Cloudflare's shares reached an all-time high of $353.04, pushing the company's market capitalization to $125 billion. The stock has climbed 78% year-to-date in 2026 and posted a 56% gain over the past 12 months.
The rally has drawn attention from analysts, with 28 revising earnings estimates upward in recent activity. UBS raised its price target to $350, pointing to 36% revenue growth, while TD Cowen lifted its target to $355 on the same growth figure. Citizens maintained a Market Outperform rating, emphasizing the strength of Cloudflare's AI product offerings. Despite the bullish sentiment, InvestingPro analysis flagged the stock as overvalued relative to its fair value estimate.
In related equity news, Atlassian reported fiscal fourth-quarter results that beat expectations across the board. Adjusted earnings per share came in at $1.87 versus a consensus of $1.50, and revenue reached $1.77 billion against estimates of $1.66 billion, marking 28% year-over-year growth. Cloud revenue rose 31% to $1.21 billion, and remaining performance obligations increased 44% to $4.8 billion. Bank of America upgraded Atlassian to Buy, raising its price target from $105 to $175.
In technology news, OpenAI launched its Agents API in public beta, enabling developers to build cloud-based agents with enhanced capabilities.
