Swiss National Bank Has $191.32 Million Stock Holdings in Cloudflare, Inc. $NET

Key Points

• Swiss National Bank increased its Cloudflare stake by 8.1% in the first quarter, ending with 927,200 shares valued at about $191.3 million. Institutional investors overall still own a large majority of Cloudflare’s stock.
• Cloudflare’s recent earnings topped expectations, with quarterly EPS of $0.25 versus $0.23 expected and revenue of $639.75 million, up 33.5% year over year. The company also issued forward guidance for FY2026 and Q2 2026.
• Analyst sentiment remains mostly constructive, with Morgan Stanley lifting its price target to $322 and reiterating an overweight rating. However, insider selling has been notable, including sales by Michelle Zatlyn and CEO Matthew Prince.

Swiss National Bank grew its stake in Cloudflare, Inc. (NYSE:NET - Free Report) by 8.1% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 927,200 shares of the company's stock after acquiring an additional 69,800 shares during the period. Swiss National Bank owned 0.26% of Cloudflare worth $191,318,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also modified their holdings of NET. Wiser Advisor Group LLC acquired a new position in Cloudflare during the third quarter valued at approximately $26,000. HM Payson & Co. acquired a new position in shares of Cloudflare during the 4th quarter worth approximately $25,000. Wexford Capital LP acquired a new position in shares of Cloudflare during the 3rd quarter worth approximately $30,000. Brown Brothers Harriman & Co. raised its stake in shares of Cloudflare by 55.4% during the 3rd quarter. Brown Brothers Harriman & Co. now owns 157 shares of the company's stock worth $34,000 after purchasing an additional 56 shares in the last quarter. Finally, Rachor Investment Advisory Services LLC bought a new stake in shares of Cloudflare during the 4th quarter worth approximately $35,000. Institutional investors and hedge funds own 82.68% of the company's stock.

Cloudflare Stock Performance

NET opened at $277.84 on Monday. The business has a fifty day simple moving average of $236.36 and a 200 day simple moving average of $210.01. The company has a market capitalization of $98.21 billion, a PE ratio of -1,111.37, a price-to-earnings-growth ratio of 283.00 and a beta of 1.67. Cloudflare, Inc. has a 1 year low of $158.83 and a 1 year high of $291.00. The company has a debt-to-equity ratio of 1.29, a current ratio of 1.96 and a quick ratio of 1.96.

Cloudflare (NYSE:NET - Get Free Report) last issued its quarterly earnings data on Thursday, May 7th. The company reported $0.25 EPS for the quarter, beating analysts' consensus estimates of $0.23 by $0.02. Cloudflare had a negative return on equity of 5.65% and a negative net margin of 3.72%.The firm had revenue of $639.75 million for the quarter, compared to analyst estimates of $620.83 million. During the same period in the prior year, the firm posted $0.16 EPS. The company's revenue for the quarter was up 33.5% on a year-over-year basis. Cloudflare has set its FY 2026 guidance at 1.190-1.200 EPS and its Q2 2026 guidance at 0.270-0.270 EPS. Research analysts expect that Cloudflare, Inc. will post 0.02 EPS for the current year.

Insider Activity

In related news, insider Michelle Zatlyn sold 35,080 shares of the firm's stock in a transaction dated Friday, May 22nd. The shares were sold at an average price of $213.98, for a total transaction of $7,506,418.40. Following the transaction, the insider directly owned 47,425 shares of the company's stock, valued at approximately $10,148,001.50. This trade represents a 42.52% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Matthew Prince sold 52,422 shares of Cloudflare stock in a transaction dated Wednesday, July 1st. The stock was sold at an average price of $249.09, for a total transaction of $13,057,795.98. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 590,544 shares of company stock worth $132,719,009 over the last 90 days. 10.66% of the stock is currently owned by corporate insiders.

Cloudflare News Roundup

Here are the key news stories impacting Cloudflare this week:

• Positive Sentiment: Morgan Stanley raised its price target on Cloudflare from $305 to $322 and reiterated an overweight rating, signaling stronger confidence in the company’s upside. This kind of analyst upgrade can help support the stock. Morgan Stanley price target increase on Cloudflare
• Positive Sentiment: Cloudflare launched Precursor, a new bot-management product designed to detect sophisticated automated attacks in real time. The launch reinforces the company’s cybersecurity and privacy narrative, which is a key driver of investor optimism. Cloudflare launches Precursor
• Positive Sentiment: Recent commentary continues to highlight Cloudflare as a beneficiary of rising demand for cybersecurity and AI infrastructure, and the stock has also been mentioned favorably in momentum-stock and “best cybersecurity stocks” roundups. Cloudflare momentum stock article
• Neutral Sentiment: Other recent articles emphasize Cloudflare’s strong three-year run and rising fair-value estimates, but also note that the shares already trade at a rich valuation. That may limit near-term upside if growth does not keep accelerating. Cloudflare valuation article
• Neutral Sentiment: The stock also got a “gains as market dips” mention, reflecting relative strength versus the broader market rather than a company-specific catalyst. Cloudflare gains as market dips article

Analyst Upgrades and Downgrades

Several equities analysts recently weighed in on the stock. Morgan Stanley raised their target price on shares of Cloudflare from $305.00 to $322.00 and gave the company an "overweight" rating in a research note on Friday. Susquehanna upped their price target on shares of Cloudflare from $190.00 to $200.00 and gave the stock a "neutral" rating in a research report on Monday, May 11th. KeyCorp reiterated an "overweight" rating on shares of Cloudflare in a research note on Wednesday, June 10th. Guggenheim reissued a "sell" rating and issued a $140.00 price objective on shares of Cloudflare in a research report on Wednesday, June 10th. Finally, Citizens Jmp restated a "market outperform" rating and set a $270.00 price objective on shares of Cloudflare in a research note on Monday, June 15th. One research analyst has rated the stock with a Strong Buy rating, twenty-one have assigned a Buy rating, eight have assigned a Hold rating and four have given a Sell rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $253.41.

About Cloudflare

Cloudflare, Inc is a global web infrastructure and security company that provides a suite of services designed to improve the performance, reliability and security of internet properties. Its core offerings include a content delivery network (CDN), distributed denial-of-service (DDoS) protection, managed DNS, and a web application firewall (WAF). Cloudflare also provides tools for bot management, SSL/TLS, load balancing and rate limiting to help organizations maintain uptime and protect web applications from attack.

In addition to traditional edge and security services, Cloudflare has expanded into edge computing and developer platforms.

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