"Buying the dip" -- or purchasing stocks after prices have dropped -- is a time-honored strategy that many an investor has tried. When done correctly, buying the dip can be a great way to invest in great stocks trading at a discount. However, this strategy only works if you buy solid companies with good long-term outlooks and not just those with fallen stock prices.

Here are two growth stocks with bright outlooks, but have fallen considerably in the past 12 months -- and so you should consider adding to your portfolio.

It's been an impressive 2023 for Cloudflare (NYSE: NET), which has seen its stock jump over 36% year to date. However, when you zoom out, it's been a rough past 12 months as the company has lost close to half its market capitalization, bringing it near its late-2020 prices. This recent sell-off may present a good time to begin a stake in Cloudflare.

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Source Fool.com