Cloudflare (NYSE: NET) stock has been on a red-hot run on the stock market in the past six months. As of this writing, it's gained an impressive 60% thanks to the company's improving growth profile fueled by the adoption of its artificial intelligence (AI)-focused offerings.
Known for providing customers with cloud-based solutions that enable them to secure their internet connections, apart from improving the performance and security of websites and applications, Cloudflare's foray into AI has unlocked a new growth opportunity for the company. It sees a 26% jump to a whopping $222 billion in its total addressable market over the next three years.
However, should investors consider buying Cloudflare stock right now following the impressive gains it has clocked in the past six months? Or should they stay away from it, considering its valuation? Let's find out.
Source Fool.com