Why Cloudflare Stock Popped Today
Shares of Cloudflare (NYSE: NET) posted strong gains Thursday following the announcement of a new service. The web services specialist closed out the daily trading session up 10.6%, according to data from S&P Global Market Intelligence. It was also generally a good day for technology stocks, with the growth-heavy Nasdaq Composite ending the session up roughly 1.5%.
Cloudflare published an update on its company blog today announcing Secrets Store -- a new offering that allows developers to manage access to sensitive information. While the new service doesn't look like a radically transformative new offering for the business in and of itself, it represents another step in the software specialist's push to build a comprehensive ecosystem of web technologies.
Cloudflare's core service offerings are technologies that speed up the rate at which information can be sent and accessed around the internet, and protections against cyberattacks that can be used to take web properties offline. The company is already one of today's most important internet-infrastructure providers, and the recent announcement of Secrets Store signals that it's taking steps to align its ecosystem with the needs of web-software developers.
Source Fool.com
