Why Cloudflare Stock Popped Today

Shares of Cloudflare (NYSE: NET) have popped today, up by 11% as of 12:50 p.m. EDT, after the company received some positive comments from Wall Street. Needham analyst Alex Henderson boosted his price target on the stock from $32 to $38 while reiterating a buy rating.

Henderson believes that Cloudflare will enjoy strong demand for its products and services as more companies continue shifting to the cloud. It will also benefit from ongoing adoption of 5G edge computing, in Henderson's view. The analyst also points to Cloudflare's continued focus on innovation, such as recently introducing a new feature that could allow its services to process traffic 40% faster than before.

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Source Fool.com