Amanah Holdings Trust 13F: New $141M Stake in Cloudflare (NET)

Amanah Holdings Trust opened a new position in Cloudflare, Inc. NET, acquiring 405,992 shares valued at about $140.9 million. The institutional investment was revealed in the fund's Form 13F filing with the SEC on October 23, 2026.

NET Cloudflare, Inc.

$325.73 ▲ +66.17% year to date

1M 3M YTD

Daily close · Oct 23, 2026

What Changed in Amanah Holdings Trust's Cloudflare Position

The fund established a brand-new stake in the cloud services provider during the quarter. The 405,992 shares held at the end of the period carried a reported value of $140,992,902, giving the trust a fresh and sizable exposure to the infrastructure software company.

Other Institutional Activity in Cloudflare

Other large institutional investors adjusted their holdings in Cloudflare around the same time. Portman Square Capital picked up a new position of 75,939 shares worth about $26.3 million. BAILLIE GIFFORD & CO reduced its holdings by 1,326,566 shares, ending the period with 14,598,594 shares valued at about $4.7 billion. Capital International Investors grew its holdings by 88,231 shares, ending with 10,981,005 shares worth about $3.5 billion.

Cloudflare, Inc. Stock Up 6.1%

Cloudflare shares recently traded around $325.97 as of October 24, 2026. The stock closed at $325.73 on the filing date. Shares sit well above their 200-day moving average of $244.30 and trade near their 52-week high of $370.35.

Recent Earnings

Cloudflare reported trailing twelve month revenue of $2.51 billion with an earnings per share of -$0.58. The company posted a net margin of -8.2% and a return on equity of -14.4%. Its next earnings report is scheduled for November 5, 2026.

Insider Buying and Selling at Cloudflare, Inc.

Company insiders were active in the stock ahead of the filing. Chief Financial Officer Thomas Seifert sold 12,500 shares on October 19, 2026, at an average price of $299.59 under a pre-arranged plan. Director Carl Ledbetter sold 5,000 shares on the same day at an average price of $304.40.

Analysts Set New Price Targets

Analysts updated their outlooks on Cloudflare through September and October 2026. On September 17, 2026, Bernstein maintained its Market Perform rating and raised its target from $164.00 to $181.00. BTIG maintained a Buy rating on October 6, 2026, lifting its target from $382.00 to $413.00. Oppenheimer maintained an Outperform rating on October 9, 2026, boosting its target to $430.00 from $380.00. Barclays maintained an Overweight rating on October 12, 2026, raising its target from $355.00 to $400.00. TD Cowen maintained a Buy rating on October 13, 2026, moving its target from $355.00 to $375.00. Overall, the stock carries a buy recommendation from 31 analysts.

About Cloudflare

Cloudflare, Inc. operates out of San Francisco, California, providing cloud-based infrastructure and web security services to businesses globally. The firm helps protect and accelerate websites and applications without requiring hardware upgrades.

Bottom Line

Investors will look toward Cloudflare's upcoming earnings release on November 5, 2026, for further updates on revenue growth and profitability. Institutional filings and analyst adjustments will continue to guide market sentiment on the software provider.