Cloudflare, Inc. (NET) experienced a significant 7.83% plunge in its stock price over a 24-hour period on Sunday. This sharp decline came after an analyst downgrade from Robert W. Baird.
According to reports, Robert W. Baird analyst Shrenik Kothari lowered the firm's rating on Cloudflare from a previous recommendation to a "Hold" rating. Additionally, the analyst adjusted the company's price target, likely contributing to the sell-off in Cloudflare's shares.
Analyst downgrades often lead to increased selling pressure as investors reevaluate their positions based on the revised ratings and price targets. The downgrade from Robert W. Baird suggests potential concerns or a more cautious outlook on Cloudflare's future performance or valuation.
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