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1,038 hedge funds and large institutions have $59.1B invested in Cloudflare in 2025 Q3 according to their latest regulatory filings, with 176 funds opening new positions, 406 increasing their positions, 320 reducing their positions, and 71 closing their positions.

New
Increased
Maintained
Reduced
Closed

148% more first-time investments, than exits

New positions opened: 176 | Existing positions closed: 71

75% more call options, than puts

Call options by funds: $2.71B | Put options by funds: $1.55B

27% more repeat investments, than reductions

Existing positions increased: 406 | Existing positions reduced: 320

10% more funds holding

Funds holding: 946 → 1,038 (+92)

9% more capital invested

Capital invested by funds: $54.3B → $59.1B (+$4.81B)

1.17% less ownership

Funds ownership: 89.39% → 88.22% (-1.2%)

17% less funds holding in top 10

Funds holding in top 10: 23 → 19 (-4)

Holders
1,038
Holders Change
+92
Holders Change %
+9.73%
% of All Funds
13.62%
Holding in Top 10
19
Holding in Top 10 Change
-4
Holding in Top 10 Change %
-17.39%
% of All Funds
0.25%
New
176
Increased
406
Reduced
320
Closed
71
Calls
$2.71B
Puts
$1.55B
Net Calls
+$1.16B
Net Calls Change
+$252M

Top Buyers

1
JP Morgan Chase
JP Morgan Chase
New York
+$701M
2
BlackRock
BlackRock
New York
+$243M
3
Bank of America
Bank of America
North Carolina
+$188M
4
Two Sigma Advisers
Two Sigma Advisers
New York
+$170M
5
Vanguard Group
Vanguard Group
Pennsylvania
+$168M

Top Sellers

1
Baillie Gifford & Co
Baillie Gifford & Co
United Kingdom
-$751M
2
Sands Capital Management
Sands Capital Management
Virginia
-$229M
3
Fidelity Investments
Fidelity Investments
Massachusetts
-$217M
4
Morgan Stanley
Morgan Stanley
New York
-$209M
5
1832 Asset Management
1832 Asset Management
Ontario, Canada
-$127M
Name Holding Trade Value Shares
Change 		Change in
Stake
Capital World Investors
1
Capital World Investors
California
$8.69B -$59.6M -292,102 -0.7%
Vanguard Group
2
Vanguard Group
Pennsylvania
$6.93B +$168M +821,684 +3%
BlackRock
3
BlackRock
New York
$4.86B +$243M +1,190,316 +6%
Baillie Gifford & Co
4
Baillie Gifford & Co
United Kingdom
$4.69B -$751M -3,676,391 -14%
Morgan Stanley
5
Morgan Stanley
New York
$4.08B -$209M -1,022,279 -5%
Fidelity Investments
6
Fidelity Investments
Massachusetts
$2.84B -$217M -1,063,016 -7%
JP Morgan Chase
7
JP Morgan Chase
New York
$2.27B +$701M +3,435,573 +48%
State Street
8
State Street
Massachusetts
$1.46B +$41.4M +202,732 +3%
Geode Capital Management
9
Geode Capital Management
Massachusetts
$1.24B +$48.9M +239,515 +4%
Invesco
10
Invesco
Georgia
$851M +$10.1M +49,485 +1%
First Trust Advisors
11
First Trust Advisors
Illinois
$849M -$101M -493,164 -11%
Sands Capital Management
12
Sands Capital Management
Virginia
$817M -$229M -1,120,555 -23%
Franklin Resources
13
Franklin Resources
California
$679M -$76.1M -372,795 -11%
American Century Companies
14
American Century Companies
Missouri
$629M -$9.42M -46,166 -2%
Legal & General Group
15
Legal & General Group
United Kingdom
$578M -$47.3M -231,819 -8%
UBS AM
16
UBS AM
Illinois
$533M -$73.3M -358,895 -13%
Goldman Sachs
17
Goldman Sachs
New York
$521M +$127M +623,575 +35%
VOYA Investment Management
18
VOYA Investment Management
Georgia
$482M -$80.4M -393,854 -15%
Bank of America
19
Bank of America
North Carolina
$478M +$188M +920,826 +70%
Northern Trust
20
Northern Trust
Illinois
$410M +$4.43M +21,715 +1%
GGHC
21
Gilder Gagnon Howe & Co
New York
$394M -$24.4M -119,429 -6%
PCH
22
Polar Capital Holdings
United Kingdom
$385M -$24.6M -120,443 -6%
Royal Bank of Canada
23
Royal Bank of Canada
Ontario, Canada
$382M +$116M +568,898 +47%
Two Sigma Advisers
24
Two Sigma Advisers
New York
$329M +$170M +834,400 +119%
Charles Schwab
25
Charles Schwab
California
$315M +$19.9M +97,636 +7%
1
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NET Hedge Fund Activity: Q3 2025 in Review

1,038 of the 7,619 institutional investors tracked by Wall St. Rank reported a position in Cloudflare (NET) for Q3 2025, worth a combined $59.1B — up 8.9% from $54.3B a quarter earlier.

Buyers outnumbered sellers: 176 funds opened new NET positions and 71 closed out — a net gain of 105 holders — while 406 added to existing stakes and 320 trimmed.

The largest buyer was JP Morgan Chase, adding an estimated $701M. The largest seller was Baillie Gifford & Co, cutting an estimated $751M.

  • 1,038 institutional investors held Cloudflare (NET) as of Q3 2025, up from 946 in Q2 2025.
  • Funds reported $59.1B of Cloudflare stock for Q3 2025, up 8.9% quarter-over-quarter.
  • 176 funds opened new Cloudflare positions in Q3 2025 and 71 closed out, a net change of +105 holders.
  • The largest Cloudflare buyer in Q3 2025 was JP Morgan Chase, an estimated $701M added.
  • The largest Cloudflare seller in Q3 2025 was Baillie Gifford & Co, an estimated $751M sold.

Based on aggregated 13F filings for Q3 2025.