On May 29, Cloudflare rose 3.23% in regular trading, trading at approximately $235.665 per share, with trading volume of $192 million.

On the news front, the rally was primarily driven by RBC Capital Markets reaffirming its Outperform rating and $240 target price on Cloudflare. The investment bank highlighted the company's favorable positioning in the AI agent space, noting that multiple frontier large language models are currently leveraging Cloudflare's services. RBC further stated that the company is on track to achieve its 2028 revenue target of $5 billion ahead of schedule.

The stock has now fully recovered from its 4.2% decline earlier this week, which was triggered by ongoing controversy over the company's decision to cut approximately 20% of its global workforce — primarily targeting middle management roles — and a second-quarter revenue guidance that fell slightly below consensus expectations. Despite the near-term headwinds, the broader analyst outlook remains constructive.

Within the Internet Services and Infrastructure sector, performance was mixed. Okta surged 24.92%, Snowflake gained 5.73%, while MongoDB fell 3.12% and CoreWeave declined 2.99%.

(The above content is based on publicly available market information, generated by a program or algorithm, and is intended solely as a stock movement alert. It does not constitute investment advice or a basis for trading decisions.)