Cloudflare price target lowered to $50 from $64 at Piper Sandler

Piper Sandler analyst James Fish lowered the firm’s price target on Cloudflare to $50 from $64 and keeps a Neutral rating on the shares. The company reported its first quarterly miss and guidance cut in its history of being public, the analyst tells investors in a research note. Since March, Cloudflare experienced a significant increase in sales cycles, resulting in a fall-off in close rates across its installed base and with new customers, particularly within troubled verticals, says the firm.