Cloudflare (NET) Director Carl Ledbetter Sells 5,000 Shares

What Happened

• Carl Ledbetter, a director of Cloudflare, sold a total of 5,000 shares in open-market transactions on 2026-09-14 for about $1,561,080. The individual trades reported:
  • 960 shares at a weighted average price of $309.51 — $297,126
  • 440 shares at a weighted average price of $310.54 — $136,638
  • 2,400 shares at a weighted average price of $312.86 — $750,864
  • 1,200 shares at a weighted average price of $313.71 — $376,452
• These were sales (not purchases), so they are routine dispositions rather than bullish insider buys.

Key Details

• Transaction date: September 14, 2026; Form 4 filed September 15, 2026 (timely filing).
• Aggregate shares sold: 5,000; aggregate proceeds: ~$1.56 million.
• Reported price details: several prices are weighted averages; reported price ranges across the transactions include roughly $309.26–310.11, $310.50–310.59, $312.30–313.29, and $313.475–313.865 (see footnotes for ranges).
• Plan / authority: Sales were effected pursuant to a Rule 10b5-1 trading plan adopted by Ledbetter on February 25, 2026 (Footnote F1).
• Ownership of sold shares: The shares are held of record by the Carl S. Ledbetter Trust dated February 14, 2020, for which Ledbetter is trustee (Footnote F3).
• Shares owned after the transaction: Not specified in the provided excerpt of the filing — consult the full Form 4 for post-transaction holdings.

Context

• Sales under a 10b5-1 plan are pre-planned trades that can occur regardless of current insider views; they are common ways for insiders to diversify or manage tax/liquidity needs and do not necessarily signal a change in outlook.
• For retail investors tracking insider activity: purchases often carry more informational weight than routine sales; this filing documents planned, orderly disposals rather than acquisitions.