Cloudflare, Inc.

NET • NYSE

Cloudflare, Inc. is a software - infrastructure company in the technology sector on NYSE, led by Matthew Prince, with a market cap of $70.9B. As of Q3 2025, 79% of shares are held by 1,010 institutional investors, with Capital World Investors as the largest holder at 11.63%.

Chief Executive OfficerMatthew Prince

Market Cap$70.9B

Software - Infrastructure

Technology

Employees3.7K

Websitecloudflare.com

Country

United States of America

Overview

Overview of institutional ownership in NET as of Q3 2025 with a market cap of $74.8B

All Institutions

Institutions: 1,010
Value Held: $58.7B
Shares Held: 274.2M
Avg Position: $58.2M
Median Position: $1.1M

Hedge Funds

Hedge Funds: 81
Value Held: $2.0B
Shares Held: 9.4M
Avg Position: $25.0M
Median Position: $2.0M

Ownership Breakdown

Institutional (non-HF)

75.85%

$56.7B

Hedge Funds

2.71%

$2.0B

Retail & Other

21.44%

$16.0B

Based on market cap of $74.8B as of Q3 2025. Institutional (non-HF) excludes hedge funds to avoid double counting.

Biggest Investors

Institutions with the largest positions in NET as of Q3 2025

Institution	Key People	Position Value	Ownership	Owned Since	Total AUM (Long)
C Capital World Investors Institution	-	$8.7B 1.19% of portfolio	11.63% 40.5M shares	Q1 2020 Held for 5y 8m	$730.00B
VANGUARD GROUP INC Institution	Salim Ramji CEO	$6.9B 0.10% of portfolio	9.27% 32.3M shares	Q3 2019 Held for 6y 2m	$6.69T
B BlackRock, Inc. Institution	-	$4.9B 0.09% of portfolio	6.49% 22.6M shares	Q3 2019 Held for 6y 2m	$5.67T
B BAILLIE GIFFORD & CO Institution	-	$4.7B 3.48% of portfolio	6.27% 21.8M shares	Q2 2020 Held for 5y 5m	$134.80B
MORGAN STANLEY RIA/Wealth	Jed Finn CEO	$4.1B 0.25% of portfolio	5.46% 19.0M shares	Q3 2019 Held for 6y 2m	$1.65T
FMR LLC Institution	-	$2.8B 0.15% of portfolio	3.80% 13.2M shares	Q3 2019 Held for 6y 2m	$1.92T
JPMORGAN CHASE & CO Institution	Jamie Dimon CEO	$2.3B 0.14% of portfolio	3.03% 10.6M shares	Q3 2019 Held for 6y 2m	$1.56T
STATE STREET CORP Institution	Ronald P. O'Hanley CEO	$1.5B 0.05% of portfolio	1.95% 6.8M shares	Q4 2019 Held for 5y 11m	$2.88T
GEODE CAPITAL MANAGEMENT LLC ETF Provider	David Kenneth Lane CEO	$1.2B 0.08% of portfolio	1.66% 5.8M shares	Q4 2019 Held for 5y 11m	$1.57T
Invesco Ltd. ETF Provider	Brian Christopher Hartigan CEO	$850.8M 0.13% of portfolio	1.14% 4.0M shares	Q2 2020 Held for 5y 5m	$633.08B

Net Capital Flow

Institutional buying and selling activity for NET in Q3 2025

Traded: +$138.0M
Buyers: 566
Sellers: 381
Total Bought: +$3.6B
Total Sold: −$3.5B
Avg Position: $54.4M

Biggest Buyers

Institution	Net Bought	Current Position
JPMORGAN CHASE & CO Institution	+$737.2M +3.4M shares	$2.3B 10.6M shares
B BlackRock, Inc. Institution	+$255.4M +1.2M shares	$4.9B 22.6M shares
BANK OF AMERICA CORP /DE/ Institution	+$197.6M +920.8K shares	$478.2M 2.2M shares
TWO SIGMA ADVISERS, LLC Hedge Fund•Multi-Strategy	+$179.1M +834.4K shares	$329.2M 1.5M shares
VANGUARD GROUP INC Institution	+$176.3M +821.7K shares	$6.9B 32.3M shares
MASSACHUSETTS FINANCIAL SERVICES CO /MA/ Long Only Manager	+$137.2M +639.2K shares	$279.6M 1.3M shares
GOLDMAN SACHS GROUP INC Institution	+$133.8M +623.6K shares	$521.2M 2.4M shares
S Squarepoint Ops LLC Hedge Fund•Quant	+$133.6M +622.8K shares	$193.6M 902.2K shares
R ROYAL BANK OF CANADA Institution	+$122.1M +568.9K shares	$382.2M 1.8M shares
CITIGROUP INC Institution	+$96.6M +450.2K shares	$164.6M 767.0K shares

