Insider sales are routine in scale and pattern — no bearish signal. The cluster is likely driven by option exercise/vesting and tax planning. Monitor next earnings for any guidance change, but this filing alone does not warrant a trading action.
Price Chart
Executive Summary
Cloudflare insiders executed a cluster of open-market sales totaling ~$3.63M over July 6-13, led by President/Co-Chair Zatlyn Michelle ($2.09M) and Director Ledbetter Carl ($1.34M), with CEO Prince Matthew selling a nominal $26K. A second wave on July 14-15 shows Zatlyn Michelle selling an additional ~$12.5M after converting derivative shares. Total open-market sales across both windows exceed $16M, representing ~0.016% of the $99.6B market cap — well below the 0.1% proportionality threshold. The sales are routine in scale for a company of this size and are likely tied to option exercise/vesting schedules rather than a bearish signal.
Key Financial Metrics
Key Facts
- Three insiders sold shares over July 6-13: Zatlyn Michelle (President/Co-Chair) $2.09M, Carl Ledbetter (Director) $1.34M, John Graham-Cumming (Director) $170K, Matthew Prince (CEO) $26K
- Zatlyn Michelle sold an additional ~$12.5M on July 14-15 after converting 33,003 derivative shares at $0 each
- Total open-market sales across both windows: ~$16.1M, or ~0.016% of Cloudflare's $99.6B market cap
- Non-cash derivative conversions (33,003 shares at $0) are tax/vesting events with no economic value
- Sales are well below the 0.1% of market cap threshold for material insider activity
Financial Impact
Total open-market sales of ~$16.1M represent 0.016% of market cap — trivial for a $99.6B company
Risk Factors
- Insider selling could accelerate if management perceives headwinds, though current scale is immaterial
- Historical performance on NET reports shows negative T+20 alpha (-1.48% avg), suggesting the stock may underperform regardless of this filing
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 1 SEC document filed with EDGAR.
| Document | Accession Number |
|---|---|
| CLUSTER Data (Synthetic) | cluster-NET-1784156487707 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Sep 15, 2026 16d ago | Insider Cluster | $324.65 $352.33 | ▲ +8.53% | ▲ +5.96% | $349.07 (+7.52%) |
Sep 15, 2026 16d ago | Insider Cluster | $324.65 $352.33 | ▲ +8.53% | ▲ +5.96% | $349.07 (+7.52%) |
Sep 2, 2026 4w ago | Court Ruling | $272.74 $311.17 | ▲ +14.09% | ▲ +15.05% | $349.07 (+27.99%) |
Aug 21, 2026 5w ago | Insider Cluster | $280.35 $305.11 | ▲ +8.83% | ▲ +8.36% | $349.07 (+24.51%) |
Aug 19, 2026 6w ago | Insider Cluster | $278.91 $308.23 | ▲ +10.51% | ▲ +9.40% | $349.07 (+25.16%) |
Aug 19, 2026 6w ago | Insider Cluster | $278.91 $308.23 | ▲ +10.51% | ▲ +9.40% | $349.07 (+25.16%) |
Aug 13, 2026 7w ago | 8-K | $315.78 $293.14 | ▼ −7.17% | ▼ −5.80% | $349.07 (+10.54%) |
Aug 11, 2026 7w ago | Insider Cluster | $311.45 $291.88 | ▼ −6.28% | ▼ −5.84% | $349.07 (+12.08%) |
Aug 6, 2026 8w ago | Insider Cluster | $300.27 $315.78 | ▲ +5.17% | ▲ +4.77% | $349.07 (+16.25%) |
Aug 5, 2026 8w ago | Insider Cluster | $284.43 $330.83 | ▲ +16.31% | ▲ +15.10% | $349.07 (+22.73%) |
US Market Status
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