sellModerate cluster of 610b5-1 plan
Michelle Zatlyn sold $17M of NET
President and Board Co-Chair at Cloudflare, Inc.. 76,923 shares at an average of $219.05, traded Sep 23, 2025, filed Sep 25, 2025.
Warning score
45Value
$17M
76,923 shares
Holdings after
14,575
-191% from before
From 52-week low
+186%
low $78.11, close $223.26
From 52-week high
-2%
high $228.28, as of Sep 23, 2025
Score components
- +20RolePresident
- +25Trade size$16.8M at market
- +20Share of holdings soldSold 100% of holdings
- +15Cluster6 insiders selling within 14 days
- -15Exercise and sellShares came from an option exercise in the same filing
- -2010b5-1 planPre-scheduled under a 10b5-1 plan
What happened after comparable sells
Same side and tier, against the S&P 500, at 1, 3 and 6 months. Shown to Pro users; the whole table is on the backtest page.
Price around the trade, and since
From a quarter before the trade to today. The arrow is the trade, the circle the day the filing reached EDGAR, which is the first day anyone outside could act; the dotted line is the S&P 500 rebased to that day's close.
NETOct 9, 2026 · close 360.93
Since filing Sep 25, 2025: +65.4%SPY +19.6% · excess +45.8%
Daily candles, adjusted for splits and dividends. Green arrows are insider buys, red are sells, sized by value; the dashed line is the close on the filing day, the dotted line SPY rebased to it.Charts by TradingView Lightweight Charts™
Rows in this filing
Every transaction in Form 4 0001786951-25-000005, as filed. Open on EDGAR
| Date | Transaction | Shares | Price | Value | Holdings after | Filed |
|---|---|---|---|---|---|---|
| Sep 23, 2025 | CConversion Class A Common Stockindirect: See footnote10b5-1 | +25,641 | - | - | 40,216 | Sep 25, 2025 |
| Sep 23, 2025 | SOpen-market sale Class A Common Stockindirect: See footnote10b5-1 | -2,722 | $220.71 | $601k | 37,494 | Sep 25, 2025 |
| Sep 23, 2025 | SOpen-market sale Class A Common Stockindirect: See footnote10b5-1 | -8,267 | $222.32 | $1.8M | 29,227 | Sep 25, 2025 |
| Sep 23, 2025 | SOpen-market sale Class A Common Stockindirect: See footnote10b5-1 | -4,238 | $223.19 | $946k | 24,989 | Sep 25, 2025 |
| Sep 23, 2025 | SOpen-market sale Class A Common Stockindirect: See footnote10b5-1 | -3,705 | $224.25 | $831k | 21,284 | Sep 25, 2025 |
| Sep 23, 2025 | SOpen-market sale Class A Common Stockindirect: See footnote10b5-1 | -4,001 | $225.24 | $901k | 17,283 | Sep 25, 2025 |
| Sep 23, 2025 | SOpen-market sale Class A Common Stockindirect: See footnote10b5-1 | -2,052 | $226.14 | $464k | 15,231 | Sep 25, 2025 |
| Sep 23, 2025 | SOpen-market sale Class A Common Stockindirect: See footnote10b5-1 | -656 | $227.01 | $149k | 14,575 | Sep 25, 2025 |
| Sep 24, 2025 | CConversion Class A Common Stockindirect: See footnote10b5-1 | +25,641 | - | - | 40,216 | Sep 25, 2025 |
| Sep 24, 2025 | SOpen-market sale Class A Common Stockindirect: See footnote10b5-1 | -4,321 | $218.72 | $945k | 35,895 | Sep 25, 2025 |
| Sep 24, 2025 | SOpen-market sale Class A Common Stockindirect: See footnote10b5-1 | -2,938 | $219.82 | $646k | 32,957 | Sep 25, 2025 |
| Sep 24, 2025 | SOpen-market sale Class A Common Stockindirect: See footnote10b5-1 | -11,284 | $220.91 | $2.5M | 21,673 | Sep 25, 2025 |
| Sep 24, 2025 | SOpen-market sale Class A Common Stockindirect: See footnote10b5-1 | -1,344 | $222.12 | $299k | 20,329 | Sep 25, 2025 |
| Sep 24, 2025 | SOpen-market sale Class A Common Stockindirect: See footnote10b5-1 | -2,886 | $223.21 | $644k | 17,443 | Sep 25, 2025 |
