Cloudflare, Inc.
Michelle Zatlyn (President and Board Co-Chair) sells NET shares
About this filing
Cloudflare, Inc. (NET) filed Form 4 (insider transaction) with the SEC on Oct 7, 2026. Form 4 reports a company insider’s trades in the company’s shares.
Key facts
- Insider
- Michelle Zatlyn · President and Board Co-Chair, Director
Rule 10b5-1 plan · adopted Feb 27, 2026
| Date | Transaction | Shares | Price | Value | Held after | Ownership |
|---|---|---|---|---|---|---|
| Oct 5, 2026 | C · conversionFootnotes F1, F2 | +33,003 | — | — | 102,778 | Indirect (See footnote) |
| Oct 5, 2026 | S · open-market saleFootnotes F3, F4, F2 | −3,619 | $349.07 | $1,263,280.35 | 99,159 | Indirect (See footnote) |
| Oct 5, 2026 | S · open-market saleFootnotes F3, F5, F2 | −2,683 | $350.09 | $939,288.25 | 96,476 | Indirect (See footnote) |
| Oct 5, 2026 | S · open-market saleFootnotes F3, F6, F2 | −4,829 | $351.30 | $1,696,451.36 | 91,647 | Indirect (See footnote) |
| Oct 5, 2026 | S · open-market saleFootnotes F3, F7, F2 | −6,864 | $352.39 | $2,418,778.88 | 84,783 | Indirect (See footnote) |
| Oct 5, 2026 | S · open-market saleFootnotes F3, F8, F2 | −5,892 | $353.35 | $2,081,916.99 | 78,891 | Indirect (See footnote) |
| Oct 5, 2026 | S · open-market saleFootnotes F3, F9, F2 | −2,823 | $354.32 | $1,000,240.00 | 76,068 | Indirect (See footnote) |
| Oct 5, 2026 | S · open-market saleFootnotes F3, F10, F2 | −6,136 | $355.45 | $2,181,050.40 | 69,932 | Indirect (See footnote) |
| Oct 5, 2026 | S · open-market saleFootnotes F3, F11, F2 | −157 | $356.05 | $55,900.29 | 69,775 | Indirect (See footnote) |
| Oct 6, 2026 | C · conversionFootnotes F1, F2 | +33,003 | — | — | 102,778 | Indirect (See footnote) |
| Oct 6, 2026 | S · open-market saleFootnotes F3, F12, F2 | −4,260 | $364.39 | $1,552,312.05 | 98,518 | Indirect (See footnote) |
| Oct 6, 2026 | S · open-market saleFootnotes F3, F13, F2 | −6,179 | $365.69 | $2,259,604.69 | 92,339 | Indirect (See footnote) |
| Oct 6, 2026 | S · open-market saleFootnotes F3, F14, F2 | −9,170 | $366.65 | $3,362,221.76 | 83,169 | Indirect (See footnote) |
| Oct 6, 2026 | S · open-market saleFootnotes F3, F15, F2 | −8,559 | $367.72 | $3,147,343.72 | 74,610 | Indirect (See footnote) |
| Oct 6, 2026 | S · open-market saleFootnotes F3, F16, F2 | −4,083 | $368.59 | $1,504,957.05 | 70,527 | Indirect (See footnote) |
| Oct 6, 2026 | S · open-market saleFootnotes F3, F17, F2 | −752 | $369.34 | $277,741.72 | 69,775 | Indirect (See footnote) |
| Oct 7, 2026 | C · conversionFootnotes F1, F2 | +33,003 | — | — | 102,778 | Indirect (See footnote) |
| Oct 7, 2026 | S · open-market saleFootnotes F3, F18, F2 | −5,694 | $346.40 | $1,972,398.75 | 97,084 | Indirect (See footnote) |
| Oct 7, 2026 | S · open-market saleFootnotes F3, F19, F2 | −9,022 | $347.20 | $3,132,453.74 | 88,062 | Indirect (See footnote) |
| Oct 7, 2026 | S · open-market saleFootnotes F3, F20, F2 | −7,688 | $348.23 | $2,677,194.55 | 80,374 | Indirect (See footnote) |
| Oct 7, 2026 | S · open-market saleFootnotes F3, F21, F2 | −3,900 | $349.38 | $1,362,589.80 | 76,474 | Indirect (See footnote) |
| Oct 7, 2026 | S · open-market saleFootnotes F3, F22, F2 | −4,240 | $350.37 | $1,485,587.46 | 72,234 | Indirect (See footnote) |
| Oct 7, 2026 | S · open-market saleFootnotes F3, F23, F2 | −2,162 | $351.40 | $759,730.48 | 70,072 | Indirect (See footnote) |
