The S&P 500 (SNPINDEX: ^GSPC) has rebounded more than 20% from its bear market low reached last October, so some investors have already hailed the beginning of a new bull market. But other investors are waiting for the index to hit a new record high. By that definition, the S&P 500 is 7% below where it will finally enter bull market territory.

In any case, shares of Cloudflare (NYSE: NET) currently trade 70% below their all-time high, but the cloud computing stock could soar as the market moves higher in the coming years. Indeed, the S&P 500 returned an average of 186% during bull markets dating back to 1970, and many stocks will appreciate significantly during the next one.

Here's why Cloudflare is a worthwhile investment right now.

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Source Fool.com