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Total Value
$16.9M
Net $16.7M sold
Filing Date
Aug 25, 2025
12 transactions
Sales
$16.7M
12 transactions

Trade Summary

On Aug 21, 2025 through Aug 25, 2025, Zatlyn Michelle, President and Board Co-Chair, Director, sold $16.9M of Cloudflare, Inc. (NET) across 12 transactions. The filing covers Class A Common Stock and reflects net selling of $16.7M. Reported prices ranged from $2.04 to $196.37. 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

Role
President and Board Co-Chair, Director
Location
SAN FRANCISCO, CA

Filing Details

Filing Date
Aug 25, 2025
Transaction Date
Aug 21, 2025
Accession Number
0001786951-25-000003
Form Type
4
Net Trading Amount
-$16.7M

Non-Derivative Transactions

DateSecuritySharesPriceTypeValue
Aug 21, 2025Class A Common Stock25,641—C—
Aug 21, 2025Class A Common Stock9,328$190.87Sale$1.8M
Aug 21, 2025Class A Common Stock18,947$191.73Sale$3.6M
Aug 21, 2025Class A Common Stock6,567$192.78Sale$1.3M
Aug 21, 2025Class A Common Stock258$193.32Sale$49.9K
Aug 22, 2025Class A Common Stock25,641—C—
Aug 22, 2025Class A Common Stock4,666$191.20Sale$892.1K
Aug 22, 2025Class A Common Stock5,537$192.35Sale$1.1M
Aug 22, 2025Class A Common Stock5,797$193.17Sale$1.1M
Aug 22, 2025Class A Common Stock4,906$194.47Sale$954.1K
Aug 22, 2025Class A Common Stock4,735$195.06Sale$923.6K
Aug 25, 2025Class A Common Stock25,641—C—
Aug 25, 2025Class A Common Stock4,484$194.69Sale$873.0K
Aug 25, 2025Class A Common Stock16,612$195.65Sale$3.3M
Aug 25, 2025Class A Common Stock4,545$196.37Sale$892.5K

Derivative Transactions

DateSecuritySharesExercise PriceTypeValue
Aug 21, 2025NET derivative25,641$2.04Exercise$52.3K
Aug 21, 2025NET derivative25,641—Exercise—
Aug 21, 2025NET derivative25,641—C—
Aug 22, 2025NET derivative25,641$2.04Exercise$52.3K
Aug 22, 2025NET derivative25,641—Exercise—
Aug 22, 2025NET derivative25,641—C—
Aug 25, 2025NET derivative25,641$2.04Exercise$52.3K
Aug 25, 2025NET derivative25,641—Exercise—
Aug 25, 2025NET derivative25,641—C—

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Footnotes

  1. (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.
  2. (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").
  3. (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.
  4. (F4)The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $190.29 to $191.28, 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 (15) to this Form 4.
  5. (F5)The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $191.29 to $192.285, inclusive.
  6. (F6)The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $192.29 to $193.285, inclusive.
  7. (F7)The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $193.29 to $193.355, inclusive.
  8. (F8)The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $190.68 to $191.66, inclusive.
  9. (F9)The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $191.74 to $192.73, inclusive.
  10. (F10)The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $192.74 to $193.735, inclusive.
  11. (F11)The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $193.855 to $194.85, inclusive.
  12. (F12)The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $194.86 to $195.38, inclusive.
  13. (F13)The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $194.13 to $195.11, inclusive.
  14. (F14)The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $195.13 to $196.12, inclusive.
  15. (F15)The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $196.13 to $196.57, inclusive.
  16. (F16)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.
  17. (F17)Shares subject to the option are fully vested and immediately exercisable.
  18. (F18)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.
  19. (F19)Includes 255,258 shares previously reported as held of record by The Sutherland/Zatlyn 2024 Annuity Trust II dated August 19, 2024, for which the reporting person serves as co-trustee (the "2024 Annuity Trust II"), which were re-registered on August 21, 2025 and are now held of record by the Revocable Trust.
  20. (F20)Excludes 200,000 shares previously reported as held of record by the Revocable Trust which were re-registered on August 21, 2025 and are now held of record by The Sutherland/Zatlyn 2025 Annuity Trust II dated August 15, 2025, for which the reporting person serves as trustee (the "2025 Annuity Trust II").
  21. (F21)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.
  22. (F22)The shares are held of record by The Sutherland/Zatlyn 2023 Annuity Trust II dated August 29, 2023, for which the reporting person serves as co-trustee.
  23. (F23)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.
  24. (F24)Excludes 255,258 shares previously reported as held of record by the 2024 Annuity Trust II, which were re-registered on August 21, 2025 and are now held of record by the Revocable Trust.
  25. (F25)The shares are held of record by the 2024 Annuity Trust II.
  26. (F26)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.
  27. (F27)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.
  28. (F28)Consists of 200,000 shares previously reported as held of record by the Revocable Trust, which were re-registered on August 21, 2025 and are now held of record by the 2025 Annuity Trust II.
  29. (F29)The shares are held of record by the 2025 Annuity Trust II.

SEC Filing

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