Reddit’s WallStreetBets is Buying These 5 Stocks for 2024

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This article presents an overview of the Reddit’s WallStreetBets is Buying These 5 Stocks for 2024. For a detailed overview of such stocks, read our article, Reddit’s WallStreetBets is Buying These 13 Stocks for 2024.

5. Cloudflare Inc (NYSE:NET)

Number of Hedge Fund Investors: 37

CDN company Cloudflare Inc (NYSE:NET) ranks 5th in our list of the stocks Reddit’s WallStreetBets is buying for 2024.

In November, Oppenheimer gave bullish comments on the stock.

“We think the company is well-positioned to offer edge compute at scale, consolidating compute/security/networking on one infrastructure enabling one common developer platform,” Oppenheimer analysts Timothy Horan and Edward Yang wrote in a note.

Here is what Baron Global Advantage Fund has to say about Cloudflare, Inc. (NYSE:NET) in its Q3 2023 investor letter:

“Our fourth addition during the quarter was to the leading cloud-based networking and software infrastructure, Cloudflare, Inc. Despite continued elongation of sales cycles due to the macro slowdown, the company reported signs of stabilization and noted that the second quarter set a new record for pipeline generation, while deal close rates are improving and sales representative productivity is also moving in the right direction after the go-to-market changes the company implemented in the first quarter.”

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