Form 4: Cloudflare Director Carl Ledbetter Sells Shares Under 10b5-1 Trading Plan

Cloudflare director Carl Ledbetter sold 8,030 shares of Class A Common Stock at a weighted average price of $79.8879 on June 26, 2024, under a pre-arranged 10b5-1 trading plan.

Summary

• On June 26, 2024, Carl Ledbetter, a director of Cloudflare, Inc. sold 8,030 shares of Class A Common Stock.
• The sale was executed at a weighted average price of $79.8879 per share.
• The transactions occurred at prices ranging from $79.54 to $80.475.
• The sale was conducted under a Rule 10b5-1 trading plan adopted on February 28, 2023.
• Following the transaction, Ledbetter directly owns 18,427 shares and indirectly owns 1,084,364 shares through a trust.
• 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.

Sentiment

Score: 5

Explanation: The sentiment is neutral as the transaction was pre-planned under a 10b5-1 trading plan and doesn't necessarily reflect a change in the director's outlook on the company.

Industry Context

Insider sales are a common occurrence, and the use of 10b5-1 plans allows insiders to sell shares without being accused of acting on non-public information. The market will often look at the size and frequency of insider sales to gauge sentiment.

Stakeholder Impact

• The sale could have a minor negative impact on shareholder sentiment, although the pre-planned nature of the sale mitigates this concern.

Key Dates