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

Cloudflare Director Carl Ledbetter sold 15,000 shares of Class A Common Stock for over $3.1 million on November 17, 2025, pursuant to a pre-arranged 10b5-1 trading plan.

Summary

• Carl Ledbetter, a Director of Cloudflare, Inc. (NET), reported the sale of Class A Common Stock.
• The transactions occurred on November 17, 2025.
• A total of 15,000 shares were sold across five separate transactions.
• The sales were executed at weighted average prices ranging from $207.305 to $211.8725 per share.
• The total value of the shares sold is approximately $3,119,610.79.
• These sales were made pursuant to a Rule 10b5-1 trading plan adopted by Mr. Ledbetter on February 14, 2025.
• Following these transactions, Mr. Ledbetter beneficially owns 19,599 shares directly and 983,073 shares indirectly through the Carl S. Ledbetter Trust dated February 14, 2020, for a total of 1,002,672 shares.

Sentiment

Score: 5

Explanation: The filing reports a routine insider stock sale executed under a pre-arranged 10b5-1 trading plan, which is generally considered neutral in terms of market sentiment as it reflects planned liquidity rather than a discretionary market timing decision.

Future Outlook

No forward-looking statements or guidance are provided in this insider transaction report.

Industry Context

This is a routine insider transaction report (Form 4) and does not provide information related to broader industry trends or competitors.

Stakeholder Impact

• Shareholders: The sale represents a minor reduction in a director's beneficial ownership, which is a routine event for liquidity or diversification purposes when executed under a 10b5-1 plan. It is unlikely to have a significant impact on other shareholders.

Key Dates

Keywords

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