NET Cloudflare, Inc.
Price Chart
Executive Summary
BTIG upgraded Cloudflare (NET) to Buy from Neutral with a $199 price target, a 3% downside from the current $204.97, as part of a 15-firm analyst cluster. The cluster includes upgrades from Piper Sandler (Overweight, $222) and multiple maintains from Citigroup, Barclays, and others. Consensus is heavily bullish: 27 of 40 analysts rate Buy, 11 Hold, and 2 Sell. The mean price target is $231.85, implying 13% upside, but BTIG's PT sits 14% below consensus. BTIG's accuracy is 53% on 948 calls, below many peers like Morgan Stanley (86% on 7) or Oppenheimer (100% on 4). Momentum is mixed: 1 upgrade vs 0 downgrades, but EPS revisions for the current quarter show 18 downward revisions against 4 upward in 30 days. Insider sales have accelerated, with three insiders selling over $5M combined in late April, while institutional flows are split — Norges Bank opened a $718M position, but Renaissance trimmed -60% and UBS trimmed -31%. Short interest remains elevated at 56.8% of float. The analyst cluster signals growing conviction, but the BTIG PT and insider selling create a nuanced outlook; traders should monitor the May 6 earnings for catalyst.
Impact Score
Consensus & Targets
Full consensus: 10 Strong Buy, 17 Buy, 11 Hold, 1 Sell, 1 Strong Sell (40 analysts). Direction is heavily bullish with 67.5% Buy-rated.
Mean PT $231.85, median $235, high $300, low $135. Current $204.97 implies 13.1% upside to mean. BTIG's $199 is 14.2% below the mean and notably below the current price.
Recent Analyst Activity
| Date | Firm | Action | Rating | Price Target |
|---|---|---|---|---|
| 2026-04-15 | Piper Sandler | upgrade | Overweight | $222.00 |
| 2026-04-14 | Mizuho | maintain | Outperform | $235.00 |
| 2026-02-12 | Citigroup | maintain | Buy | $265.00 |
| 2026-02-11 | Jefferies | maintain | Hold | $225.00 |
| 2026-02-11 | Piper Sandler | maintain | Neutral | $222.00 |
| 2026-02-11 | RBC Capital | maintain | Outperform | $240.00 |
| 2026-02-11 | Wells Fargo | maintain | Overweight | $270.00 |
| 2026-02-11 | Guggenheim | maintain | Sell | $140.00 |
| 2026-02-11 | Barclays | maintain | Overweight | $250.00 |
| 2026-02-11 | Cantor Fitzgerald | reiterate | Neutral | $224.00 |
30-day analyst activity: 1 upgrade (BTIG), 0 downgrades. EPS revisions: current quarter (0q) shows 4 upward and 18 downward revisions in 30 days, indicating downward estimate pressure. Full year estimates also saw 1 downward revision.
Firm Track Record — BTIG
BTIG accuracy: 53% on 948 calls | avg return: 3.7%
Industry benchmark: mean 51% ± 11%. Top tier: ≥61% (mean + 1σ). Based on 15 firms with ≥5 scored calls.
| Firm | Accuracy | Calls | Avg Return | vs Average |
|---|---|---|---|---|
| Oppenheimer | 100% | 4/4 | 27.4% | top tier |
| Baird | 100% | 4/4 | 4.4% | top tier |
| Jefferies | 100% | 2/2 | 31.4% | top tier |
| Morgan Stanley | 86% | 6/7 | 28.2% | top tier |
| Piper Sandler | 80% | 8/10 | 28.5% | top tier |
| JMP Securities | 75% | 3/4 | 5.8% | top tier |
| Keybanc | 75% | 3/4 | 5.7% | top tier |
| Mizuho | 70% | 7/10 | 7.4% | top tier |
| B of A Securities | 67% | 2/3 | 27.5% | top tier |
| Cantor Fitzgerald | 63% | 5/8 | 0.7% | top tier |
BTIG accuracy: 53.1% on 948 calls, avg return 3.7%. Among covering firms, top tier includes Oppenheimer (100% on 4), Baird (100% on 4), Morgan Stanley (86% on 7). BTIG ranks below the top performers.
Earnings Estimates
Next earnings: May 6, 2026
| Period | EPS Est. | EPS Range | Revenue | Revisions (7d) |
|---|---|---|---|---|
| +1q | $0.27 | $0.24 — $0.32 | $665.6M | ↑3 ↓0 |
| 0y | $1.12 | $1.11 — $1.17 | $2.8B | ↑0 ↓0 |
| 0q | $0.23 | $0.23 — $0.28 | $622.6M | ↑3 ↓0 |
| +1y | $1.44 | $1.25 — $1.86 | $3.6B | ↑0 ↓0 |
Cross-Platform Signals
Insider sells: 5 large sales in April totaling ~$5.1M (Ledbetter Carl, Zatlyn Michelle, Seifert). Congressional trade: Rep. Gottheimer sold $1k-$15k in Feb. Institutional: Norges Bank opened $718M position (new), BofA added +70%, Wells added +55%; but Renaissance trimmed -60%, UBS trimmed -31%. Short interest ratio 56.8% — very high. Divergence: analyst cluster bullish, but insiders selling and short interest high, while institutional flows mixed.
Actionable Insight
The analyst cluster provides a bullish narrative, but insider selling and a high short ratio urge caution. With earnings on May 6, watch for a catalyst — if the company delivers, the cluster could amplify upside; if not, the high short interest may fuel a squeeze.
Documents Analyzed
Report based on filing metadata.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
|
Jun 8, 2026
4d ago
|
Insider Cluster
| $247.54 awaiting T+1 | awaiting T+1 | — | $228.48 (−7.70%) |
|
Jun 1, 2026
11d ago
|
Insider Cluster
| $272.66 $265.33 | ▼ −2.69% | ▼ −2.00% | $228.48 (−16.20%) |
|
Jun 1, 2026
11d ago
|
144
| $272.66 $265.33 | ▼ −2.69% | ▼ −2.00% | $228.48 (−16.20%) |
|
May 31, 2026
12d ago
|
ANALYST-UPGRADE
| $166.88 $163.05 | ▼ −2.30% | ▼ −1.07% | $228.48 (+36.91%) |
|
May 27, 2026
16d ago
|
Insider Cluster
| $228.11 $241.82 | ▲ +6.01% | ▲ +5.77% | $228.48 (+0.16%) |
|
May 21, 2026
22d ago
|
Insider Cluster
| $216.17 $217.54 | ▲ +0.63% | ▲ +0.05% | $228.48 (+5.69%) |
|
May 19, 2026
24d ago
|
Insider Cluster
| $210.13 $212.65 | ▲ +1.20% | ▲ +1.00% | $228.48 (+8.73%) |
|
May 15, 2026
28d ago
|
ANALYST-UPGRADE
| $190.13 $197.38 | ▲ +3.81% | ▲ +3.56% | $228.48 (+20.17%) |
|
May 1, 2026
6w ago
|
ANALYST-UPGRADE
| $166.88 $163.05 | ▼ −2.30% | ▼ −1.07% | $228.48 (+36.91%) |
|
May 1, 2026
6w ago
|
Insider Cluster
| $217.50 $224.17 | ▲ +3.07% | ▲ +3.41% | $228.48 (+5.05%) |
US Market Status
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