Form 4: Cloudflare Director Carl Ledbetter Sells Over 10,000 Shares Under Pre-Arranged Trading Plan

Cloudflare Director Carl Ledbetter has sold 10,050 shares of Class A Common Stock for approximately $1.82 million, executed under a Rule 10b5-1 trading plan.

Summary

• Cloudflare, Inc. (NET) Director Carl Ledbetter reported the sale of 10,050 shares of Class A Common Stock.
• The transaction occurred on June 17, 2025, at a weighted average price of $181.5727 per share, totaling approximately $1,824,800.
• The shares were sold in multiple transactions with prices ranging from $181.43 to $181.92.
• This sale was conducted pursuant to a Rule 10b5-1 trading plan adopted by Mr. Ledbetter on February 28, 2024.
• Following the reported transaction, Mr. Ledbetter directly beneficially owns 19,599 shares of Class A Common Stock.
• Additionally, Mr. Ledbetter indirectly beneficially owns 1,073,073 shares of Class A Common Stock through the Carl S. Ledbetter Trust dated February 14, 2020, for which he serves as a trustee.

Sentiment

Score: 6

Explanation: The sentiment is neutral to slightly negative. While it's an insider sale, the fact that it's under a pre-arranged 10b5-1 plan mitigates any strong negative interpretation, suggesting a planned diversification or liquidity event rather than a reaction to new negative information.

Negatives

• Insider selling, even under a 10b5-1 plan, can sometimes be perceived as a slight negative signal, though its impact is mitigated by the pre-planned nature.

Future Outlook

NA

Industry Context

This Form 4 filing reports a routine insider stock transaction and does not provide broader industry context or trends.

Stakeholder Impact

• Shareholders: A minor increase in the public float due to the sale, but generally minimal impact given the size relative to total shares outstanding and the pre-planned nature of the transaction.

Key Dates

Keywords

Cloudflare, NET, Form 4, Insider Trading, Stock Sale, Carl Ledbetter, Director, Beneficial Ownership, 10b5-1 Plan