Form 4: Cloudflare Director Carl Ledbetter Sells 10,010 Shares

Cloudflare director Carl Ledbetter sold 10,010 shares of Class A Common Stock on February 28, 2024, under a pre-arranged Rule 10b5-1 trading plan.

Summary

• On February 28, 2024, Carl Ledbetter, a director of Cloudflare, Inc., sold 10,010 shares of Class A Common Stock.
• The sale was executed under a Rule 10b5-1 trading plan adopted on February 28, 2023.
• The shares were sold at a weighted average price of $96.352, with individual transactions ranging from $96.11 to $96.995.
• Following the transaction, Ledbetter directly owns 15,388 shares and indirectly owns 1,345,086 shares through the Carl S. Ledbetter Trust dated February 14, 2020, for which he serves as trustee.

Sentiment

Score: 5

Explanation: The sentiment is neutral as it reports a routine stock sale under a pre-arranged trading plan. It doesn't inherently indicate positive or negative sentiment about the company's prospects.

Industry Context

Sales by company insiders are a common occurrence and are often related to personal financial planning. The use of a 10b5-1 trading plan suggests the sales were pre-planned and not based on any specific non-public information.

Stakeholder Impact

• The sale of shares by a director could be perceived negatively by some shareholders, although the existence of a 10b5-1 plan mitigates this concern.

Key Dates