| Oct 7, 2026 | S · open-market saleFootnotes F3, F2 | −297 | $352.25 | $104,616.76 | 69,775 | Indirect (See footnote) |
| Oct 5, 2026 | M · exercise or conversion of a derivativeEmployee Stock Option (right to buy)Footnotes F25 | −33,003 | $0.00 | $0.00 | 957,087 | Direct |
| Oct 5, 2026 | M · exercise or conversion of a derivativeClass B Common StockFootnotes F1 | +33,003 | $0.00 | $0.00 | 33,003 | Direct |
| Oct 5, 2026 | C · conversionClass B Common StockFootnotes F1, F26 | −33,003 | $0.00 | $0.00 | 0 | Direct |
| Oct 6, 2026 | M · exercise or conversion of a derivativeEmployee Stock Option (right to buy)Footnotes F25 | −33,003 | $0.00 | $0.00 | 924,084 | Direct |
| Oct 6, 2026 | M · exercise or conversion of a derivativeClass B Common StockFootnotes F1 | +33,003 | $0.00 | $0.00 | 33,003 | Direct |
| Oct 6, 2026 | C · conversionClass B Common StockFootnotes F1, F26 | −33,003 | $0.00 | $0.00 | 0 | Direct |
| Oct 7, 2026 | M · exercise or conversion of a derivativeEmployee Stock Option (right to buy)Footnotes F25 | −33,003 | $0.00 | $0.00 | 891,081 | Direct |
| Oct 7, 2026 | M · exercise or conversion of a derivativeClass B Common StockFootnotes F1 | +33,003 | $0.00 | $0.00 | 33,003 | Direct |
| Oct 7, 2026 | C · conversionClass B Common StockFootnotes F1, F26 | −33,003 | $0.00 | $0.00 | 0 | Direct |
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 27, 2026.
- F4 The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $348.56 to $349.55, 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 (23) 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 $349.725 to $350.62, inclusive.
- F6 The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $350.7825 to $351.7775, inclusive.
- F7 The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $351.7925 to $352.76, inclusive.
- F8 The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $352.81 to $353.81, inclusive.
- F9 The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $353.82 to $354.695, inclusive.
- F10 The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $355.00 to $355.97, inclusive.
- F11 The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $356.03 to $356.11, inclusive.
- F12 The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $364.00 to $364.7925, inclusive.
- F13 The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $365.04 to $366.035, inclusive.
- F14 The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $366.095 to $367.09, inclusive.
- F15 The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $367.19 to $368.15, inclusive.
- F16 The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $368.2275 to $369.08, inclusive.
- F17 The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $369.2675 to $369.39, inclusive.
- F18 The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $345.76 to $346.76, inclusive.
- F19 The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $346.765 to $347.76, inclusive.
- F20 The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $347.81 to $348.80, inclusive.
- F21 The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $348.83 to $349.80, inclusive.
- F22 The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $349.855 to $350.83, inclusive.
- F23 The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $351.155 to $352.04, inclusive.
- F24 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 (the "2021 Irrevocable Trust").
- F25 Shares subject to the option are fully vested and immediately exercisable.
