Shares of Cloudflare (NYSE:NET) gained 26.6% in October, according to data from S&P Global Market Intelligence. The network security and web infrastructure specialist announced a cloud-based security solution on Oct. 12, and investors were quick to embrace the new service. Share prices skyrocketed 33% over the next three days.
The Cloudflare One service offers many security and content delivery functions on a single cloud-based platform, allowing businesses of every size to connect their internal network assets to employees working remotely. The platform also offers seamless integration with a plethora of leading data-security and identity-management solutions. In the long run, Cloudflare wants to provide Zero Trust security solutions on an enterprise-grade scale, where every attempt to access corporate resources is run through a comprehensive gauntlet of verification and security checks.
Cloudflare’s Zero Trust ambitions were accelerated by the coronavirus pandemic, and the digital transformation that was triggered by the health crisis has been a boon for this company. Share prices have more than tripled year to date. Cloudflare is scheduled to report third-quarter results after the closing bell tonight; check in on that report for a fuller view of its growth trajectory and a deeper executive analysis of the Cloudflare One platform’s long-term value.