Key Takeaways
- Cloudflare stock has gained 78% since early January to close at $349 on October 2, 2026, while Q2 revenue rose 36% YoY to $696.1M.
- Developers on the platform grew by ~2M in Q2, topping the 1.5M added across all of 2025.
- The Street rates NET 16 buys, 7 outperforms, 8 holds, 2 underperforms and 1 sell, yet its $339 mean target sits 3% below the price.
- TIKR’s model targets $741 by December 2030, implying 112% total return.
Cloudflare Stock Is Up 78% Since January as Q2 Revenue Jumped 36%
Cloudflare (NET) stock has climbed 78% since early January, closing at $349 on October 2, 2026, after a second quarter in which revenue rose 36% to $696.1 million against a $665.5 million estimate. Cloudflare stock added 42% in the third quarter alone, from $245 on June 30 to $347 on September 30, the window that held the August 6 report.
The report showed demand broadening in two places.
- Cloudflare added a record 986 net large customers (those paying more than $100,000 a year) over 12 months, lifting the total to 4,698, while dollar-based net retention reached 120%, up 2% sequentially.
- The developer count told the second story: nearly 2 million joined in Q2, more than the 1.5 million Cloudflare added in all of 2025, and more than half of the traffic on its network was non-human for the first time.
CFO Thomas Seifert tied the quarter to that mix when he opened the financial review on the Q2 earnings call: “We delivered a stellar second quarter with strength across all major metrics we track, driven in particular by another quarter of rapid growth in our Workers developer platform and agentic workloads across our network.” Guidance held above 30%, with third-quarter revenue growth of 31% and full-year growth of 32%. Reuters Breakingviews added fuel on September 1, noting that Cloudflare and CrowdStrike have each grown revenue nearly 30% annually since 2022, against roughly 17% for the broader SaaS index.
The Q2 print added to Cloudflare’s 2026 rally as rapid Workers growth and agentic AI workloads strengthened the company’s AI growth story.
Cloudflare Stock Now Trades 3% Above the Street’s $339 Mean Target
The Street opened the year with a $240 mean target 22% above the price. That mean has since climbed 41% to $339, but Cloudflare stock sprinted past it, leaving the target 3% below the $349 close.
Holds fell from 12 to 8 over that stretch and outperforms rose from 5 to 7, leaving a split of 16 buys, 7 outperforms, 8 holds, 2 underperforms and 1 sell. The lowest of 31 price targets, $160, sits 54% below the price.
TIKR Values Cloudflare Stock at $741, More Than Double the Street’s Target
TIKR’s mid-case model values Cloudflare at $741 by December 2030, implying 112% total return from the current price of $349, or 19% annualized over 4.2 years.
That target sits 119% above the Street’s $339 mean, which now trails the price.
The target is reachable because Q2 already showed the engine: 36% revenue growth and 120% net retention, with Q3 guidance still at 31% growth.
So what is Cloudflare stock actually worth?
TIKR lets you forecast the future price of any stock in less than a minute. Just enter a few assumptions into TIKR’s valuation model and see what NET stock could be worth. Start from Wall Street consensus estimates, or adjust the inputs to reflect your own view of the business. It’s free to use.
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Disclaimer:
Please note that the articles on TIKR are not intended to serve as investment or financial advice from TIKR or our content team, nor are they recommendations to buy or sell any stocks. We create our content based on TIKR Terminal’s investment data and analysts’ estimates. Our analysis might not include recent company news or important updates. TIKR has no position in any of the stocks mentioned. Thank you for reading, and happy investing!
