Michelle Zatlyn

Michelle Zatlyn sells 76,923 shares for $17.6M over 3 days under pre-arranged 10b5-1 plan; reduces non-derivative holdings by 61.9%

Michelle Zatlyn, President and Board Co-Chair, executed 23 separate sales totaling 76,923 shares for $17,557,834.27 at a blended average price of $228.25 on 2026-06-16 through 2026-06-18 under a pre-arranged 10b5-1 trading plan adopted on 2025-02-14. This transaction reduced her non-derivative holdings from 124,348 shares to 47,425 shares, a 61.9% reduction of her non-derivative position. However, significant derivative holdings remain across the filing: 1,338,454 employee stock option shares, 1,312,813 employee stock option shares, 1,287,172 employee stock option shares, and three separate tranches of 25,641 Class B common shares, totaling 4,015,362 shares in derivative securities, indicating the insider's overall economic position in the company remains substantial. As a scheduled trade under a 10b5-1 plan rather than a discretionary transaction, this sale reflects pre-planned capital allocation rather than a current judgment about valuation; investors should note the company reported $-22.9M net loss on $639.8M revenue in the latest quarter, though annual revenue growth was +29.8%.

President Michelle Zatlyn sold 86,362 shares across 20 transactions from May 22-27 for $18.3M via scheduled 10b5-1 plan

Michelle Zatlyn, President and Board Co-Chair, executed 20 separate sales totaling 86,362 shares (86.4K shares) for $18,330,473.17 ($18.3M) at an average blended price of $212.25 across May 22–27, 2026. This transaction is part of a pre-arranged 10b5-1 trading plan adopted on 2025-02-14, meaning it is scheduled rather than discretionary. Post-transaction, Zatlyn retains 47,425 shares (47.4K shares) of non-derivative holdings, a 64.6% reduction in her direct stock position, though significant derivative holdings remain (4,246,131 total shares across employee stock options and Class B common stock in multiple ownership vehicles). The current stock price is $209.22, down 19.5% from the 52-week high of $260.00, trading at a 30-day decline of 1.5% but a 90-day gain of 19.8%. The company reported revenue of $639.8M in the latest quarter with a net loss of $22.9M; full-year profitability remains negative despite 29.8% annual revenue growth. Zatlyn's prior five sales at this ticker (all on 2026-04-22) saw modest 30-day returns ranging from 2.2% to 4.1%, while her cross-ticker track record of 20 prior sells averaged a 90-day return of 9.4%.

Zatlyn Michelle (President, Board Co-Chair) sold 76,923 shares for $15,759,466.14 over 3 days (blended avg $204.87)

Zatlyn Michelle, President and Board Co-Chair at Cloudflare, executed 14 separate sales totaling 76,923 shares for $15,759,466.14 across April 20–22, 2026, reducing her holdings from 111,437 shares to 34,514 shares (a 69.0% reduction in position). This is a substantial portfolio action by a senior executive with significant governance responsibility. The filing is flagged as a derivative-conversion transaction, meaning the Table I shares represent only one component of her total economic interest; however, on the metric disclosed here, the volume and dollar magnitude are material. The company remains unprofitable (negative net income in the latest quarter and full fiscal year), though revenue growth is strong at +29.8% annually. Her prior sales at this ticker (five transactions on 2026-03-05) posted 30-day returns of +10.8% to +13.1%, suggesting historical sales preceded modest stock appreciation; no 90-day outcomes are yet measurable for those trades or this filing. The timing of this multi-day sale in relation to fundamentals, quarterly earnings cycles, or strategic events should be examined to contextualize whether this reflects a scheduled reduction or discretionary decision.

Zatlyn Michelle sells 76,923 shares (69.0% of holdings) over 3 days, $13.9M at blended avg $181.25

Zatlyn Michelle, President and Board Co-Chair at Cloudflare (NET), executed 11 separate sales totaling 76,923 shares for $13,941,970.19 across March 3–5, 2026, reducing her holdings from 111,437 to 34,514 shares (a 69.0% reduction). The blended average price of $181.25 sits 5.8% below the current price of $192.31 and 28.4% below the 52-week high of $253.30. The company reported a net loss of $1,290,000 in the latest quarter despite 29.8% annual revenue growth, and was unprofitable over its most recent full fiscal year. The filing contains a derivative-conversion transaction (Table II derivatives not yet populated in the database), so this sale represents a conversion and partial disposal of a derivative position rather than a simple open-market liquidation. The concentrated multi-day sale pattern, combined with the company's ongoing unprofitability despite strong revenue growth, warrants investor attention to the timing and context of this position reduction.

President Zatlyn Michelle sold 86,362 shares ($15.9M) across 17 transactions at $184.61 blended average, leaving 34,514 shares held.

Zatlyn Michelle, President and Board Co-Chair, executed 17 separate sales totaling 86,362 shares for $15,943,325.77 over February 19–23, 2026, at a blended average price of $184.61. The transaction reduced her holdings by 71.4% (from 120,876 to 34,514 shares), representing a substantial disposition of equity. Stock has declined 36.8% from its 52-week high of $253.30 and is currently trading at $160.19, meaning the insider sold at prices significantly above current levels. The company remains unprofitable (net income of $-1,290,000 in the latest quarter) despite 28.8% annual revenue growth, creating a structural tension between top-line expansion and bottom-line losses that may warrant investor scrutiny of the timing and scale of this large sale by a senior executive.