- F26 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.
- F27 Includes 743,712 shares which were re-registered on August 26, 2026 and now are held of record by the Revocable Trust. See footnote 28 for further explanation.
- F28 Continued from footnote 27: These shares were previously registered as follows: (i) 185,382 shares previously reported as being held of record by The Sutherland/Zatlyn 2024 Annuity Trust dated May 29, 2024, for which the reporting person serves as co-trustee (the "2024 Annuity Trust"); (ii) 283,007 shares previously reported as being held of record by The Sutherland/Zatlyn 2025 Annuity Trust dated May 23, 2025, for which the reporting person serves as trustee (the "2025 Annuity Trust"); (iii) 208,735 shares previously reported as being 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"); and (iv) 66,588 shares previously reported as being 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").
- F29 Excludes 743,712 shares previously reported as being held of record by the Revocable Trust which were re-registered on August 26, 2026 and are now held of record by The Sutherland/Zatlyn 2026 Annuity Trust dated August 25, 2026, for which the reporting person serves as trustee (the "2026 Annuity Trust").
- F30 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.
- F31 Excludes 1,472,355 shares that were included in the holdings of the 2021 Irrevocable Trust reported in the reporting person's Form 4 filed on September 8, 2026. These shares are held of record by The SZ 2021 Irrevocable Trust B dated November 6, 2021, for which the reporting person serves as the co-appointer (the "2021 Irrevocable Trust B"), and are reported on a separate line of this Form 4 to correct the holdings previously reported.
- F32 The shares are held of record by the 2021 Irrevocable Trust.
- F33 Consists of 1,472,355 shares distributed on August 26, 2026 to the 2021 Irrevocable Trust B by the 2024 Annuity Trust (736,348 shares) and the 2024 Annuity Trust II (736,007 shares). These shares were included in the holdings of the 2021 Irrevocable Trust reported in the reporting person's Form 4 filed on September 8, 2026, and are reported separately on this Form 4 to correct that report.
- F34 The shares are held of record by the 2021 Irrevocable Trust B.
- F35 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.
- F36 Excludes 921,730 shares previously reported as held of record by the 2024 Annuity Trust which were re-registered on August 26, 2026 as follows: (i) 185,382 shares are now held of record by the Revocable Trust; and (ii) 736,348 shares are now held of record by the 2021 Irrevocable Trust B.
- F37 The shares are held of record by the 2024 Annuity Trust.
- F38 Excludes 944,742 shares previously reported as held of record by the 2024 Annuity Trust II which were re-registered on August 26, 2026 as follows: (i) 208,735 shares are now held of record by the Revocable Trust; and (ii) 736,007 shares are now held of record by the 2021 Irrevocable Trust B.
- F39 The shares are held of record by the 2024 Annuity Trust II.
- F40 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.
- F41 Excludes 283,007 shares previously reported as being held of record by the 2025 Annuity Trust which were re-registered on August 26, 2026 and are now held of record by the Revocable Trust.
- F42 The shares are held of record by the 2025 Annuity Trust.
- F43 Excludes 66,588 shares previously reported as being held of record by the 2025 Annuity Trust II which were re-registered on August 26, 2026 and are now held of record by the Revocable Trust.
- F44 The shares are held of record by the 2025 Annuity Trust II.
- F45 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.
- F46 Consists of 743,712 shares previously reported as being held of record by the Revocable Trust which were re-registered on August 26, 2026 and are now held of record by the 2026 Annuity Trust.
- F47 The shares are held of record by the 2026 Annuity Trust.
More NET filings
- 10-Q
Filed Nov 5, 2026
- 8-K
Filed Nov 5, 2026
- 4
Filed Oct 19, 2026
- 4
Filed Oct 19, 2026
- 144
Filed Oct 19, 2026
- 144
Filed Oct 5, 2026
Not investment advice. Summaries can contain errors; the SEC filing is the official record.