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Cloudflare is a must-buy SaaS stock on the dip. Here's why

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The market has taken a breather lately, after experiencing one of the strongest first quarters in the past couple of years. The Nasdaq has fallen about 5% from recent highs, and most small and midcap tech stocks have tumbled even more. One of them is the high-flying SaaS name, Cloudflare ($NET). The shares of this software company are down more than 15% since February, due to increased market volatility, but are still up 9% for the year.

While still down more than 50% from all-time highs, NET has been one of the best-performing software names, up 400% in less than five years. It’s an impressive performance supported by the company’s rapid growth, improving profitability, and leading market position in high-growth industries. NET’s significant growth prospects, make the current dip an attractive entry point for growth investors. Let’s take a deeper dive.

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