Barclays Raises Cloudflare (NET) Price Target to $400

Barclays has reaffirmed its Overweight rating on Cloudflare with a new price target of $400, while shares trade at $293.17, a 36.44% upside from the current price.

By EarningsIQ Research Desk · Published Oct 16, 2026, 2:00 PM EDT

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Barclays raised its price target on Cloudflare, Inc. ($NET) to $400 from $355 on October 12, 2026, and rates the stock "Overweight".

Since the rating, $NET is down 15.6% to date (from the $350.87 close on Oct 12, 2026).

NET Cloudflare, Inc.

$296.30 +51.16% year to date

Daily close · Oct 16, 2026

Key Points

On October 12, 2026, Barclays reiterated its Overweight rating for Cloudflare, Inc. (NYSE: NET) with a new price target of $400, up from $355.
Barclays's $400 price target implies 36.44% upside from Cloudflare, Inc.'s ($NET) current $293.17 share price.
Shares of Cloudflare recently traded at $293.17, which is about 26.7% below Barclays' new target price.
The company is set to report its next earnings on November 5, 2026, and has a revenue growth rate of 35.9% year-over-year.

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Barclays has reiterated its Overweight rating on Cloudflare, Inc. (NYSE: NET) on October 12, 2026, raising its price target to $400 from a previous target of $355. This change reflects the firm's positive outlook on the company's potential despite the current trading situation.

Analyst rating track record

Barclays vs. the S&P 500

YTD return -1.11% hypothetical

All-time return -1.11% S&P 500 +1.57%

vs. S&P 500 -2.68% behind the index

Hypothetical returns from Barclays's disclosed trades, not real profit or advice. How we model this.

Other Institutional Activity in Cloudflare, Inc.

Capital World Investors holds 24,325,692 shares, valued at about $7.21 billion, after increasing its stake by 1,589,276 shares, a 7.0% rise. Blackrock Inc. owns 21,598,907 shares worth approximately $6.40 billion, having added 504,164 shares, a 2.4% increase. Vanguard Portfolio Management LLC has 16,819,726 shares valued at around $4.98 billion, after increasing its holdings by 779,552 shares, a 4.9% rise. Morgan Stanley reduced its stake by 624,183 shares, ending with 15,258,327 shares worth about $4.52 billion, a 3.9% decrease. Baillie Gifford & Co also trimmed its position, selling 1,326,566 shares to hold 14,598,594 shares valued at about $4.33 billion, an 8.3% decrease.

Cloudflare, Inc. Stock Down 9.6%

Cloudflare shares are recently trading at $293.17, about 20.8% below their 52-week high of $370.35. The stock is currently below its 50-day moving average of $319.22 by 8.2%, but it remains above its 52-week low of $158.83, showing an 84.6% increase from that level. This trading context highlights the gap between the current price and Barclays' new target.

12-month forecast

$NET price target

Cloudflare, Inc. daily closes and this analyst's $400 target. Not advice.

Recent Earnings

For the trailing twelve months, Cloudflare reported revenue of approximately $2.51 billion with a year-over-year growth rate of 35.9%. However, it reported a net margin of -8.2% and an earnings per share (EPS) of -0.58. The next earnings report is scheduled for November 5, 2026.

Insider Buying and Selling at Cloudflare, Inc.

Insider transactions include Carl Ledbetter, a Director, who sold 5,000 shares on September 22, 2026, at an average price of $353.15, totaling about $1.77 million. Chief Financial Officer Thomas J Seifert sold 10,000 shares on September 17, 2026, valued at approximately $3.32 million. Additionally, on October 7, 2026, Chairman of the Board Michelle Zatlyn sold 99,009 shares, amounting to about $35.24 million.

Analysts Set New Price Targets

On October 12, 2026, Barclays maintained its Overweight rating for Cloudflare with a new price target of $400. Other analysts also have varying opinions, with BTIG maintaining a Buy rating and a target of $413, and Oppenheimer setting a target of $430 with an Outperform rating. The consensus target price among analysts is approximately $343.42, with 31 opinions suggesting a generally positive outlook.

About Cloudflare, Inc.

Cloudflare, Inc. provides a wide range of cloud-based services to businesses globally, focusing on improving performance and security for websites and applications. This rating and price target adjustment by Barclays reflects ongoing confidence in Cloudflare's growth potential despite current market conditions.

Bottom Line

Investors will be watching closely for Cloudflare's next earnings report on November 5, 2026, and any further analyst updates. The gap between the recent trading price and Barclays' target suggests potential for upward movement in the stock if the company continues to perform well.