Stock Alert: Cloudflare Hits New 52-week High

(RTTNews) - Shares of Cloudflare Inc. (NET) are rising more than 9 percent in Tuesday's trading at $26.09, after hitting a new 52-week high of $26.13 earlier despite the absence of any stock-specific news. The shares have traded in a range of $14.50 to $26.00 in the past 52 weeks.

U.S. stocks are lower on Tuesday, the last trading day of the first quarter, amid lingering concerns about the economic impact of the ongoing coronavirus outbreak.

Cloudflare is a cloud platform that delivers a range of network services to businesses worldwide. Last week, the company said it has expanded the Bandwidth Alliance by partnering with Alibaba Cloud, the cloud computing company of Alibaba Group.

The Bandwidth Alliance, launched in September 2018, is a group of cloud and networking companies that discount or waive data transfer fees, also known as bandwidth fees, for shared customers. By joining the Bandwidth Alliance, customers using both Alibaba Cloud Object Storage as well as Cloudflare products, will have their data egress fees waived outside mainland China if OSS products are purchased from alibabacloud.com.

In February, Cloudflare reported a loss for the fourth-quarter that widened to $28.2 million from $16.7 million in the year-ago period. However, net loss per share narrowed to $0.10 from $0.20 in the prior-year quarter. Adjusted loss per share was $0.06, compared to $0.18 per share a year ago. Revenue for the quarter grew 51 percent year-over-year to $83.9 million.