2. Cloudflare, Inc. (NYSE: NET)
Number of Hedge Fund Holders: 45
Cloudflare, Inc. (NYSE: NET) is placed second on our list of 10 best NFT stocks to buy now. The firm operates a cloud platform that offers enterprise solutions. The company is headquartered in California. It has a market cap of over $37 billion and posted more than $430 million in revenue last year. In late April this year, the company announced that Cloudflare Stream, a platform for video sharing, now supported NFTs. In earnings results for the second quarter, the firm beat market estimates on earnings per share and revenue.
On August 6, investment advisory RBC Capital reiterated an Outperform rating on Cloudflare, Inc. (NYSE: NET) stock and raised the price target to $130 from $100, noting the strong second quarter results of the firm driven by enterprise demand.
Out of the hedge funds being tracked by Insider Monkey, New York-based investment firm SRS Alkeon Capital Management is a leading shareholder in Cloudflare, Inc. (NYSE: NET) with 1.6 million shares worth more than $17 million.
In its Q4 2020 investor letter, Alger Mid Cap Focus Fund, an asset management firm, highlighted a few stocks and Cloudflare, Inc. (NYSE: NET) was one of them. Here is what the fund said:
“Cloudflare. Inc. provides a broad range of network services to businesses of all sizes across the world. Cloudflare’s intelligent global network spans more than 200 cities in over 100 countries. It offers network security, performance and reliability to a growing portion of global web traffic. Today. over 15% of global internet requests go through Cloudflare. Cloudflare’s serverless network design allows this global network to be a key component layer as new developments for edge cornputing. 5G and Internet of Things increase the importance of secure. reliable edge networks. Cloudflare stock outperformed in the fourth quarter following the announcement of Cloudflare One, a cloud-bas. network-as-a-service platform designed to replace the traditional enterprise network infrastructure. The Cloudflare One solution merges existing Cloudflare access and security solutions along with new enterprise-specific features into a unified Zero Trust network that can be managed through a single “pane of glass.” or display screen. With the rapid shift to remote work caused by the pandemic, this product increases Cloudflare’s potential for winning business from enterprise customers seeking to adapt to this new business environment.
While Cloudflare One adoption is still early. Cloudflare has already started to demonstrate an improved ability to sell to large customers. When discussing its third quarter results. Cloudflare said that it is continuing to sign up larger enterprise customers. including its first client to generate more than $10 million in annual recurring revenue. Cloudflare has just started to better monetize its more than 100.000 paying customer base. which along with continued product innovation, gives the company strong growth potential.”