President Zatlyn Michelle sold 76,923 shares of NET for $14,504,407.23 across 9 transactions (Jan 13-15); holds 24,555 shares post-transaction

Zatlyn Michelle, President and Board Co-Chair, executed 9 separate sales totaling 76,923 shares for $14,504,407.23 at an average price of $188.56 over three consecutive trading days (January 13-15, 2026). This represents a 75.8% reduction in her post-transaction holdings from 101,478 shares to 24,555 shares. The stock has declined 27.3% from its 52-week high of $253.30 and currently trades at $184.14, below the blended transaction average. Cloudflare's latest quarter shows revenue of $562,027,000.00 with negative net income of $-1,290,000.00; the company has delivered 28.8% annual revenue growth but remains unprofitable on a full-year basis. The Form 4 FLAG indicates this filing contains derivative conversions, meaning the reported Table I holdings of 24,555 shares do not represent the insider's complete economic position—her actual holding may include unconverted derivative securities not yet reflected in the database.

Cloudflare President Zatlyn Michelle sold 76,923 shares for $15,888,931.53 across 11 transactions Dec 9–11, reducing holdings 75.8%.

Zatlyn Michelle, the company's President and Board Co-Chair, executed 11 separate sales totaling 76,923 shares for $15,888,931.53 (blended average $206.56) over three trading days, reducing her holdings from 101,478 to 24,555 shares. This represents a 75.8% reduction in her prior holdings, a substantial liquidation for an executive at this rank. The selling occurred as the stock traded near its 52-week high of $253.30, with current price at $207.95 (-17.9% from that peak and -11.5% over 30 days). Given Cloudflare's unprofitability (negative net income of $-1,290,000 in the latest quarter despite 28.8% annual revenue growth) and the magnitude of this concentrated divestiture by a President and Board Co-Chair, the filing warrants scrutiny into whether operational or strategic considerations informed the timing.

Zatlyn Michelle (President, Board Co-Chair) sold 86,381 shares over 3 days for $16,665,787.74; pre-sale holdings 110,936 shares, post-sale holdings 24,555 shares.

Zatlyn Michelle executed 20 separate sales between 2025-11-20 and 2025-11-24, liquidating approximately 78% of her pre-transaction holdings (from 110,936 to 24,555 shares). The sales occurred across a 5-price range from $186.40 to $202.63, with a blended average of $192.93, slightly below the current price of $193.99. This is notable given that the stock is down 23.4% from its 52-week high and down 11.0% over the past 30 days, suggesting the sales occurred during a period of price weakness. The company reported revenue of $562.0M in the latest quarter with negative net income of $-1.3M, indicating unprofitability despite strong annual revenue growth of 28.8%. Michelle's prior trades at Cloudflare (5 distinct prior sales on 2025-10-08 and 2025-10-09) produced 30-day returns ranging from +7.0% to +8.4%, establishing a recent pattern of sells followed by near-term price appreciation rather than decline, though the directive flag regarding derivative conversions requires framing this as a partial liquidation of a specific tranche rather than a full position exit.

Zatlyn Michelle sells 76,923 shares for $16.7M across 3 days; post-transaction holdings 14,575 shares.

Zatlyn Michelle, President and Board Co-Chair of Cloudflare, executed 13 separate sales totaling 76,923 shares for $16,718,698.65 over October 7–9, 2025, at a blended average price of $217.34. This represents a 84.1% reduction in her stockholdings from 91,498 to 14,575 shares. The sales occurred at prices ranging from $214.86 to $220.99, near but modestly below the current price of $220.95 and within the 52-week range. The company is currently unprofitable (net income of -$50,446,000 in the latest quarter, negative full-year net income) despite solid revenue growth of 28.8% year-over-year. The recent disclosure follows a pattern of sales at this ticker dating back to late September, though measurable outcomes from those prior trades are not yet determinable. Given the derivative-conversion nature of this filing (reflected in Form 4 Table II, not yet populated), the material reduction in publicly disclosed shareholdings warrants close monitoring of the full position context.

Zatlyn Michelle sold 76,923 shares (84.1% of holdings) for $16.8M in 19 transactions; blended avg $219.05 vs current $218.20.

Zatlyn Michelle, President and Board Co-Chair, executed 19 separate sales over three trading days (September 23–25, 2025) totaling 76,923 shares for $16,849,791.83, reducing her position from 91,498 shares to 14,575 shares. The blended average transaction price of $219.05 is slightly above the current market price of $218.20 and within 4.4% of the 52-week high of $228.28. While the magnitude of the reduction is substantial, the FLAG notation indicates this filing involves conversion of derivative securities whose full position detail resides in Form 4 Table II (not yet populated in the database), meaning her reported 14,575 post-transaction holdings do not represent her total stake. Her five most recent same-ticker sales at NET (August 22–25) posted 30-day returns ranging from +10.8% to +17.0%, suggesting stock strength around sale events; however, 90-day outcome data is not yet measurable for those trades. The company remains unprofitable (net income of -$50.4M in the latest quarter) despite strong annual revenue growth of +28.8%, adding context to the transaction timing.