Zatlyn Michelle sold $35.2M of NET (indirect holdings)
Zatlyn Michelle (President and Board Co-Chair) sold 99,009 indirectly-held shares of Cloudflare, Inc. (NET) at an average of $355.88 ($346.40–$369.34, $35.24M total) across 21 trades over 2026-10-05 to 2026-10-07 under a Rule 10b5-1 trading plan.
How this was made
The 30-second read
Why it matters
The transaction is a primary source disclosure and may trigger short‑term selling pressure, though the pre‑arranged nature tempers the signal.
Market read
First‑report insider sale of $35 M; modest trading relevance for NET.
What to watch
Potential upcoming product launches or earnings could offset the negative signal from the insider sale.
Background
SEC Form 4 filings provide the first public disclosure of insider transactions. This filing reports a $35.2 M sale by Cloudflare's President.
Ticker impact
President and Board Co‑Chair Zatlyn Michelle sold 99,009 shares for $35.2M via a 10b5‑1 plan.
likely pressure on NET as the market prices in the $35M insider sale
The sale size is material for a single insider and is disclosed for the first time via a Form 4, but insider sales are not always predictive of price moves.
Market effects
Minimal; the sale is company‑specific and does not affect the broader cybersecurity sector.
None; the filing is U.S.‑focused and does not influence regional markets.
Low; only investors in Cloudflare are directly affected.
Counterpoint
The sale was pre‑arranged under a 10b5‑1 plan, so it may not reflect personal sentiment.
Key entities
- companyCloudflare, Inc.
Cybersecurity firm whose ticker is NET.
- personZatlyn Michelle
President and Board Co‑Chair of Cloudflare.
