Oppenheimer Raises Cloudflare (NET) Price Target to $430

Oppenheimer has reaffirmed its Outperform rating on Cloudflare, raising the price target to $430, a 46.68% upside from the current price.

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

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Oppenheimer raised its price target on Cloudflare, Inc. ($NET) to $430 from $380 on October 9, 2026, and rates the stock "Outperform".

Since the rating, $NET is down 17.9% after 1 week and down 17.9% to date (from the $360.93 close on Oct 9, 2026).

NET Cloudflare, Inc.

$296.30 +51.16% year to date

Daily close · Oct 16, 2026

Key Points

On October 9, 2026, Oppenheimer reiterated its Outperform rating for Cloudflare, Inc. and raised its price target from $380 to $430.
Oppenheimer's $430 price target implies 46.68% upside from Cloudflare, Inc.'s ($NET) current $293.17 share price.
As of October 16, 2026, Cloudflare's stock was recently trading around $293.17, which is 31.8% below Oppenheimer's new target price.
Cloudflare reported a revenue of $2.51 billion over the trailing twelve months, with a year-over-year revenue growth of 35.9%.

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Oppenheimer has reiterated its Outperform rating on Cloudflare, Inc. (NYSE: NET) and raised its price target to $430 from $380 on October 9, 2026. This marks the firm’s confidence in Cloudflare's potential for growth despite current market conditions.

Other Institutional Activity in Cloudflare, Inc.

Several other institutional investors have also shown interest in Cloudflare. Capital World Investors grew its holdings by 1,589,276 shares, bringing its total to 24,325,692 shares valued at approximately $7.21 billion. Blackrock Inc. added 504,164 shares, ending with 21,598,907 shares worth about $6.40 billion. Vanguard Portfolio Management LLC increased its stake by 779,552 shares, totaling 16,819,726 shares valued at around $4.98 billion. Conversely, Morgan Stanley reduced its position by 624,183 shares, now holding 15,258,327 shares worth about $4.52 billion, and Baillie Gifford & Co cut its stake by 1,326,566 shares, ending with 14,598,594 shares valued at approximately $4.33 billion.

Cloudflare, Inc. Stock Down 9.6%

Cloudflare's stock is currently trading at $293.17, which is 8.2% below its 50-day moving average of $319.22 and 20.8% below its 52-week high of $370.35. However, it is 84.6% above its 52-week low of $158.83. The recent price is also 14.6% below the mean analyst price target of $343.42.

12-month forecast

$NET price target

Cloudflare, Inc. daily closes and this analyst's $430 target. Not advice.

Recent Earnings

Cloudflare reported a trailing twelve-month revenue of $2.51 billion, reflecting a strong year-over-year growth of 35.9%. Despite this growth, the company has a negative net margin of -8.2% and a return on equity of -14.4%. The next earnings report is scheduled for November 5, 2026.

Insider Buying and Selling at Cloudflare, Inc.

Recent insider transactions include several sales before the Oppenheimer rating. Director Carl Ledbetter 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. On October 7, 2026, Chairman of the Board Michelle Zatlyn sold 99,009 shares, totaling around $35.24 million.

Analysts Set New Price Targets

On October 9, 2026, Oppenheimer maintained its Outperform rating on Cloudflare, setting a new price target at $430. Earlier, on October 6, 2026, BTIG also maintained a Buy rating with a target of $413. Other analysts have set various targets, including Citigroup with a target of $400 and Citizens with a target of $394.

About Cloudflare, Inc.

Cloudflare, Inc. is a technology company that provides cloud services to businesses globally, helping them improve their security and performance online. The recent rating from Oppenheimer highlights the firm's belief in Cloudflare's growth potential amid a competitive landscape.

Bottom Line

Investors should keep an eye on Cloudflare's upcoming earnings report on November 5, 2026, for further insights into its financial health. Oppenheimer's recent actions reflect a strong belief in the company's future, even as shares trade below the new price target.