Cloudflare Stock Up 55% in Past Year Despite Recent Pullback; AI Expansion Plans Could Fuel Further Growth
• Cloudflare stock has gained 14% in 2024 and 55% over the past 12 months, though it has retreated from a high of 116 set on Feb. 9.
• With the pullback from the Feb. 9 high, investors should look for support at the 50-day moving average.
• Aggressive investors can eye an early entry of 100.90, Cloudflare's March 21 high, if it retakes that level.
• Cloudflare has told analysts it plans to deploy Nvidia AI chips in 300 cities by the end of 2024.
• For the quarter that ended Dec. 31, Cloudflare earnings were 15 cents a share, up 150% from 6 cents a year earlier.