Biggest Sellers

Institution	Net Sold	Current Position
B BAILLIE GIFFORD & CO Institution	−$788.9M −3.7M shares	$4.7B 21.8M shares
SANDS CAPITAL MANAGEMENT, LLC Long Only Manager	−$240.5M −1.1M shares	$817.2M 3.8M shares
FMR LLC Institution	−$228.1M −1.1M shares	$2.8B 13.2M shares
MORGAN STANLEY RIA/Wealth	−$219.4M −1.0M shares	$4.1B 19.0M shares
G GCIC Ltd. Institution	−$133.9M −624.2K shares	$284.5M 1.3M shares
FIRST TRUST ADVISORS LP ETF Provider	−$105.8M −493.2K shares	$848.9M 4.0M shares
F FRED ALGER MANAGEMENT INC Long Only Manager	−$92.1M −429.2K shares	$93.7M 436.6K shares
UBS Group AG Institution	−$90.4M −421.1K shares	$193.6M 902.2K shares
ARROWSTREET CAPITAL LIMITED PARTNERSHIP Hedge Fund•Quant	−$84.7M −394.5K shares	$97.0M 451.9K shares
ING INVESTMENT MANAGEMENT LLC Insurance Manager	−$84.5M −393.9K shares	$482.3M 2.2M shares

Entry and Exit Activity

Institutions that initiated new positions or completely exited NET in Q3 2025

New Positions: 84
New Value: $60.6M
Exited Positions: 69
Exited Value: $254.2M

New Positions

Institution	Position Value
M M&G Plc Institution	$12.7M 59.2K shares
Science & Technology Partners, L.P. Hedge Fund•Long/Short	$5.2M 24.3K shares
R Rokos Capital Management LLP Hedge Fund•Global Macro	$5.0M 23.5K shares
LEE JOHNSON CAPITAL MANAGEMENT, LLC RIA/Wealth	$4.8M 22.5K shares
RDA Financial Network RIA/Wealth	$2.9M 13.6K shares
A Amitell Capital Pte Ltd Institution	$2.6M 11.9K shares
Kassira Wealth Management LLC RIA/Wealth	$2.2M 10.4K shares
C CSM Advisors, LLC Institution	$1.9M 8.6K shares
CAISSE DES DEPOTS ET CONSIGNATIONS Fund of Funds	$1.6M 7.6K shares
M Massar Capital Management, LP Institution	$1.6M 7.5K shares

Exited Positions

Institution	Previous Position
A AXA Institution	$50.8M 259.4K shares
LINDEN ADVISORS LP Hedge Fund•Multi-Strategy	$48.7M 248.5K shares
D D. E. Shaw & Co., Inc. Institution	$48.5M 247.7K shares
SUSQUEHANNA ADVISORS GROUP, INC. Private Equity	$16.0M 81.8K shares
LONG WALK MANAGEMENT LP Hedge Fund•Value	$16.0M 81.8K shares
M Mondrian Capital Management, LLC Hedge Fund•Long/Short	$8.9M 45.5K shares
SQUARE PEG CAPITAL PTY LTD Private Equity	$8.3M 42.3K shares
N NWK Group, Inc. RIA/Wealth	$6.2M 31.7K shares
L LMR Partners LLP Institution	$5.9M 30.0K shares
Aequim Alternative Investments LP Hedge Fund•Multi-Strategy	$4.6M 23.5K shares

Options Activity

Institutions with the largest Call and Put options positions in NET as of Q3 2025

Call Positions: 45
Call Value: $2.4B
Put Positions: 40
Put Value: $1.3B

Call Positions

Institution	Position Value
J JANE STREET GROUP, LLC Institution	$391.5M 18.2K contracts
SUSQUEHANNA INTERNATIONAL GROUP, LLP Private Equity	$383.4M 17.9K contracts
D D. E. Shaw & Co., Inc. Institution	$379.8M 17.7K contracts
CITADEL ADVISORS LLC Hedge Fund•Multi-Strategy	$256.6M 12.0K contracts
D DZ BANK AG Deutsche Zentral Genossenschafts Bank, Frankfurt am Main Institution	$189.0M 8.8K contracts
R ROYAL BANK OF CANADA Institution	$139.1M 6.5K contracts
S Squarepoint Ops LLC Hedge Fund•Quant	$70.7M 3.3K contracts
WELLS FARGO & COMPANY/MN Institution	$69.7M 3.3K contracts
Caption Management, LLC Hedge Fund•Long/Short	$63.7M 3.0K contracts
C Cubist Systematic Strategies, LLC Institution	$56.9M 2.7K contracts

