Cloudflare Inc . (NYSE:NET) stock has reached a new 52-week high, touching $119.8 amidst a surge in investor confidence. With a substantial market capitalization of $39.4 billion and impressive revenue growth of 30%,

The recent Consumer Price Index (CPI) data released Wednesday is also likely helping lift Cloudflare's stock. Cloudflare is a growth stock, typically sensitive to changes in interest rates. The lower-than-expected numbers may mean the Federal Reserve delivers more or larger rate cuts in the coming year -- good news for a company like Cloudflare.

Meanwhile, Cloudflare stock is up 4.2% in premarket trading, after a Citigroup upgrade to "buy" from "neutral" and price-target hike to $145 from $95. The brokerage expressed confidence in NET’s fundamentals and growth potential. Already up 49% year-over-year, the stock is on track to open near its mid-December, two-year highs.