Baron Fund Believes in the Strong Future Prospects of Cloudflare (NET)

Baron Funds, an asset management company, released its “Baron Global Advantage Fund” second quarter 2022 investor letter. A copy of the same can be downloaded here. In the second quarter, the fund fell 32.3% compared to a 15.7% decline for the MSCI ACWI Index and 20.2% for the MSCI ACWI Growth Index. In addition, you can check the top 5 holdings of the fund to know its best picks in 2022.

Baron Funds discussed stocks like Cloudflare, Inc. (NYSE:NET) in the second quarter investor letter. Headquartered in San Francisco, California, Cloudflare, Inc. (NYSE:NET) is a cloud service-providing company. On September 8, 2022, Cloudflare, Inc. (NYSE:NET) stock closed at $62.58 per share. One-month return of Cloudflare, Inc. (NYSE:NET) was -19.39% and its shares lost 50.91% of their value over the last 52 weeks.  Cloudflare, Inc. (NYSE:NET) has a market capitalization of $20.492 billion.

Here is what Baron Funds specifically said about Cloudflare, Inc. (NYSE:NET) in its Q2 2022 investor letter:

“Despite posting solid quarterly results with 54% revenue growth, and a record addition of 14,000 customers, shares of Cloudflare, Inc. (NYSE:NET), a software infrastructure provider, declined 63% in the quarter along with other fast-growing names in the software universe that penalize current profitability by reinvesting back in their businesses. We believe Cloudflare’s disruptive global platform and unmatched pace of innovation will enable the company to continue to take share across multiple large addressable markets for years to come.”

Cloudflare, Inc. (NYSE:NET) is not on the list of 30 Most Popular Stocks Among Hedge Funds. As per our database, Cloudflare, Inc. (NYSE:NET) was held by 41 hedge fund portfolios at the end of the second quarter, which was 44 in the previous quarter.

We discussed  Cloudflare, Inc. (NYSE:NET) in another article and shared the list of best high-risk high reward stocks to buy. You can check out our hedge fund investor letters Q2 2022 page for more investor letters from hedge funds and other prominent investors.

Disclosure: None. This article is originally published at Insider Monkey.