Cloudflare (NET)

Cash burn rate (est.)	Burn method: Change in cash		Burn method: Operating income		Burn method: FCF (opex + capex)
	Last Q	Avg 4Q	Last Q	Avg 4Q	Last Q	Avg 4Q
Cash on hand (at last report)	154.21 mm	154.21 mm	154.21 mm	154.21 mm	154.21 mm	154.21 mm
Cash burn (monthly)	10.56 mm	(no burn)	11.57 mm	12.90 mm	(no burn)	(no burn)
Cash used (since last report)	20.33 mm	n/a	22.28 mm	24.83 mm	n/a	n/a
Cash remaining	133.88 mm	n/a	131.94 mm	129.39 mm	n/a	n/a
Runway (months of cash)	12.7	n/a	11.4	10.0	n/a	n/a

Beta Read what these cash burn values mean

Financial data from Cloudflare earnings reports.

Institutional ownership, Q4 2024

NET institutional ownership history Ownership history

84.4% owned by funds/institutions

13F holders	Current	Prev Q	Change
Total holders	751	675	+11.3%
Opened positions	154	86	+79.1%
Closed positions	78	59	+32.2%
Increased positions	242	240	+0.8%
Reduced positions	236	220	+7.3%

13F shares	Current	Prev Q	Change
Total value	27.63 tn	20.09 tn	+37.6%
Total shares	291.57 mm	282.56 mm	+3.2%
Total puts	9.27 mm	8.87 mm	+4.6%
Total calls	7.21 mm	6.98 mm	+3.4%
Total put/call ratio	1.3	1.3	+1.1%

Largest owners	Shares	Value	Change
Capital World Investors	35.41 mm	$3.81 tn	+0.7%
Baillie Gifford & Co	31.88 mm	$3.43 tn	-1.9%
Vanguard	30.30 mm	$3.26 tn	-0.2%
MS Morgan Stanley	23.18 mm	$2.50 tn	-5.3%
BlackRock	20.01 mm	$2.16 tn	+10.6%
Venrock Associates V	14.80 mm	$1.12 bn	0.0%
New Enterprise Associates 13	13.16 mm	$1.00 bn	0.0%
FMR	12.35 mm	$1.33 tn	+1.3%
Sands Capital Management	7.77 mm	$836.25 bn	+22.4%
STT State Street	6.51 mm	$700.86 bn	+1.8%

Largest transactions	Shares	Bought/sold	Change
Norges Bank	2.32 mm	+2.32 mm	NEW
BlackRock	20.01 mm	+1.92 mm	+10.6%
UBS UBS	2.02 mm	+1.61 mm	+393.5%
Sands Capital Management	7.77 mm	+1.42 mm	+22.4%
Point72 Asset Management	1.41 mm	+1.41 mm	NEW
MS Morgan Stanley	23.18 mm	-1.31 mm	-5.3%
Marshall Wace	1.64 mm	-1.27 mm	-43.6%
BEN Franklin Resources	3.28 mm	+1.26 mm	+62.5%
American Century Companies	2.26 mm	+1.02 mm	+82.0%
Citadel Advisors	1.58 mm	+873.71 k	+123.7%

Data from 13F filings, for the last complete 13F reporting period. For most recent data, click the ownership history button. Values as filed, not updated for current price. Long positions only.

Recent insider trades

NET insider ownership history Insider history

Date	Owner	Security	Transaction	Code	Indirect	10b5-1	$Price	#Shares	$Value	#Remaining
21 Feb 25	Zatlyn Michelle	Class A Common Stock	Sell	Dispose S	Yes	Yes	157.6822	667	105.17 k	19,615
21 Feb 25	Zatlyn Michelle	Class A Common Stock	Sell	Dispose S	Yes	Yes	156.9593	2,378	373.25 k	20,282
21 Feb 25	Zatlyn Michelle	Class A Common Stock	Sell	Dispose S	Yes	Yes	156.007	2,083	324.96 k	22,660
21 Feb 25	Zatlyn Michelle	Class A Common Stock	Conversion	Acquire C	Yes	No	0	5,128	0.00	24,743
21 Feb 25	Zatlyn Michelle	Class A Common Stock	Sell	Dispose S	Yes	Yes	157.682	2,628	414.39 k	0
21 Feb 25	Zatlyn Michelle	Class A Common Stock	Sell	Dispose S	Yes	Yes	156.9727	9,452	1.48 mm	2,628
21 Feb 25	Zatlyn Michelle	Class A Common Stock	Sell	Dispose S	Yes	Yes	156.0067	8,432	1.32 mm	12,080
21 Feb 25	Zatlyn Michelle	Class A Common Stock	Conversion	Acquire C	Yes	No	0	20,512	0.00	20,512
21 Feb 25	Zatlyn Michelle	Class B Common Stock Class A Common Stock	Conversion	Dispose C	Yes	No	0	5,128	0.00	1,385,996
21 Feb 25	Zatlyn Michelle	Class B Common Stock Class A Common Stock	Conversion	Dispose C	No	No	0	20,512	0.00	0