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 InvestorPlace.com Publishing Guidelines.