| Sep 24, 2025 | SOpen-market sale Class A Common Stockindirect: See footnote10b5-1 | -970 | $224.03 | $217k | 16,473 | Sep 25, 2025 |
| Sep 24, 2025 | SOpen-market sale Class A Common Stockindirect: See footnote10b5-1 | -1,458 | $225.35 | $329k | 15,015 | Sep 25, 2025 |
| Sep 24, 2025 | SOpen-market sale Class A Common Stockindirect: See footnote10b5-1 | -440 | $226.22 | $100k | 14,575 | Sep 25, 2025 |
| Sep 25, 2025 | CConversion Class A Common Stockindirect: See footnote10b5-1 | +25,641 | - | - | 40,216 | Sep 25, 2025 |
| Sep 25, 2025 | SOpen-market sale Class A Common Stockindirect: See footnote10b5-1 | -8,224 | $211.43 | $1.7M | 31,992 | Sep 25, 2025 |
| Sep 25, 2025 | SOpen-market sale Class A Common Stockindirect: See footnote10b5-1 | -6,587 | $212.23 | $1.4M | 25,405 | Sep 25, 2025 |
| Sep 25, 2025 | SOpen-market sale Class A Common Stockindirect: See footnote10b5-1 | -9,968 | $213.41 | $2.1M | 15,437 | Sep 25, 2025 |
| Sep 25, 2025 | SOpen-market sale Class A Common Stockindirect: See footnote10b5-1 | -862 | $214.02 | $184k | 14,575 | Sep 25, 2025 |
| Sep 23, 2025 | MOption exercise Employee Stock Option (right to buy)derivative10b5-1 | -25,641 | $0.00 | $0 | 2,030,761 | Sep 25, 2025 |
| Sep 23, 2025 | MOption exercise Class B Common Stockderivative10b5-1 | +25,641 | $0.00 | $0 | 25,641 | Sep 25, 2025 |
| Sep 23, 2025 | CConversion Class B Common Stockderivative10b5-1 | -25,641 | $0.00 | $0 | 0 | Sep 25, 2025 |
| Sep 24, 2025 | MOption exercise Employee Stock Option (right to buy)derivative10b5-1 | -25,641 | $0.00 | $0 | 2,005,120 | Sep 25, 2025 |
| Sep 24, 2025 | MOption exercise Class B Common Stockderivative10b5-1 | +25,641 | $0.00 | $0 | 25,641 | Sep 25, 2025 |
| Sep 24, 2025 | CConversion Class B Common Stockderivative10b5-1 | -25,641 | $0.00 | $0 | 0 | Sep 25, 2025 |
| Sep 25, 2025 | MOption exercise Employee Stock Option (right to buy)derivative10b5-1 | -25,641 | $0.00 | $0 | 1,979,479 | Sep 25, 2025 |
| Sep 25, 2025 | MOption exercise Class B Common Stockderivative10b5-1 | +25,641 | $0.00 | $0 | 25,641 | Sep 25, 2025 |
| Sep 25, 2025 | CConversion Class B Common Stockderivative10b5-1 | -25,641 | $0.00 | $0 | 0 | Sep 25, 2025 |
Related signals
Other insiders at Cloudflare, Inc. and this insider’s other filings.
| Score | Company | Insider | Value | Holdings | Filed |
|---|---|---|---|---|---|
| 38Weak | Cloudflare, Inc. | Michelle Zatlyn President and Board Co-Chair | $35M 99,009 shares | -96% | |
| 35Weak | Cloudflare, Inc. | Carl Ledbetter director | $1.8M 5,000 shares | -1% | |
| 27Weak | Cloudflare, Inc. | Thomas J Seifert Chief Financial Officer | $3.3M 10,000 shares | -8% | |
| 35Weak | Cloudflare, Inc. | Carl Ledbetter director | $1.6M 5,000 shares | -1% | |
| 45Moderate | Cloudflare, Inc. | Michelle Zatlyn PRESIDENT & BOARD CO-CHAIR | $28M 99,009 shares | -96% | |
| 16Weak | Cloudflare, Inc. | John Graham-Cumming director | $737k 3,644 shares | -1% | |
| 35Weak | Cloudflare, Inc. | Carl Ledbetter director | $3.4M 15,000 shares | -2% | |
| 65Notable | Cloudflare, Inc. | Matthew Prince CEO & Board Co-Chair | $31M 143,534 shares | -274% | |
| 65Notable | Cloudflare, Inc. | Matthew Prince CEO & Board Co-Chair | $3.1M 13,618 shares | -100% | |
| 27Weak | Cloudflare, Inc. | Thomas J Seifert Chief Financial Officer | $2.2M 10,341 shares | -4% |
Not investment advice. Scores and forward returns are decision support built from public SEC filings and past prices; they describe what happened after comparable filings, not what will happen after this one. Do your own research and size your risk.