Ledbetter Carl 4

What Happened

• Carl Ledbetter, a director of Cloudflare (NET), sold a total of 15,000 shares in open-market transactions on January 27, 2026, generating approximately $3.17 million in proceeds. The sales were in three blocks: 6,904 shares at about $210.07 ($1.45M), 5,306 shares at about $211.72 ($1.12M), and 2,790 shares at about $212.80 (~$593.7K). These transactions are reported as sales (code S).

Key Details

• Transaction date: January 27, 2026 (reported on Form 4 filed Jan 28, 2026) — filing appears timely.
• Prices: reported weighted-average prices ~ $210.07, $211.72, and $212.80. Footnotes state these were executed in multiple trades with price ranges of ~$210.07–$210.745, ~$211.2975–$211.73, and ~$212.78–$212.80 respectively; full per-price breakdown is available on request per the filing.
• Total shares sold: 15,000; total proceeds: ~$3,167,415.
• Shares held after transaction: not stated in the excerpt provided (not included here).
• Notable footnotes: sales effected pursuant to a Rule 10b5‑1 trading plan adopted Feb 14, 2025 (pre‑arranged trades). Shares of record are held by the Carl S. Ledbetter Trust dated Feb 14, 2020, for which Ledbetter is trustee.
• Transaction type: open-market/private sale (reported as S).

Context

• These were planned sales under a Rule 10b5‑1 plan, which indicates the trades were pre-scheduled rather than necessarily reflecting new, real-time views on the company. Sales are common for liquidity or diversification; purchases tend to be more directly interpreted as bullish by investors.