Cloudflare Stock Leaps After ServiceNow Exec Joins As Product Head: Retail Turns Ecstatic

Cloudflare Inc’s (NET) shares surged more than 9% on Thursday after the company said it had appointed Chirantan ‘CJ’ Desai as President of Product and Engineering.

The company said that appointing the seasoned executive is a part of its “next phase of growth to $5 billion in annual recurring revenue.”

Desai comes with over 25 years of experience and most recently, served as the President and Chief Operation Officer (COO) at cloud computing platform ServiceNow Inc (NOW).

He is the third senior leadership executive to be appointed by the company this year. In February, Cloudflare announced the appointment of Mark Anderson as its President of Revenue. A month later, Stephanie Cohen was brought on as the company’s first-ever Chief Strategy Officer.

Retail sentiment on Stocktwits rocketed into ‘extremely bullish’ (95/100) territory from ‘bearish’ (38/100) a day ago. Chatter around the stock has also seen an uptick from ‘normal’ (49/100) to ‘extremely high’ (94/100).

Investors anticipate the share price will continue to rise as technical indicators signal a breakout even though Wall Street analysts like BNP Paribas have pegged Cloudflare to ‘underperform’ with a price target of $65.

The stock has gained 17% so far in 2024 but it’s still trading lower than its 52-week high of $116.

For updates and corrections email newsroom@stocktwits.com.

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