Cloudflare

NET · NYSE

$291.69−$5.89 (−1.98%)TodayMarket closed · Oct 20, 4:05 PM ET

Prev close $297.58

NET analyst rating

BuyConsensus of 26 analysts over the last 12 months. 77% rate it a buy.

Strong buy0
Buy20
Hold5
Underperform0
Sell1

12-month price target · 34 analysts

Average $341.15 (+17.0% upside)

Low: $161.60
Now: $291.69
High: $420.00

Upgrades and downgrades

The latest rating actions, newest first

NET analyst upgrades, downgrades and rating actions
Firm	Date	Action	Rating	Price target	Hit rate
TD Cowen	Oct 13, 2026	Maintains	Buy	$355.00 → $375.00	71%
Barclays	Oct 12, 2026	Maintains	Overweight	$355.00 → $400.00	66%
Oppenheimer	Oct 9, 2026	Maintains	Outperform	$380.00 → $430.00	59%
BTIG	Oct 6, 2026	Maintains	Buy	$382.00 → $413.00	76%
Bernstein	Sep 17, 2026	Maintains	Market Perform	$164.00 → $181.00	78%
Citizens	Aug 31, 2026	Maintains	Market Outperform	$394.00	48%
Citigroup	Aug 10, 2026	Maintains	Buy	$265.00 → $400.00	71%
Susquehanna	Aug 10, 2026	Maintains	Neutral	$200.00 → $300.00	14%
Scotiabank	Aug 7, 2026	Maintains	Sector Outperform	$300.00 → $390.00	54%
UBS	Aug 7, 2026	Maintains	Neutral	$250.00 → $350.00	60%

The case for and against

Updated Oct 14, 2026

Bull case

Cloudflare is a differentiated platform leader in security, performance, and edge computing, with Workers and Cloudflare OS v2 expanding its role into AI infrastructure, end-user AI harnesses, and higher-value monetization layers. Its 2Q26 results showed revenue of $696M, up 36% y/y, non-GAAP EPS of $0.29, gross margin of 73.1%, and net dollar retention of 120%, while guided 2026 revenue of $2.864B-$2.870B and EPS of $1.25-$1.26 reflect sustained growth and improving profitability. The company also benefits from 7.4M developers on Workers, 80K paying customer additions, and a ~$238B TAM that supports multiple durable growth avenues across AI, Zero Trust, and application services.

Bear case

Cloudflare is facing a weak fundamental setup because its growth remains vulnerable to slower tech spending, softer customer acquisition, and weaker renewal and expansion rates, which could compress both revenue growth and margins. Its business also depends on favorable relationships with Internet Service Providers and cloud providers, while roughly half of revenue comes from outside the United States, including China through Baidu, creating meaningful geopolitical and operating risk. Although calculated billings grew 35% y/y to $754M and free cash flow was $56M, these improvements do not offset the risk of intensified competition from major public cloud providers, cyber breaches, and service disruptions that could undermine customer confidence.

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