(C) Reuters. Cloudera: Buy the Dip?
Shares of Cloudera (NYSE:CLDR) have been declining over the past three months due to a rotation into cyclical and reopening stocks. As the economy continues to recover, will the cloud computing stock be able to regain its price momentum? Read more to find out.Cloud computing and enterprise data connectivity platform Cloudera, Inc. (CLDR) has gained 50.4% over the past year, driven by the rapid adoption of remote working across the world. This trend is expected to continue in 2021 and beyond, as analysts expect CLDR’s earnings to rise 60% year-over-year in the quarter ended April 2020, and 30.8% next year.
However, investors are rotating away from tech stocks to capitalize on the rebounding outdoor industries. This has resulted in CLDR stock dipping 9.6% year-to-date. The current stock price decline as part of a broader industry sell-off is expected to be short-lived, as businesses continue to invest heavily in cloud computing technology.
Here’s what could drive CLDR’s performance in the near term:
Cloudera: Buy the Dip?
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