Cloudflare surges after raising annual revenue outlook
NET•Year-to-date performance
YTD, the stock has surged about 44.3%, compared with a 12.6% rise for the S&P 500 .SPX.
Analyst sentiment and valuation
At least five brokerages hike PT on the stock.
The stock recently traded at 187 times forward earnings, vs its 5-year average of 1,004, per LSEG-compiled data, suggesting it may be undervalued.
The average rating of 36 analysts covering the stock is "buy" and the median PT is $322 - LSEG-compiled data.
Cloudflare shares jump after outlook raise
Shares of Cloudflare NET.N jump 15.9% to $329.46 premarket.
The company raises its annual revenue forecast to a range of $2.86 billion to $2.87 billion, from $2.805 billion to $2.813 billion previously, and above analysts' average estimate of $2.81 billion - LSEG-compiled data.
