5 Best Growth Stocks to Buy According to Mark Moore’s ThornTree Capital

4. Cloudflare, Inc. (NYSE:NET)

Number of Hedge Fund Holders: 50

Insider Monkey’s data for Q3 presented a spike in hedge fund interest in Cloudflare, Inc. (NYSE:NET), an American web infrastructure company. At the end of Q3, 50 hedge funds held positions in the company, up from 43 in the previous quarter. These stakes are valued at $958.4 million.

Cloudflare, Inc. (NYSE:NET) announced its Q3 results on November 4, surpassing analysts’ estimates on all accounts. The company’s revenue for the quarter stood at $172.3 million, up 51% from the prior-year quarter. After the company’s solid Q3 results, both Wells Fargo and Mizuho lifted their price targets on Cloudflare, Inc. (NYSE:NET) to $210 and $190, respectively.

As of Q3, Cloudflare, Inc. (NYSE:NET) represents 4.31% of ThornTree Capital’s 13F portfolio. The hedge fund started building its position in the company in Q1 of 2021. D E Shaw was the largest shareholder of Cloudflare, Inc. (NYSE:NET) in Q3, holding a $150 million worth of stake.