Cloudflare, Inc. (NET) saw its stock soar 5.11% in Tuesday's intraday trading session, fueled by a broader rally in software and AI-related stocks as well as analysts' positive outlook on the company.
The surge in Cloudflare's share price was part of a larger movement in the software sector, with stocks like GitLab, AppLovin, Datadog, MongoDB, Twilio, Snowflake, UiPath, and Oracle all climbing as well. This sector-wide rally was driven by increasing investor interest and demand for companies involved in AI applications and technologies.
Adding fuel to Cloudflare's stock rally was a bullish report from Truist Securities, which raised its price target on the company to $140 from $120 while maintaining a Buy rating. Analysts at Truist cited Cloudflare's strong growth prospects and potential in the rapidly expanding AI and cloud computing markets.
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