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Cloudflare (NET) shows strong technical momentum, hitting new highs on July 1.
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NET has a 100% technical “Buy” signal with impressive recent gains.
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Fundamentals are robust, with projected revenue and earnings growth exceeding 25% and 30%, respectively, over the next two years.
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Some analysts caution that the stock may be overvalued despite this performance.
Valued at $67.9 billion, Cloudflare (NET) provides platform protection and accelerates any internet application online without adding hardware, installing software, or changing a line of code.
I found today’s Chart of the Day by using Barchart’s powerful screening functions. I sorted for stocks with the highest technical buy signals, superior current momentum in both strength and direction, and a Trend Seeker “buy” signal. I then used Barchart’s Flipcharts feature to review the charts for consistent price appreciation. NET checks those boxes. Since the Trend Seeker signaled a buy on May 9, the stock has gained 47.97%.
NET Price vs. Daily Moving Averages:
Editor’s Note: The technical indicators below are updated live during the session every 20 minutes and can therefore change each day as the market fluctuates. The indicator numbers shown below therefore may not match what you see live on the Barchart.com website when you read this report. These technical indicators form the Barchart Opinion on a particular stock.
Invest in Gold
Cloudflare shares hit a new 52-week high on July 1, touching $196.85 in morning trading.
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Cloudflare has a 100% technical “Buy” signal.
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The stock recently traded at $196.85, above its 50-day moving average of $156.10.
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NET has a Weighted Alpha of +151.09.
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The stock has gained 133.7% over the past year.
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NET has its Trend Seeker “Buy” signal intact.
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Cloudflare is trading above its 20, 50 and 100-day moving averages.
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The stock has made 15 new highs and gained 18.3% in the last month.
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Relative Strength Index is at 78.14%.
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The technical support level is $193.37.
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$67.9 billion market cap.
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Revenue is projected to grow 25.55% this year and another 26.61% next year.
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Earnings are estimated to increase 6.29% this year and increase an additional 30.35% next year.
