Buzz-Cloudflare slips after announcing $2.2 bln convertible
NET•Recent stock move and analyst view
NET surged to an intraday record high of $324.73 on Friday before ending the session up nearly 6% after the company raised its 2026 forecasts on higher AI-driven spending.
The stock is now up 50% year to date for about a $105 billion market cap.
The average rating of 36 analysts is "buy"; the median price target of $350 is up from $260 a month ago, according to LSEG.
Company details proposed convertible offering
San Francisco, California-based Cloudflare announced a private offering of $2.175 billion of convertible bonds due Aug. 15, 2031.
The company intends to use net proceeds for general corporate purposes, including capex, debt repayment and potential acquisitions.
It also plans to use some of the proceeds for capped call transactions, which are employed to help mitigate potential dilution.
Cloudflare shares fall after planned capital raise
Cloud services firm Cloudflare's NET.N shares were down 1.3% to $296.51 in early Monday trading after news of a planned capital raise.