Put Positions

Institution	Position Value
D D. E. Shaw & Co., Inc. Institution	$255.7M 11.9K contracts
SUSQUEHANNA INTERNATIONAL GROUP, LLP Private Equity	$234.7M 10.9K contracts
CITADEL ADVISORS LLC Hedge Fund•Multi-Strategy	$166.2M 7.7K contracts
J JANE STREET GROUP, LLC Institution	$91.6M 4.3K contracts
R ROYAL BANK OF CANADA Institution	$77.0M 3.6K contracts
P Parallax Volatility Advisers, LLC Hedge Fund•Vol Arbitrage	$52.7M 2.5K contracts
C Cubist Systematic Strategies, LLC Institution	$52.0M 2.4K contracts
S Squarepoint Ops LLC Hedge Fund•Quant	$51.9M 2.4K contracts
Walleye Trading LLC RIA/Wealth	$44.6M 2.1K contracts
P PEAK6 LLC Institution	$43.3M 2.0K contracts

Most Committed Institutions

Institutions with NET as the highest % of their portfolio as of Q3 2025

Institution	Key People	Portfolio Weight	Ownership	Owned Since	Total AUM (Long)
A Alfreton Capital LLP Institution	-	23.05% $38.6M	0.05% 180.0K shares	Q1 2025 Held for 8 months	$167.6M
Whetstone Capital Advisors, LLC Hedge Fund•Long/Short	David Alan Atterbury President	18.49% $66.8M	0.09% 311.2K shares	Q3 2019 Held for 6y 2m	$361.1M
Strategy Capital LLC Hedge Fund•Long/Short	Hamilton Wright Helmer Managing Partner	16.51% $249.6M	0.33% 1.2M shares	Q2 2021 Held for 4y 5m	$1.5B
W WIM INVESTMENT MANAGEMENT Ltd Institution	-	12.43% $48.9M	0.07% 227.7K shares	Q3 2024 Held for 1y 2m	$393.0M
B BERKSHIRE CAPITAL HOLDINGS INC Institution	Malcolm Randall Fobes CEO	5.43% $15.7M	0.02% 73.0K shares	Q3 2021 Held for 4y 2m	$288.6M
G GLYNN CAPITAL MANAGEMENT LLC Venture Capital	David S Glynn President	5.10% $15.3M	0.02% 71.3K shares	Q2 2024 Held for 1y 5m	$299.9M
GILDER GAGNON HOWE & CO LLC RIA/Wealth	James Michael Deutsch CEO	4.02% $394.1M	0.53% 1.8M shares	Q3 2019 Held for 6y 2m	$9.8B
Avalon Global Asset Management LLC Hedge Fund•Long/Short	Nancy Ann Kukacka Managing Partner	3.78% $16.2M	0.02% 75.4K shares	Q1 2022 Held for 3y 8m	$427.8M
1 12 West Capital Management LP Hedge Fund•Long/Short	Joel Nmn Ramin Managing Partner	3.67% $35.4M	0.05% 165.0K shares	Q2 2020 Held for 5y 5m	$964.1M
W Warm Springs Advisors Inc. RIA/Wealth	Philip Roesing Rice President	3.62% $4.8M	0.01% 22.2K shares	Q4 2024 Held for 11 months	$131.7M

Hedge Fund Spotlight

Discover hedge funds investing in NET

Strategy Capital LLC

Hedge Fund • Long/Short

Portfolio ManagerHamilton Wright Helmer

Portfolio Value: $1.5B
Positions: 10
Last Reported: Q3 2025

Sector Allocation

Position in Cloudflare, Inc.

Market Value: $249.6M
Shares Held: 1.2M
Portfolio Weight: 16.51%
Owned Since: 2021-Q2

Top Holding	Sector	Market Value	Weight
1 Axon Enterprise, Inc. AXON	Aerospace & Defense Industrials	$309.7M	20.49%
2 Shopify SHOP	Software - Application Technology	$271.2M	17.95%
3 Cloudflare, Inc. NET	Software - Infrastructure Technology	$249.6M	16.51%