NET · Wolfe Research upgraded Cloudflare, Inc

Wolfe Research upgraded Cloudflare, Inc. (NET) from Peer Perform to Outperform on November 6, 2026, with no price target provided. The firm has a 53% accuracy rate on 507 calls, placing it above the mean of 45% among covering firms. The consensus on NET is heavily bullish: 27 of 39 analysts rate it Buy (69%), 9 Hold (23%), and 3 Sell (8%). The mean price target is $345.16, implying 41% upside from the current $244.51, with a high of $430 and a low of $160. Over the past 30 days, NET has seen 2 upgrades and 0 downgrades, and EPS revisions have been overwhelmingly positive, 25 upward revisions in the last 30 days for the next quarter. Insider trades show CFO Thomas Seifert sold about $3.4 million in open-market sales under a 10b5-1 plan on October 19, 2026, a routine pattern that does not materially conflict with the bullish analyst signal. The upgrade from a top-tier firm with above-average accuracy adds conviction to an already bullish consensus, reinforcing the stock's positive momentum.