SIG analyst Shyam Patil maintains $Cloudflare (NET.US)$ with a hold rating, and adjusts the target price from $85 to $95.
According to TipRanks data, the analyst has a success rate of 57.4% and a total average return of 11.4% over the past year.
Furthermore, according to the comprehensive report, the opinions of $Cloudflare (NET.US)$'s main analysts recently are as follows:
Cloudflare's third quarter was characterized as 'mixed', with management indicating that a number of significant deals in the Americas were postponed to the fourth quarter due to leadership changes planned for 2024. It is asserted that the transition to enhance the sales team to seize both enterprise opportunities and an expanded product offering in Security will require time and may experience non-linear progress.
Q3 results for Cloudflare were considered solid, but they did not meet the heightened expectations. The assessment is that the current valuation of the stock fairly represents its potential for mid-to-high-20s percentage growth, prospects for margin improvement, and a promising narrative around artificial intelligence.
Following Cloudflare's 'solid' Q3 results, the perception of the company's future opportunities across various focus areas has been reinforced, despite the Q4 revenue guidance not meeting expectations and some larger deals in the U.S. being delayed due to go-to-market changes.
Note:
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Success rate is the number of the analyst's successful ratings, divided by his/her total number of ratings over the past year. A successful rating is one based on if TipRanks' virtual portfolio earned a positive return from the stock. Total average return is the average rate of return that the TipRanks' virtual portfolio has earned over the past year. These portfolios are established based on the analyst's preliminary rating and are adjusted according to the changes in the rating.
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