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Cloudflare (NET) Unveils Its Unified Data Protection Suite
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Cloudflare (NET - Free Report) recently introduced the Cloudflare One for Data Protection, which carries a cohesive suite of advanced security solutions designed to safeguard data across all environments, including web, SaaS and private applications.
The suite integrates various pre-existing solutions, such as Zero Trust network Access, Cloud Access Security Broker, Remote Browser Isolation, Data Loss Prevention, Secure Web Gateway and cloud email security services.
Cloudflare One for Data Protection will assist customers in compliance requirements when operating in a cloud environment. It is also built to mitigate the risks of oversharing sensitive data, potential loss of valuable source code and data breaches.
Cloudflare Benefits From a Strong Portfolio
NET is benefiting from its portfolio of tested and proven products, in addition to Cloudflare One. Recently, Gartner recognized Cloudflare as the sole vendor for Secure Service Edge. Product like Area 1 Security, a phishing attack tracking solution, has been recognized as a leader by Forrester, and Zero Trust and network edge security-as-a-service were acknowledged as leaders by IDC.
Cloudflare plans to drive revenues by selling subscription-based solutions and services. This highly efficient business model is expected to generate stable recurring revenues with high gross margin.
Cloudflare also benefits from a strong partner base that includes the likes of Kyndryl Holdings (KD - Free Report) , International Business Machines (IBM - Free Report) and Databricks.
In May 2023, the company has entered into a partnership with Kyndryl Holdings, the world's largest information technology infrastructure services provider. The objective of this partnership is to help enterprises modernise and scale their corporate networks with managed WAN-as-a-Service and Cloudflare Zero Trust Network.
In August 2023, NET made an announcement regarding the expansion of its Cloudflare Bot Management service within IBM Cloud Internet Services (“CIS”). This update marked another advancement in CIS since its 2018 launch when the two companies first partnered.
Cloudflare is also gaining from an increasing customer base with a robust portfolio of security solutions.
As of Jun 30, 2023, the company has approximately 174,129 paying customers and 2,352 large customers, with an additional 196 new large customers, representing a 34% year-over-year increase.
During the second quarter of 2023, Cloudflare achieved a dollar-based net retention rate of 115%. This performance contributed to the company's revenues of $308.5 million, marking a substantial 32% year-over-year increase.
For the next quarter, the company estimates revenues between $354.89 million and $357.30 million. The Zacks Consensus Estimate for the same is pegged at $356.28 million, indicating year-over-year growth of 29.70%
Zacks Rank & Stock to Consider
Cloudflare currently has a Zacks Rank #3 (Hold).
Shares of NET have rallied 39.5% year to date, outperforming the Zacks Computer and Technology sector’s return of 38.6%.
Image: Bigstock
Cloudflare (NET) Unveils Its Unified Data Protection Suite
Cloudflare (NET - Free Report) recently introduced the Cloudflare One for Data Protection, which carries a cohesive suite of advanced security solutions designed to safeguard data across all environments, including web, SaaS and private applications.
The suite integrates various pre-existing solutions, such as Zero Trust network Access, Cloud Access Security Broker, Remote Browser Isolation, Data Loss Prevention, Secure Web Gateway and cloud email security services.
Cloudflare One for Data Protection will assist customers in compliance requirements when operating in a cloud environment. It is also built to mitigate the risks of oversharing sensitive data, potential loss of valuable source code and data breaches.
Cloudflare Benefits From a Strong Portfolio
NET is benefiting from its portfolio of tested and proven products, in addition to Cloudflare One. Recently, Gartner recognized Cloudflare as the sole vendor for Secure Service Edge. Product like Area 1 Security, a phishing attack tracking solution, has been recognized as a leader by Forrester, and Zero Trust and network edge security-as-a-service were acknowledged as leaders by IDC.
Cloudflare plans to drive revenues by selling subscription-based solutions and services. This highly efficient business model is expected to generate stable recurring revenues with high gross margin.
Cloudflare also benefits from a strong partner base that includes the likes of Kyndryl Holdings (KD - Free Report) , International Business Machines (IBM - Free Report) and Databricks.
In May 2023, the company has entered into a partnership with Kyndryl Holdings, the world's largest information technology infrastructure services provider. The objective of this partnership is to help enterprises modernise and scale their corporate networks with managed WAN-as-a-Service and Cloudflare Zero Trust Network.
In August 2023, NET made an announcement regarding the expansion of its Cloudflare Bot Management service within IBM Cloud Internet Services (“CIS”). This update marked another advancement in CIS since its 2018 launch when the two companies first partnered.
Cloudflare is also gaining from an increasing customer base with a robust portfolio of security solutions.
As of Jun 30, 2023, the company has approximately 174,129 paying customers and 2,352 large customers, with an additional 196 new large customers, representing a 34% year-over-year increase.
During the second quarter of 2023, Cloudflare achieved a dollar-based net retention rate of 115%. This performance contributed to the company's revenues of $308.5 million, marking a substantial 32% year-over-year increase.
For the next quarter, the company estimates revenues between $354.89 million and $357.30 million. The Zacks Consensus Estimate for the same is pegged at $356.28 million, indicating year-over-year growth of 29.70%
Zacks Rank & Stock to Consider
Cloudflare currently has a Zacks Rank #3 (Hold).
Shares of NET have rallied 39.5% year to date, outperforming the Zacks Computer and Technology sector’s return of 38.6%.
Asure Software (ASUR - Free Report) , a top-ranked stock in the broader sector, is currently sporting a Zacks Rank #1 (Strong Buy). Shares of ASUR have gained 23.8% in the year-to-date period. You can see the complete list of today’s Zacks #1 Rank stocks here.
Long term earnings growth for Asure Software is pegged 27%.