cloudflare (NYSE: NET) rose as much as 7.2% on Monday, before settling to close up 4.1% after a notable analyst upgrade.
In note to clients today, Citigroup (NYSE: C) analyst Fatima Boolani maintained her firm's neutral rating on Cloudflare stock but also raised her per-share price target to $82 from $66. Boolani cited "encouraging" channel feedback more broadly for stocks in the cloud observability and DevOps spaces, while noting that the recent rally in Cloudflare and its peers "leaves an unnerving stock setup" leading into their impending quarterly reports.
Indeed, Cloudflare stock has rallied nearly 80% over the past year, fueled by demand for its cybersecurity solutions , its content delivery network platform, and increased web traffic from the global rise of generative AI applications .
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Why Cloudflare Stock Soared Today