Cloudflare Inc’s Earnings Report Approaches NET will disclose its third-quarter earnings on Thursday, with Wall Street predicting earnings per share (EPS) of 18 cents and revenues of $424.12 million. The company is set to report after market hours.

The stock has seen significant growth, rising 40.17% over the past year and 16.58% year-to-date (YTD).

Market Buzz: Cramer and Goldman Sachs Eye Cloudflare

As Cloudflare prepares to announce its earnings, both CNBC’s Jim Cramer and Goldman Sachs are drawing attention to the stock.

Cramer describes Cloudflare as a solid investment in network security, highlighting its strong market position. Meanwhile, Goldman Sachs is suggesting investors consider buying straddles, particularly the Nov. 8 Weekly $87 straddles at $10.55, in anticipation of increased volatility tied to upcoming U.S. election results. This recommendation comes in light of rising demand for small and medium-sized business software.

Next, let’s analyze what the charts reveal about Cloudflare’s stock and its performance relative to Wall Street expectations.

Read Also: Cloudflare Expands Footprint with New Lisbon Headquarters

Cloudflare Stock Shows Bullish Momentum – Monitor the RSI

Cloudflare’s stock is currently experiencing a bullish trend, trading at $92.51, well above its five, 20, and 50-day exponential moving averages.

Chart created using Benzinga Pro

This trend indicates strong buying interest, suggesting that the stock may continue its upward trajectory. The eight-day and 20-day simple moving averages (SMAs) are currently positioned at $88.66 and $90.02, which further support the bullish outlook.

Furthermore, the 50-day SMA at $84.25 and 200-day SMA at $84.62 provide a solid technical foundation below the current trading price, reinforcing the positive trend.

The Moving Average Convergence/Divergence (MACD) indicator, currently at 1.20, also shows that momentum is in Cloudflare’s favor. However, the Relative Strength Index (RSI) stands at 62.12, nearing the overbought zone, suggesting that the stock might encounter some resistance moving forward.

Investors should monitor the RSI for indications of a possible pullback as Cloudflare remains in a strong bullish position.

Analyst Consensus on Cloudflare

Current Ratings & Price Target: Analysts have given Cloudflare stock a Neutral rating, with a price target set at $89.26.

Recent Price Movement: Cloudflare shares closed on Wednesday at $92.51, marking a 5.47% increase for the day.

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