Benzinga | Sep 24, 2021 09:38AM EDT

Cloudflare Gets An Analyst Downgrade - Read Why

* Oppenheimer analyst Timothy Horan downgraded Cloudflare (NYSE:NET) to Perform from Outperform without a price target.

* Horan continues to be "very positive" on the long-term prospects for the company's nascent edge platform, but he believes that the stock is "now due for a well-deserved pause."

* Competition is slowly increasing for Cloudflare as Microsoft Corp (NASDAQ:MSFT) and Amazon.com Inc (NASDAQ:AMZN) build out edge, and Street estimates for the company are too high due to the price war between content delivery networks.

* Price Action: NET shares traded lower by 3.74% at $130.59 in the premarket session on the last check Friday.