Cloudflare (NET) shares reached a record high of $291.13 on Friday. Analysts attribute the surge to the company’s strategic expansion into AI-related workloads.
Multiple investment firms recently raised their price targets for the stock. Citizens increased its target to $330. Truist Securities and TD Cowen both set new targets of $300.
Cloudflare will report second-quarter earnings on August 6. Options market data indicates a potential 11% price swing following the announcement.