Who owns Cloudflare (NET)?
125 holders named in SEC filings declare between 61.8% and 84.2% of Cloudflare's shares outstanding, as of Sep 22, 2026. The largest are Capital Group (10.0%), Vanguard (9.5%) and Matthew Prince (7.1%); the five largest hold 37.0% together. Another 1,100 institutions hold small positions worth 5.6%. At least 10.2% of the shares appear in no ownership filing: investors who do not have to report, mostly individuals. From Mar 31, 2026 to Jun 30, 2026, institutions that filed both quarters bought 6.5% and sold 5.4% of the shares, a net purchase of 1.1%; 187 opened a position, 469 added, 378 reduced and 111 sold out. Biggest buyers: T. Rowe Price (+2.0M shares) and Vanguard (+1.6M shares). Biggest sellers: Citadel (-1.5M) and BAILLIE GIFFORD & CO (-1.3M). Schedule 13D/G filings since Mar 31, 2026: BAILLIE GIFFORD & CO fell below 5% (4.1% still declared) on Jun 30, 2026. Directors and officers, from their latest Form 4: Matthew Prince (7.1%) and Michelle Zatlyn (2.1%). Over time, 1,205 managers declared Cloudflare in their 13F for Q2 2026, against 103 for Q4 2019: together at most 80.3% of the shares outstanding, against 11.0%.
| Holder | Filing | Share of capital | As of | Holding since (13F) |
|---|---|---|---|---|
| Capital Group | 13F | 10.0% | Jun 30, 2026 | Q4 2019 or earlier |
| Vanguard | 13F | 9.5% | Jun 30, 2026 | Q4 2019 or earlier |
| Matthew Prince | Form 4 | 7.1% | Aug 15, 2026 | — |
| BlackRock | 13F | 6.1% | Jun 30, 2026 | Q4 2019 or earlier |
| Morgan Stanley | 13F | 4.3% | Jun 30, 2026 | Q4 2019 or earlier |
| BAILLIE GIFFORD & CO | 13F | 4.1% | Jun 30, 2026 | Q2 2020 |
| Fidelity (FMR) | 13F | 3.6% | Jun 30, 2026 | Q4 2019 or earlier |
| Michelle Zatlyn | Form 4 | 2.1% | Sep 8, 2026 | — |
| State Street | 13F | 2.1% | Jun 30, 2026 | Q4 2019 or earlier |
| Geode Capital | 13F | 1.7% | Jun 30, 2026 | Q4 2019 or earlier |
| JENNISON ASSOCIATES LLC | 13F | 1.5% | Jun 30, 2026 | Q2 2025 |
| JPMorgan | 13F | 1.5% | Jun 30, 2026 | Q4 2019 or earlier |
| American Century Companies, Inc. | 13F | 1.2% | Jun 30, 2026 | Q2 2021 |
| Wellington | 13F | 1.1% | Jun 30, 2026 | Q1 2024 |
| FIRST TRUST ADVISORS LP | 13F | 1.1% | Jun 30, 2026 | Q4 2019 or earlier |
| Franklin Templeton | 13F | 1.0% | Jun 30, 2026 | Q4 2019 or earlier |
| DZ BANK AG Deutsche Zentral Genossenschafts Bank, Frankfurt am Main | 13F | 1.0% | Jun 30, 2026 | Q1 2021 |
| Norges Bank | 13F | 1.0% | Jun 30, 2026 | Q4 2019 or earlier |
| T. Rowe Price | 13F | 0.97% | Jun 30, 2026 | Q4 2019 or earlier |
| UBS | 13F | 0.95% | Jun 30, 2026 | Q4 2019 or earlier |
| SANDS CAPITAL MANAGEMENT, LLC | 13F | 0.91% | Jun 30, 2026 | Q1 2021 |
| Invesco | 13F | 0.87% | Jun 30, 2026 | Q2 2020 |
| Goldman Sachs | 13F | 0.86% | Jun 30, 2026 | Q4 2019 or earlier |
| Legal & General | 13F | 0.74% | Jun 30, 2026 | Q4 2019 or earlier |
| Two Sigma | 13F | 0.73% | Jun 30, 2026 | Q4 2021 |
Cloudflare institutional ownership over time
| Quarter | 13F managers | Share of the company (upper bound) | Value declared | Held by stock pickers |
|---|---|---|---|---|
| Q4 2019 | 103 | 11.0% | $1.1B | 86.4% |
| Q4 2020 | 478 | 61.9% | $14.1B | 70.3% |
| Q4 2021 | 643 | 72.2% | $29.6B | 59.0% |
| Q4 2022 | 536 | 74.1% | $10.9B | 57.4% |
| Q4 2023 | 665 | 74.6% | $20.7B | 57.4% |
| Q4 2024 | 756 | 77.2% | $28.4B | 58.3% |
| Q4 2025 | 1,077 | 79.8% | $54.8B | 57.8% |
| Q2 2026 | 1,205 | 80.3% | $69.8B | 59.4% |
From SEC Form 13F, every quarter since the end of 2019, read like the current quarter: entities of a house summed, a value contradicting its share count set aside. The share of the company is an upper bound — two managers can declare the same shares — over the shares outstanding at that date.