Cloudera stock on track for biggest single-day gain in its history after earnings

Shares of Cloudera Inc. CLDR, +23.76% are up 21% in midday trading Thursday after the cloud-software company reported earnings that exceeded expectations and raised its annual outlook. The stock is on track to post its largest single-day gain in the company’s history; currently, the company’s biggest single-day percentage rise was a 9.4% gain in May 2017. " Early indications from its previously outlined sales reorganization and go-to-market strategy changes (focusing on data warehouse, cloud, and AI), appear positive," wrote Needham’s Jack Andrews, who raised his price target by a buck to $23. He has a buy rating on the stock. Cloudera’s stock is still down 16% over the past 12 months, while the S&P 500 SPX, -0.51% has risen 17%.

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