These Analysts Raise Their Forecasts On Cloudflare Following Upbeat Results

Core Insights - Cloudflare Inc. reported better-than-expected earnings for Q3, with earnings of 27 cents per share, surpassing the Street estimate of 23 cents [1] - Quarterly revenue reached $562.02 million, exceeding analyst expectations of $544.82 million [1] Financial Performance - Revenue growth accelerated for the second consecutive quarter, achieving a year-over-year increase of 31 percent [2] - The company anticipates fourth-quarter total revenue between $588.5 million and $589.5 million [2] Market Reaction - Following the earnings announcement, Cloudflare shares fell by 2.2%, closing at $222.50 [2] Analyst Ratings - Needham analyst Mike Cikos maintained a Buy rating and raised the price target from $240 to $285 [5] - Citizens analyst Trevor Walsh maintained a Market Outperform rating and increased the price target from $250 to $270 [5]