Cloudflare Draws Fresh Price Target Hikes Ahead Of Earnings — Analysts See Another 30% Growth Quarter

• TD Cowen expects Cloudflare to deliver 30% year-over-year revenue growth, driven by an expanding developer customer base, larger deals and continued strength in pool-of-funds transactions.
• Barclays also lifted its price target on Cloudflare to $300 from $250 while maintaining an ‘Overweight’ rating on the stock.
• Wall Street expects Cloudflare to report revenue of $666.4 million in Q2, implying a 30% increase year-on-year, while earnings per share is expected to come in at $0.27.

Cloudflare Inc. (NET) heads into its second-quarter (Q2) earnings report later this month with growing support from Wall Street amid expectations of sustained revenue growth.

According to TheFly, analysts at TD Cowen raised their price target for Cloudflare to $300 from $250, while keeping a ‘Buy’ rating. The new price target implies an upside potential of about 12% from Friday’s closing price.

Cloudflare shares were up nearly 1% in Monday’s pre-market trade. NET was among the top trending tickers on Stocktwits at the time of writing.

What’s Fueling Wall Street’s Optimism On NET

TD Cowen expects Cloudflare to deliver 30% year-over-year revenue growth, driven by an expanding developer customer base, larger deals and continued strength in pool-of-funds transactions.

Barclays also lifted its price target on Cloudflare to $300 from $250 while maintaining an ‘Overweight’ rating on the stock. The revision came as part of the firm's broader preview of second-quarter earnings for the software sector, with Barclays updating its price targets across the group ahead of the reporting season.

Cloudflare is set to report its Q2 earnings on July 31, 2025, after the closing bell.

BTIG raised its price target on Cloudflare to $314 from $269 while reaffirming its ‘Buy’ rating as part of a broader preview of Q2 results for security and infrastructure software companies. The firm said its channel checks painted a constructive picture of demand across the cybersecurity market, reinforcing its positive outlook.

BTIG expects elevated cyber threats to continue supporting spending in the near term, while growing demand for technologies that protect AI agents and applications could provide an additional tailwind over the longer run.

Wall Street expects Cloudflare to report revenue of $666.4 million in Q2, implying a 30% increase year-on-year, while earnings per share (EPS) is expected to come in at $0.27, compared to $0.21 during the year-ago period.

Cloudflare reported 34% YoY revenue growth in the first quarter (Q1) to $640 million, while EPS stood at $0.16.

NET Teams Up With OpenAI

Cloudflare announced a research pilot with OpenAI last week aimed at exploring ways to improve how AI-powered search systems discover, crawl and index content across the open web.

The initiative will evaluate whether real-time signals from Cloudflare's global network can help AI models deliver more accurate and up-to-date responses, the company said.

Cloudflare said that the pilot will combine its network insights, including content freshness, traffic quality and page updates, with OpenAI's search capabilities and frontier AI models. The collaboration will focus on improving the accuracy and timeliness of AI-generated answers by making web indexing and crawling more efficient, it added.

“By sharing our sophisticated network signals, we can find a better way to make AI search more efficient and help people get quality answers faster," said Cloudflare CEO Matthew Prince.

Cloudflare’s global content distribution network powers more than 20% of the world’s websites.

What Retail Investors Think Of NET Stock

Retail sentiment on Stocktwits around Cloudflare trended in the ‘bullish’ territory, with message volumes at ‘high’ levels at the time of writing.

NET stock is up 36% year-to-date and 48% over the past 12 months. The Vanguard Total Stock Market Index Fund ETF (VTI) is up 21% over the past 12 months, while the Vanguard Information Technology Index Fund ETF (VGT) is up 40%.

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