Form 4: Cloudflare Director Carl Ledbetter Sells 15,000 Shares Under Pre-Arranged Trading Plan

Cloudflare Director Carl Ledbetter sold 15,000 shares of Class A Common Stock on June 30, 2025, through a pre-arranged Rule 10b5-1 trading plan.

Summary

• Carl Ledbetter, a Director of Cloudflare, Inc. (NET), sold a total of 15,000 shares of Class A Common Stock on June 30, 2025.
• The sales were executed at weighted average prices ranging from $193.136 to $195.7967 per share.
• Specifically, 6,950 shares were sold at a weighted average price of $193.136, 4,679 shares at $194.201, 3,071 shares at $195.1673, and 300 shares at $195.7967.
• These transactions were conducted pursuant to a Rule 10b5-1 trading plan adopted by Mr. Ledbetter on February 14, 2025.
• Following these transactions, Mr. Ledbetter beneficially owns 1,058,073 shares indirectly through the Carl S. Ledbetter Trust and 19,599 shares directly, totaling 1,077,672 shares.

Sentiment

Score: 5

Explanation: The sale of shares by a director is a routine disclosure for a Rule 10b5-1 trading plan, which is pre-scheduled and does not necessarily reflect a change in the director's outlook on the company's performance or prospects. Therefore, the sentiment is neutral.

Positives

• The sales were conducted under a pre-arranged Rule 10b5-1 trading plan, indicating a scheduled transaction rather than a reaction to recent non-public information.

Negatives

• A director sold a significant number of shares (15,000 shares) of Class A Common Stock.

Future Outlook

NA

Industry Context

This Form 4 filing is a routine disclosure of an insider stock transaction and does not provide broader industry context or trends. It reflects an individual director's pre-planned sale of shares in Cloudflare, Inc.

Related Party Transactions

• The shares are held of record by the Carl S. Ledbetter Trust dated February 14, 2020, for which the reporting person serves as a trustee. This indicates the transaction involves a trust controlled by the reporting person.

Stakeholder Impact

• Shareholders: The sale of shares by a director, even if pre-planned, could be perceived by some shareholders as a slight negative signal, though the Rule 10b5-1 plan mitigates this.

Key Dates

Recommendation

Keywords

Cloudflare, NET, Form 4, insider trading, stock sale, director, Carl Ledbetter, 10b5-1 plan, Class A Common Stock, beneficial ownership