Cloudflare (NET) Stock: Wall Street Raises Price Targets After Strong Q2 Results
TLDR
- Cloudflare reported Q2 revenue of $696.1 million, up 35.9% year over year, beating estimates of $664.7 million
- EPS came in at $0.29, topping the $0.27 consensus estimate
- Management raised full-year 2026 revenue guidance to $2.864B-$2.870B, above prior forecasts
- Oppenheimer raised its price target from $330 to $380, Goldman Sachs raised its target to $389; both maintain Buy-equivalent ratings
- Insider selling from the CFO and co-founder totaled millions of dollars, though transactions were under pre-arranged 10b5-1 plans
Cloudflare stock hit $313.40 on Friday, up $28.97 in midday trading, after the company posted a strong second quarter and lifted its full-year outlook.
Q2 revenue came in at $696.1 million, up 35.9% from the same period last year. That beat analyst expectations of $664.7 million by a comfortable margin.
Adjusted EPS of $0.29 also topped the $0.27 consensus. A year ago, the company posted $0.21 per share.
The earnings report triggered a wave of upward price target revisions from Wall Street analysts.
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