Michelle Zatlyn sold $16M of NET
President and Board Co-Chair at Cloudflare, Inc.. 76,923 shares at an average of $206.56, traded Dec 9, 2025, filed Dec 11, 2025.
Score components
- +20RolePresident
- +25Trade size$15.9M at market
- +20Share of holdings soldSold 100% of holdings
- +15Cluster7 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.
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 0001786951-25-000011, as filed. Open on EDGAR
| Date | Transaction | Shares | Price | Value | Holdings after | Filed |
|---|---|---|---|---|---|---|
| Dec 9, 2025 | MOption exercise Class A Common Stockindirect: See footnote10b5-1 | +25,641 | - | - | 50,196 | Dec 11, 2025 |
| Dec 9, 2025 | SOpen-market sale Class A Common Stockindirect: See footnote10b5-1 | -13,410 | $204.80 | $2.7M | 36,786 | Dec 11, 2025 |
| Dec 9, 2025 | SOpen-market sale Class A Common Stockindirect: See footnote10b5-1 | -10,883 | $205.44 | $2.2M | 25,903 | Dec 11, 2025 |
| Dec 9, 2025 | SOpen-market sale Class A Common Stockindirect: See footnote10b5-1 | -1,348 | $206.27 | $278k | 24,555 | Dec 11, 2025 |
| Dec 10, 2025 | MOption exercise Class A Common Stockindirect: See footnote10b5-1 | +25,641 | - | - | 50,196 | Dec 11, 2025 |
| Dec 10, 2025 | SOpen-market sale Class A Common Stockindirect: See footnote10b5-1 | -12,149 | $205.45 | $2.5M | 38,047 | Dec 11, 2025 |
| Dec 10, 2025 | SOpen-market sale Class A Common Stockindirect: See footnote10b5-1 | -12,953 | $206.28 | $2.7M | 25,094 | Dec 11, 2025 |
| Dec 10, 2025 | SOpen-market sale Class A Common Stockindirect: See footnote10b5-1 | -539 | $207.15 | $112k | 24,555 | Dec 11, 2025 |
| Dec 11, 2025 | MOption exercise Class A Common Stockindirect: See footnote10b5-1 | +25,641 | - | - | 50,196 | Dec 11, 2025 |
| Dec 11, 2025 | SOpen-market sale Class A Common Stockindirect: See footnote10b5-1 | -2,074 | $206.37 | $428k | 48,122 | Dec 11, 2025 |
| Dec 11, 2025 | SOpen-market sale Class A Common Stockindirect: See footnote10b5-1 | -2,268 | $207.44 | $470k | 45,854 | Dec 11, 2025 |
| Dec 11, 2025 | SOpen-market sale Class A Common Stockindirect: See footnote10b5-1 | -13,937 | $208.54 | $2.9M | 31,917 | Dec 11, 2025 |
| Dec 11, 2025 | SOpen-market sale Class A Common Stockindirect: See footnote10b5-1 | -4,591 | $209.45 | $962k | 27,326 | Dec 11, 2025 |
| Dec 11, 2025 | SOpen-market sale Class A Common Stockindirect: See footnote10b5-1 | -2,771 | $210.25 | $583k | 24,555 | Dec 11, 2025 |
| Dec 9, 2025 | MOption exercise Employee Stock Option (right to buy)derivative10b5-1 | -25,641 | $0.00 | $0 | 1,799,992 | Dec 11, 2025 |
| Dec 9, 2025 | MOption exercise Class B Common Stockderivative10b5-1 | +25,641 | $0.00 | $0 | 25,641 | Dec 11, 2025 |
| Dec 9, 2025 | CConversion Class B Common Stockderivative10b5-1 | -25,641 | $0.00 | $0 | 0 | Dec 11, 2025 |
| Dec 10, 2025 | MOption exercise Employee Stock Option (right to buy)derivative10b5-1 | -25,641 | $0.00 | $0 | 1,774,351 | Dec 11, 2025 |
| Dec 10, 2025 | MOption exercise Class B Common Stockderivative10b5-1 | +25,641 | $0.00 | $0 | 25,641 | Dec 11, 2025 |
| Dec 10, 2025 | CConversion Class B Common Stockderivative10b5-1 | -25,641 | $0.00 | $0 | 0 | Dec 11, 2025 |
| Dec 11, 2025 | MOption exercise Employee Stock Option (right to buy)derivative10b5-1 | -25,641 | $0.00 | $0 | 1,748,710 | Dec 11, 2025 |
| Dec 11, 2025 | MOption exercise Class B Common Stockderivative10b5-1 | +25,641 | $0.00 | $0 | 25,641 | Dec 11, 2025 |
| Dec 11, 2025 | CConversion Class B Common Stockderivative10b5-1 | -25,641 | $0.00 | $0 | 0 | Dec 11, 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% | |
| 35Weak | Cloudflare, Inc. | Carl Ledbetter director | $1.8M 8,866 shares | -1% | |
| 27Weak | Cloudflare, Inc. | Thomas J Seifert Chief Financial Officer | $2.0M 10,000 shares | -7% | |
| 26Weak | Cloudflare, Inc. | Katrin Suder director | $406k 2,031 shares | -5% | |
| 13Weak | Cloudflare, Inc. | John Graham-Cumming director | $502k 2,520 shares | -1% | |
| 65Notable | Cloudflare, Inc. | Matthew Prince CEO & Board Co-Chair | $32M 157,152 shares | -300% |
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.