Needham analyst Mike Cikos maintained a Buy rating on Cloudflare (NET – Research Report) today and set a price target of $185.00.
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Mike Cikos has given his Buy rating due to a combination of factors including Cloudflare’s impressive quarterly performance and growth trajectory. The company reported a significant increase in the number and quality of its customers, indicating a successful go-to-market strategy. Notably, Cloudflare achieved a record in adding Paying Customers, with year-over-year growth accelerating for the fourth consecutive quarter.
Additionally, sales representative productivity improved by a double-digit percentage for the fifth straight quarter, and management expects this trend to continue with a meaningful increase in ramped rep capacity by the second quarter of CY25. The company’s Pool of Funds deals are anticipated to contribute significantly to revenue in the latter half of CY25, enhancing seasonal revenue strength. Based on these positive indicators, the price target has been raised to $185, reflecting the company’s potential for future growth.
According to TipRanks, Cikos is a 5-star analyst with an average return of 15.9% and a 62.30% success rate. Cikos covers the Technology sector, focusing on stocks such as Okta, Dynatrace, and Cloudflare.
In another report released today, JMP Securities also reiterated a Buy rating on the stock with a $180.00 price target.