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New Buy Rating for Cloudflare (NET), the Technology Giant

Tipranks - Tipranks - Thu Aug 13, 9:28PM CDT

Truist Financial analyst Junaid Siddiqui maintained a Buy rating on Cloudflare on August 11 and set a price target of $350.00. The company’s shares closed yesterday at $306.97.

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Siddiqui covers the Technology sector, focusing on stocks such as Cloudflare, Tenable Holdings, and CrowdStrike Holdings. According to TipRanks, Siddiqui has an average return of 40.6% and an 80.91% success rate on recommended stocks.

In addition to Truist Financial, Cloudflare also received a Buy from Mizuho Securities’s Gregg Moskowitz in a report issued on August 11. However, on August 10, J.P. Morgan maintained a Hold rating on Cloudflare (NYSE: NET).

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Based on Cloudflare’s latest earnings release for the quarter ending June 30, the company reported a quarterly revenue of $696.06 million and a GAAP net loss of $169.98 million. In comparison, last year the company earned a revenue of $512.32 million and had a GAAP net loss of $50.45 million

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