What happened
Shares of Cloudflare (NET -0.51%) 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.
So what
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.
Now what
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.