Despite another day of big volatility for the market, Cloudflare (NET +3.12%) stock is moving higher in Tuesday's trading. The company's share price was up 1.9% as of 2:30 p.m. ET. Meanwhile, the S&P 500 index was up 0.1%, and the Nasdaq Composite index was down 0.4%. Earlier today, the stock had been up as much as 7%.
NYSE: NET
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On the heels of dramatic sell-offs, the stock market saw recovery momentum early in today's trading. The momentum has now faded, but Cloudflare is still in the green thanks to some news on the artificial intelligence (AI) front. On the other hand, Piper Sandler lowered its one-year price target on the stock today.
Cloudflare stock sees small recovery on tariff and AI news
News that the Trump administration had opened tariff negotiations with Japan and other countries spurred big gains for the market earlier today, but positive momentum softened as the day progressed. In addition to modest recovery for some tech stocks, Cloudflare is getting a lift from new AI policies announced by the Trump administration yesterday. The administration will require federal agencies to appoint AI chiefs and look for ways to accelerate the implementation of artificial intelligence technologies. Trump has also canceled Biden-era executive orders that put restrictions on AI-related acquisitions and established standards for tech development and data usage.
Piper Sandler lowers its target on Cloudflare stock
In a note published today, Piper Sandler lowered its one-year price target on Cloudflare from $131 per share to $112 per share and maintained a neutral rating on the stock. The firm's analysts cited sectorwide macroeconomic pressures as the key reason for the move. Notably, the new price target still implies upside of roughly 12%.
