SCHEDULE: Baillie Gifford Discloses 5.34% Stake in Cloudflare

Baillie Gifford & Co. has reported a 5.34% beneficial ownership stake in Cloudflare, Inc.'s Class A Common Stock as of December 31, 2025.

Summary

• Baillie Gifford & Co., an investment adviser based in Scotland, has filed an Amendment No. 8 to Schedule 13G regarding its beneficial ownership in Cloudflare, Inc.
• As of December 31, 2025, Baillie Gifford & Co. beneficially owned an aggregate of 16,823,947 shares of Cloudflare, Inc.'s Class A Common Stock.
• This ownership represents 5.34% of the Class A Common Stock outstanding.
• Baillie Gifford & Co. holds sole voting power over 11,073,167 shares.
• The firm holds sole dispositive power over all 16,823,947 beneficially owned shares.
• No shared voting or shared dispositive power is reported.

Sentiment

Score: 7

Explanation: StockSavvy.ai views this filing as moderately positive, reflecting continued institutional confidence in Cloudflare by a prominent investment firm. It's a routine disclosure of a significant, stable ownership stake.

Positives

• The continued significant beneficial ownership by a major institutional investor like Baillie Gifford & Co. can signal ongoing confidence in Cloudflare, Inc.'s long-term prospects.
• The filing indicates that the securities were acquired and are held in the ordinary course of business, not for the purpose of changing or influencing control of the issuer.

Risks

• The filing includes a certification that the securities were not acquired or held for the purpose of or with the effect of changing or influencing the control of the issuer, which is a standard regulatory disclosure rather than a company-specific risk.

Future Outlook

NA

Management Comments

• Grant Meikle, Regulatory Reporting Manager for Baillie Gifford & Co., certified that the securities were acquired and are held in the ordinary course of business and not for the purpose of changing or influencing the control of Cloudflare, Inc.
• The certification also states that the foreign regulatory scheme applicable to Baillie Gifford & Co. is substantially comparable to the regulatory scheme for functionally equivalent U.S. institutions.

Industry Context

StockSavvy.ai notes that continued significant institutional investment in technology companies like Cloudflare, particularly from long-term growth-oriented investors such as Baillie Gifford, often reflects a belief in the company's market position and future growth potential within the cloud and cybersecurity sectors. This type of filing provides transparency into major ownership stakes, which can influence market perception.

Stakeholder Impact

• Shareholders: The disclosure of a significant, stable institutional ownership stake by Baillie Gifford & Co. may reassure existing shareholders and potentially attract new investors, signaling institutional confidence in Cloudflare's long-term value.

Key Dates

Recommendation

This Schedule 13G filing primarily provides transparency into a significant institutional ownership position. While Baillie Gifford's continued substantial stake in Cloudflare suggests ongoing confidence from a respected long-term investor, the filing itself does not contain new operational, financial, or strategic information that would fundamentally alter an investment thesis. Therefore, a 'hold' recommendation is appropriate, maintaining current positions based on existing company fundamentals and market outlook, with this filing reinforcing the institutional backing.

Keywords

Cloudflare, Baillie Gifford, Beneficial Ownership, Institutional Investor, Schedule 13G, Class A Common Stock, SEC Filing, Investment Adviser