No actionable signal from this insider cluster. The sales are small relative to market cap and likely driven by diversification or liquidity needs. Monitor for any upcoming material corporate events (earnings, product launches) that could provide context, but this filing alone does not warrant a trading decision.
Price Chart
Executive Summary
A cluster of insider sales at Cloudflare, totaling ~$1.64M, was driven primarily by President & Board Co-Chair Michelle Zatlyn ($1.34M open-market sale) and Director Carl Ledbetter (~$1.56M in open-market sales). CFO Thomas Seifert's $963K transaction was a non-cash tax withholding, not a discretionary sale. The total open-market sales of ~$2.9M represent ~0.0025% of Cloudflare's $117.6B market cap, a trivial amount. The cluster is not informative per academic literature, as sales are often liquidity-driven and the dollar value is immaterial relative to company size. The historical win rate on NET reports is strong (67% T+20), but this specific event lacks material economic signal.
Key Financial Metrics
Key Facts
- President & Board Co-Chair Michelle Zatlyn sold 4,800 shares open-market for ~$1.34M on 2026-09-08.
- Director Carl Ledbetter sold a total of 5,000 shares open-market across four transactions on 2026-09-14 for ~$1.56M.
- CFO Thomas Seifert's transaction on 2026-09-15 was a non-cash tax withholding of 2,944 shares valued at ~$963K — not a discretionary sale.
- Total open-market sales of ~$2.9M represent ~0.0025% of Cloudflare's $117.6B market cap, well below the 0.1% threshold for materiality.
- The cluster is mixed (one non-cash event, two sellers) and the dollar amounts are trivial relative to company size, making this a routine, non-informative pattern.
Financial Impact
Total insider sales of ~$2.9M (open-market) represent ~0.0025% of market cap — immaterial.
Risk Factors
- Insider sales could be misinterpreted as a bearish signal by retail traders, but the dollar amounts are too small to be material.
- No evidence of a coordinated bearish view — the CFO's transaction was non-discretionary, and the two sellers are not C-suite executives.
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-1789514297869 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Sep 15, 2026 16d ago | Insider Cluster | $324.65 $352.33 | ▲ +8.53% | ▲ +5.96% | $351.00 (+8.12%) |
Sep 15, 2026 16d ago | Insider Cluster | $324.65 $352.33 | ▲ +8.53% | ▲ +5.96% | $351.00 (+8.12%) |
Sep 2, 2026 4w ago | Court Ruling | $272.74 $311.17 | ▲ +14.09% | ▲ +15.05% | $351.00 (+28.69%) |
Aug 21, 2026 5w ago | Insider Cluster | $280.35 $305.11 | ▲ +8.83% | ▲ +8.36% | $351.00 (+25.20%) |
Aug 19, 2026 6w ago | Insider Cluster | $278.91 $308.23 | ▲ +10.51% | ▲ +9.40% | $351.00 (+25.85%) |
Aug 19, 2026 6w ago | Insider Cluster | $278.91 $308.23 | ▲ +10.51% | ▲ +9.40% | $351.00 (+25.85%) |
Aug 13, 2026 7w ago | 8-K | $315.78 $293.14 | ▼ −7.17% | ▼ −5.80% | $351.00 (+11.15%) |
Aug 11, 2026 7w ago | Insider Cluster | $311.45 $291.88 | ▼ −6.28% | ▼ −5.84% | $351.00 (+12.70%) |
Aug 6, 2026 8w ago | Insider Cluster | $300.27 $315.78 | ▲ +5.17% | ▲ +4.77% | $351.00 (+16.89%) |
Aug 5, 2026 8w ago | Insider Cluster | $284.43 $330.83 | ▲ +16.31% | ▲ +15.10% | $351.00 (+23.40%) |
US Market Status
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