Cloudflare Inc nyse Net Stock Tumbles on Wednesday Here's Why

Cloudflare, Inc. (NYSE: NET) Stock Tumbles on Wednesday; Here’s Why

Shares of Cloudflare, Inc. (NYSE: NET) plummeted over 8% on Wednesday. This sudden decrease has caught the attention of investors, especially considering the recent increase in holdings by Bessemer Group Inc. during the fourth quarter. According to their filing with the Securities and Exchange Commission (SEC), Bessemer Group Inc. boosted its position in Cloudflare shares by 0.8%.

The filing revealed that Bessemer Group Inc. purchased an additional 6,853 shares, bringing their total ownership to 890,827 shares of Cloudflare stock. This translates to a 0.27% stake in the company, with an estimated value of $40,273,000 based on the latest SEC filing.

Other institutional investors and hedge funds have also made changes to their positions in Cloudflare, Inc. (NET).

Baillie Gifford & Co.

Baillie Gifford & Co. increased its stake in Cloudflare by 6.5% during the fourth quarter. The firm now owns 26,335,438 NET shares valued at $1,190,625,000 ($1.19B).

Vanguard Group Inc.

Vanguard Group Inc. also expanded its holdings, with a 5.8% increase during the third quarter, resulting in ownership of 25,299,971 NET shares worth $1,399,341,000 ($1.39B).

First Trust Advisors LP

Moreover, First Trust Advisors LP raised its holdings by 13.5% during the fourth quarter. This brings their total ownership to 6,350,693 NET shares, valued at $287,181,000 ($287.18M).

State Street Corp

State Street Corp followed suit, raising its holdings by 5.3% in the first quarter, resulting in ownership of 5,552,609 NET shares. The total value of their holdings amounts to $664,647,000 ($664.64M).

Geode Capital Management LLC

Finally, Geode Capital Management LLC strengthened its position in Cloudflare by 3.9% during the fourth quarter, acquiring an additional 138,130 shares. Geode Capital Management LLC now holds 3,651,079 shares, valued at $164,883,000 ($164.88M).