What It Does: Cloudflare operates a global cloud network spanning 310+ cities that provides security, performance, and reliability services to websites, APIs, and enterprise networks. Its services include DDoS mitigation, web application firewalls, CDN, zero-trust network access, and its Workers serverless compute platform. Over 20% of all websites route through Cloudflare’s network.
How the Stock Looks: NET trades near $160 in mid-April 2026. Revenue growth remains strong at 25%+, and the company is approaching consistent GAAP profitability. Net dollar retention rates above 115% signal strong expansion within existing customers. The stock trades at a premium — roughly 20x forward revenue — reflecting its platform optionality.
What Analysts Are Saying: 25 analysts rate NET a Buy with an average price target of $234, implying roughly 46% upside. TD Cowen and Citi both maintain $265 targets. The bull case: Cloudflare is building the next major cloud platform at the edge. The bear case: premium valuation and competition from Akamai and Zscaler.