July 6, 2022

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Cloudflare Stock Sees Relative Strength Rating Jump To 91

2 min read

When looking for the best stocks to buy and watch, focus on those with rising relative price strength.

One stock that fits that bill is Cloudflare (NET), which saw a welcome improvement to its Relative Strength (RS) Rating on Tuesday, with an increase from 86 to 91.




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When looking for the best stocks to buy and watch, one factor to watch closely is relative price strength. IBD’s unique RS Rating measures market leadership by using a 1 (worst) to 99 (best) score that identifies how a stock’s price performance over the last 52 weeks matches up against the rest of the market.

Over 100 years of market history shows that the best stocks typically have an RS Rating of over 80 in the early stages of their moves.


See How IBD Helps You Make More Money In Stocks


Is Cloudflare Stock A Buy?

Cloudflare stock retook its 200-day moving average on Tuesday. The computer software stock is currently not in a proper of buy range. See if the stock forms a new pattern or follow-on buying opportunity like a three-weeks tight or pullback to the 50-day or 10-week line. Read “Looking For The Next Big Stock Market Winners? Start With These 3 Steps” for more tips.

 

Top and bottom line growth moved higher in the company’s most recent quarter. Earnings were up 150%, compared to 0% in the prior report. Revenue increased from 51% to 54%.

See also  Stocks With Rising Relative Price Strength: Alcon

Cloudflare stock earns the No. 12 rank among its peers in the Computer Software-Enterprise industry group. Concentrix Corp (CNXC), Datadog Inc Cl A (DDOG) and Akamai Technologies (AKAM) are among the top 5 highly rated stocks within the group.

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