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Total Value
$16.0M
Net $15.9M sold
Filing Date
Dec 11, 2025
11 transactions
Sales
$15.9M
11 transactions
Trade Summary
On Dec 9, 2025 through Dec 11, 2025, Zatlyn Michelle, President and Board Co-Chair, Director, sold $16.0M of Cloudflare, Inc. (NET) across 11 transactions. The filing covers Class A Common Stock and reflects net selling of $15.9M. Reported prices ranged from $2.04 to $210.25. Insider transactions are sourced from SEC Form 4 disclosures and should be reviewed alongside company fundamentals and the insider's broader trading history.
Company Information
- Company Name
- Cloudflare, Inc.
- Ticker Symbol
- NET
- CIK
- 0001477333
Insider Information
- Name
- Zatlyn Michelle
- Role
- President and Board Co-Chair, Director
- Location
- SAN FRANCISCO, CA
Filing Details
- Filing Date
- Dec 11, 2025
- Transaction Date
- Dec 9, 2025
- Accession Number
- 0001786951-25-000011
- Form Type
- 4
- Net Trading Amount
- -$15.9M
Non-Derivative Transactions
| Date | Security | Shares | Price | Type | Value |
|---|---|---|---|---|---|
| Dec 9, 2025 | Class A Common Stock | 25,641 | — | Exercise | — |
| Dec 9, 2025 | Class A Common Stock | 13,410 | $204.80 | Sale | $2.7M |
| Dec 9, 2025 | Class A Common Stock | 10,883 | $205.44 | Sale | $2.2M |
| Dec 9, 2025 | Class A Common Stock | 1,348 | $206.27 | Sale | $278.0K |
| Dec 10, 2025 | Class A Common Stock | 25,641 | — | Exercise | — |
| Dec 10, 2025 | Class A Common Stock | 12,149 | $205.45 | Sale | $2.5M |
| Dec 10, 2025 | Class A Common Stock | 12,953 | $206.28 | Sale | $2.7M |
| Dec 10, 2025 | Class A Common Stock | 539 | $207.15 | Sale | $111.7K |
| Dec 11, 2025 | Class A Common Stock | 25,641 | — | Exercise | — |
| Dec 11, 2025 | Class A Common Stock | 2,074 | $206.37 | Sale | $428.0K |
| Dec 11, 2025 | Class A Common Stock | 2,268 | $207.44 | Sale | $470.5K |
| Dec 11, 2025 | Class A Common Stock | 13,937 | $208.54 | Sale | $2.9M |
| Dec 11, 2025 | Class A Common Stock | 4,591 | $209.45 | Sale | $961.6K |
| Dec 11, 2025 | Class A Common Stock | 2,771 | $210.25 | Sale | $582.6K |
Derivative Transactions
| Date | Security | Shares | Exercise Price | Type | Value |
|---|---|---|---|---|---|
| Dec 9, 2025 | NET derivative | 25,641 | $2.04 | Exercise | $52.3K |
| Dec 9, 2025 | NET derivative | 25,641 | — | Exercise | — |
| Dec 9, 2025 | NET derivative | 25,641 | — | C | — |
| Dec 10, 2025 | NET derivative | 25,641 | $2.04 | Exercise | $52.3K |
| Dec 10, 2025 | NET derivative | 25,641 | — | Exercise | — |
| Dec 10, 2025 | NET derivative | 25,641 | — | C | — |
| Dec 11, 2025 | NET derivative | 25,641 | $2.04 | Exercise | $52.3K |
| Dec 11, 2025 | NET derivative | 25,641 | — | Exercise | — |
| Dec 11, 2025 | NET derivative | 25,641 | — | C | — |
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Footnotes
- (F1)Each share of Class B Common Stock is convertible at any time into Class A Common Stock on a one-to-one basis at the reporting person's election and has no expiration date.
- (F2)The shares are held of record by The Sutherland/Zatlyn Revocable Trust dated November 17, 2016, for which the reporting person serves as co-trustee (the "Revocable Trust").
- (F3)The sale reported in this Form 4 was effected pursuant to a Rule 10b5-1 trading plan adopted by the reporting person on February 14, 2025.
- (F4)The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $204.14 to $205.13, inclusive. The reporting person undertakes to provide the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the ranges set forth in footnotes (4) through (14) to this Form 4.
- (F5)The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $205.14 to $206.13, inclusive.
- (F6)The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $206.14 to $206.33, inclusive.
- (F7)The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $204.945 to $205.93, inclusive.
- (F8)The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $205.945 to $206.93, inclusive.
- (F9)The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $207.03 to $207.21, inclusive.
- (F10)The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $206.01 to $207.00, inclusive.
- (F11)The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $207.01 to $208.00, inclusive.
- (F12)The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $208.02 to $209.01, inclusive.
- (F13)The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $209.03 to $210.02, inclusive.
- (F14)The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $210.03 to $210.695, inclusive.
- (F15)The shares are held of record by The SZ 2021 Irrevocable Trust dated November 6, 2021, for which the reporting person serves as the appointer.
- (F16)Shares subject to the option are fully vested and immediately exercisable.
- (F17)Upon the conversion of the shares of Class B Common Stock to Class A Common Stock, the shares were re-registered and are now held of record by the Revocable Trust.
- (F18)The shares are held of record by The SZ 2020 Irrevocable Trust dated November 25, 2020, for which the reporting person serves as an investment advisor.
- (F19)The shares are held of record by The SZ 2023 Irrevocable Trust dated August 29, 2023, for which the reporting person serves as a co-trustee.
- (F20)The shares are held of record by The Sutherland/Zatlyn 2024 Annuity Trust dated May 29, 2024, for which the reporting person serves as co-trustee.
- (F21)The shares are held of record by The Sutherland/Zatlyn 2024 Annuity Trust II dated August 19, 2024, for which the reporting person serves as co-trustee.
- (F22)The shares are held of record by The Sutherland/Zatlyn 2024 Annuity Trust III dated November 12, 2024, for which the reporting person serves as co-trustee.
- (F23)The shares are held of record by The Sutherland/Zatlyn 2025 Annuity Trust dated May 23, 2025, for which the reporting person serves as trustee.
- (F24)The shares are held of record by The Sutherland/Zatlyn 2025 Annuity Trust II dated August 15, 2025, for which the reporting person serves as trustee.
- (F25)The shares are held of record by The Sutherland/Zatlyn 2025 Annuity Trust III dated November 11, 2025, for which the reporting person serves as trustee.