
Kayode Omotosho 2023/05/05 4:39pm
What Happened: Shares of internet security and content delivery network Cloudflare (NYSE:NET) jumped 5.93% in the morning session after analyst John DiFucci of Guggenheim upgraded the stock's rating from Sell to Neutral (Hold). The analyst said that he expected the company to meet its second-quarter sales target of $305M to $306M, but warned that its revenue for the rest of the year may fall short unless the economic conditions improve. Additionally, the company held an Investor Day yesterday, where management focused on the platform's evolution and value proposition for customers. There was also time spent on the sales organization and plans to further strengthen and optimize it. Lastly, management reiterated confidence in the company's previous long-term targets for 20%+ operating and 25% free cash flow margins. ... Continue Reading