Cloudflare Outage Brings Shopify, Crypto Exchanges, Discord Down

  • A Cloudflare (NET) outage caused multiple websites to malfunction today.
  • A number of cryptocurrency websites, including exchanges like Coinbase (COIN) and FTX, were hurt by the situation.
  • In the past three months, NET stock has tumbled 58%.
Cloudflare outage - Cloudflare Outage Brings Shopify, Crypto Exchanges, Discord Down

Source: IgorGolovniov /

A number of Cloudflare’s (NYSE:NET) services failed to work earlier today, causing multiple well-known websites to malfunction. Among the companies that suffered from the Cloudflare outage were DoorDash (NYSE:DASH), Shopify (NYSE:SHOP), Discord, Peloton (NASDAQ:PTON) and Alphabet’s (NASDAQ:GOOG, NASDAQ:GOOGL) Fitbit.

Also hurt by the situation were a number of cryptocurrency websites, including exchanges Coinbase (NASDAQ:COIN) and FTX. Bitfinex and OKX were also among the crypto exchanges whose services were curtailed. Bitfinex said its website could not be accessed, while FTX only allowed market makers to carry out trades.

Cloudflare, which provides cloud services, reported it had been able to fix the problem, but many investors are still focusing on the service failure.

A Bullish Analyst Lowered His Price Target on NET Stock

Last month, Alex Henderson, an analyst at investment bank Needham, lowered his price target on Cloudflare to $100 from $245.

Henderson cited “market conditions” as the main reason for his target cut and continued to recommend Cloudflare as “a core holding” for investors. Henderson is upbeat about the company’s efforts to develop a new programmable network, which he sees as “unique” due to its high level of user friendliness.

More bearish last month in the wake of Cloudflare’s first-quarter results was Piper Sandler’s James Fish. The analyst noted the company’s growth had slowed to 50% last quarter, and he lowered his price target on NET stock to $83 from $125.

“While there is a lot to like in the earnings release, lead figures and enterprise additions slowed down, while free cashflow missed,” wrote Fish, who kept a “neutral” rating on the name.

In the past three months, the shares have tumbled 58%.

On the date of publication, Larry Ramer did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the Publishing Guidelines.

Larry Ramer has conducted research and written articles on U.S. stocks for 15 years. He has been employed by The Fly and Israel’s largest business newspaper, Globes. Larry began writing columns for InvestorPlace in 2015. Among his highly successful, contrarian picks have been PLUG, XOM and solar stocks. You can reach him on Stocktwits at @larryramer.

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