NET Cloudflare, Inc.
Price Chart
Executive Summary
Piper Sandler issued a double upgrade on Cloudflare (NET) from Neutral to Overweight on April 15, 2026, maintaining a $222 price target. The firm has an 80% accuracy rate on 10 calls and a 28.5% average return, placing it among top-tier analysts for this ticker. Consensus is heavily bullish with 28 of 40 analysts at Buy or Strong Buy, a mean target of $234.18 implying 17% upside from the current $199.81. The price target range is wide: $135 low to $300 high. Momentum is quiet — zero upgrades or downgrades in the past 30 days — but EPS revisions are strongly positive: 21 upward revisions in the last 7 days for the current quarter and full year. Insider selling is notable: CTO Carl Ledbetter sold ~$6.8M in late April/early May, a bearish signal that partially offsets the upgrade. Short interest is elevated at 55.6% of float, suggesting heavy bearish positioning. The double upgrade from a high-accuracy firm is a contrarian call against insider selling and high short interest, making it a high-conviction signal for active traders.
Impact Score
Consensus & Targets
Consensus is 70% Buy/Strong Buy (28 of 40 analysts), 25% Hold (10 analysts), and 5% Sell (2 analysts). The consensus is strongly bullish, with the majority expecting further upside. Piper Sandler's upgrade aligns with the bullish consensus but is more aggressive given the double-notch move.
Current price: $199.81. Mean target: $234.18 (+17%). Median target: $243 (+22%). High target: $300 (+50%). Low target: $135 (-32%). Piper Sandler's $222 target is below the mean and median, implying a more conservative 11% upside relative to consensus. The wide range (high-low spread of $165) reflects significant disagreement among analysts.
Recent Analyst Activity
| Date | Firm | Action | Rating | Price Target |
|---|---|---|---|---|
| 2026-05-11 | Susquehanna | maintain | Neutral | $200.00 |
| 2026-05-08 | Piper Sandler | reiterate | Overweight | $250.00 |
| 2026-05-08 | BTIG | reiterate | Buy | $243.00 |
| 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 |
30-day analyst activity: 0 upgrades, 0 downgrades — quiet. However, EPS revisions are strongly positive: 21 upward revisions in the last 7 days for the current quarter and full year, with FY2026 EPS estimates rising from $1.12 to $1.19. This suggests improving fundamentals and analyst confidence.
Firm Track Record — Piper Sandler
Piper Sandler accuracy: 54% on 3763 calls | avg return: 3.6%
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 |
Piper Sandler has an 80% accuracy rate on 10 calls with a 28.5% average return, making it a top-tier firm for NET. The best-performing firms are Oppenheimer, Baird, and Jefferies (all 100% accuracy on limited calls). The worst among tracked firms is Cantor Fitzgerald (63% accuracy, 0.7% avg return). Piper Sandler's track record is strong, adding credibility to this double upgrade.
Earnings Estimates
Next earnings: Jul 29, 2026
| Period | EPS Est. | EPS Range | Revenue | Revisions (7d) |
|---|---|---|---|---|
| +1q | $0.32 | $0.28 — $0.39 | $722.6M | ↑21 ↓0 |
| 0q | $0.27 | $0.25 — $0.29 | $666.3M | ↑6 ↓0 |
| 0y | $1.19 | $1.11 — $1.33 | $2.8B | ↑22 ↓0 |
| +1y | $1.52 | $1.25 — $1.88 | $3.6B | ↑20 ↓0 |
Cross-Platform Signals
Insider selling is a bearish divergence: CTO Carl Ledbetter sold ~$6.8M in late April/early May, including a $3.6M sale on May 5. No insider buys. Institutional activity is mixed: Norges Bank initiated a massive $718M position (bullish), while Renaissance Technologies trimmed 60% and UBS trimmed 31%. Short interest is extremely high at 55.6% of float, indicating heavy bearish positioning. The upgrade is a contrarian call against insider selling and short interest.
Actionable Insight
Piper Sandler's double upgrade from a top-tier firm is a high-conviction bullish signal, but the heavy insider selling and 55.6% short interest create a tug-of-war. Traders should watch for a short squeeze catalyst (e.g., earnings on July 29) but remain cautious given C-suite selling. A position with tight stops is warranted.
Documents Analyzed
Report based on filing metadata.
Track record builds as more directional reports settle.
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
29d 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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