NET stock is up and is trading at $50.35 as of 10:11 AM EDT
Shares of Cloudflare (NYSE:NET) increased on Monday after Wells Fargo upgraded the content delivery and cybersecurity firm, stating that it is likely to profit from a “growing focus on consolidation to decrease costs.”
The price objective for Cloudflare (NYSE:NET) was increased from $62 to $65 by analyst Andrew Nowinski, who also upgraded the stock’s rating to overweight from equal-weight. He cited four reasons for the move, including the stock’s 65% year-to-date loss and the aforementioned focus on consolidation.
Additionally, the channel investments made by Cloudflare (NET) have paid off, and the firm’s third-quarter survey revealed a “strong upswing” in demand trends.
Nowinski also mentioned that Cloudflare (NYSE:NET) is anticipated to produce positive free cash flow in the “back half” of calendar 2022, which should aid the business in “remaining above the ‘Rule of 40’ moving forward.”
In premarket trading on Monday, shares of Cloudflare (NYSE:NET) increased 5% to $48.
The software industry’s “winter came quick,” according to Jefferies, with Cloudflare (NET) and a number of other software companies facing the greatest risk.
Cloudflare has received mostly positive analyst coverage (NYSE:NET). Wall Street analysts have given it a BUY rating, while contributors to Seeking Alpha have given it a BUY rating. Additionally, Seeking Alpha’s quant system, which frequently outperforms the market, ranks NET as a HOLD.
NET stock outlook
One of the finest long-term stocks to buy right now is Cloudflare, Inc. (NYSE:NET), a top worldwide cybersecurity business. On August 4, Cloudflare, Inc. (NYSE:NET) reported good financial results for the first half of fiscal 2022. The company announced revenue of $234.5 million, up 53.85% year over year, beating Wall Street expectations by $7 million. In terms of Cloudflare, Inc., Wall Street seems optimistic (NYSE:NET). On September 8, Cantor Fitzgerald analyst Jonathan Ruykhaver began monitoring Cloudflare, Inc. (NYSE:NET) with a Neutral rating and a $65 price target.
Cloudflare Stock Rises 20% After Earnings Beat, Sales Forecast
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Author Jowi Kwasu 
