Carnegie Investment Counsel Lowers Position in Cloudflare, Inc. $NET

Carnegie Investment Counsel lowered its holdings in shares of Cloudflare, Inc. (NYSE:NET) by 1.4% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 132,907 shares of the company’s stock after selling 1,877 shares during the quarter. Carnegie Investment Counsel’s holdings in Cloudflare were worth $27,424,000 as of its most recent filing with the Securities & Exchange Commission.

Other large investors have also recently made changes to their positions in the company. Vanguard Group Inc. increased its stake in Cloudflare by 0.3% during the fourth quarter. Vanguard Group Inc. now owns 32,407,646 shares of the company’s stock worth $6,389,167,000 after acquiring an additional 90,397 shares during the last quarter. Geode Capital Management LLC boosted its holdings in shares of Cloudflare by 4.2% in the 4th quarter. Geode Capital Management LLC now owns 6,018,175 shares of the company’s stock worth $1,184,044,000 after purchasing an additional 241,981 shares during the period. First Trust Advisors LP increased its position in shares of Cloudflare by 1.6% during the 4th quarter. First Trust Advisors LP now owns 4,019,157 shares of the company’s stock valued at $792,377,000 after purchasing an additional 63,198 shares during the last quarter. Invesco Ltd. raised its holdings in Cloudflare by 1.3% during the 3rd quarter. Invesco Ltd. now owns 3,964,733 shares of the company’s stock valued at $850,792,000 after buying an additional 49,485 shares during the period. Finally, Norges Bank bought a new stake in Cloudflare in the fourth quarter worth $718,316,000. 82.68% of the stock is currently owned by institutional investors.

Insider Activity at Cloudflare

In other Cloudflare news, CEO Matthew Prince sold 52,422 shares of the company’s 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 sale was disclosed in a filing with the SEC, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Michelle Zatlyn sold 35,080 shares of the stock in a transaction dated Friday, May 22nd. The shares were sold at an average price of $213.98, for a total value of $7,506,418.40. Following the completion of the sale, the insider directly owned 47,425 shares in the company, valued at $10,148,001.50. This represents a 42.52% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 626,185 shares of company stock valued at $139,810,855 in the last three months. 10.66% of the stock is currently owned by corporate insiders.

Key Stories Impacting Cloudflare

Here are the key news stories impacting Cloudflare this week:

• Positive Sentiment: BTIG Research raised its price target on Cloudflare to $314 from $269 and kept a Buy rating, signaling further upside potential for the stock. BTIG raises Cloudflare price target
• Positive Sentiment: Scotiabank upgraded Cloudflare to Sector Outperform with a $300 target, citing AI, agentic traffic, edge computing, and zero-trust security as key growth drivers. Scotiabank upgrades Cloudflare
• Positive Sentiment: Multiple articles highlighted Cloudflare as one of the cloud-computing names best positioned to benefit from AI-driven data-center growth in the second half of 2026. Cloudflare named as a top cloud computing stock
• Positive Sentiment: Coverage around Cloudflare’s deal with OpenAI and broader AI infrastructure buzz has added to optimism that the company can capture more AI-related traffic and demand. Cloudflare deal with OpenAI
• Neutral Sentiment: Director Carl Ledbetter sold 5,000 shares, but the transaction was done under a pre-arranged Rule 10b5-1 plan and is not necessarily a negative fundamental signal. Carl Ledbetter sells Cloudflare shares
• Neutral Sentiment: Recent roundup pieces comparing Cloudflare with other content-delivery stocks did not appear to change the investment thesis materially, but they helped keep NET in the spotlight. Cloudflare versus content delivery peers

Cloudflare Trading Down 2.7%

Cloudflare stock traded down $7.34 during midday trading on Friday, reaching $268.46. 2,301,316 shares of the stock traded hands, compared to its average volume of 2,982,934. The firm has a market cap of $94.89 billion, a PE ratio of -1,073.84, a price-to-earnings-growth ratio of 270.32 and a beta of 1.67. The company has a current ratio of 1.96, a quick ratio of 1.96 and a debt-to-equity ratio of 1.29. The company has a 50-day simple moving average of $231.89 and a two-hundred day simple moving average of $207.40. Cloudflare, Inc. has a 12-month low of $158.83 and a 12-month high of $280.14.

Cloudflare (NYSE:NET) last issued its quarterly earnings results on Thursday, May 7th. The company reported $0.25 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.23 by $0.02. Cloudflare had a negative net margin of 3.72% and a negative return on equity of 5.65%. The business had revenue of $639.75 million for the quarter, compared to analysts’ expectations of $620.83 million. During the same quarter in the prior year, the company earned $0.16 earnings per share. The business’s quarterly revenue 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 earnings per share for the current fiscal year.

Analyst Ratings Changes

NET has been the topic of several recent analyst reports. Jefferies Financial Group downgraded shares of Cloudflare from a “buy” rating to a “hold” rating in a research note on Tuesday. New Street Research restated a “market outperform” rating on shares of Cloudflare in a research note on Monday, June 15th. Wells Fargo & Company began coverage on shares of Cloudflare in a report on Tuesday. They set a “neutral” rating on the stock. Barclays reaffirmed an “overweight” rating and set a $250.00 price target on shares of Cloudflare in a research report on Monday, June 1st. Finally, Royal Bank Of Canada upped their target price on Cloudflare from $240.00 to $260.00 and gave the company an “outperform” rating in a research report on Wednesday, June 10th. One equities research analyst has rated the stock with a Strong Buy rating, twenty-one have assigned a Buy rating, eight have issued a Hold rating and four have given a Sell rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $245.96.

Cloudflare Company Profile

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.