Cloudflare (NET) Received its Third Buy in a Row

After Needham and RBC Capital gave Cloudflare (NYSE: NET) a Buy rating last month, the company received another Buy, this time from Oppenheimer. Analyst Shaul Eyal reiterated a Buy rating on Cloudflare today and set a price target of $26.00. The company’s shares closed last Monday at $18.07.

According to TipRanks.com, Eyal is a top 100 analyst with an average return of 16.2% and a 66.8% success rate. Eyal covers the Technology sector, focusing on stocks such as Nuance Communications, CyberArk Software, and Varonis Systems.

Cloudflare has an analyst consensus of Moderate Buy, with a price target consensus of $21.00, implying a 18.3% upside from current levels. In a report issued on February 7, Needham also reiterated a Buy rating on the stock with a $22.00 price target.

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Based on Cloudflare’s latest earnings release for the quarter ending September 30, the company reported a quarterly GAAP net loss of $40.85 million. In comparison, last year the company had a GAAP net loss of $21.02 million.

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Cloudflare, Inc. engages in the provision of cloud-based services to secure websites. It offers various products for performance and reliability, video streaming and delivery, advanced security, insights, cloudflare for developers, domain registration, and cloudflare marketplace.