A Form 4 filed with the SEC on September 15, 2026, reports that Carl Ledbetter, a director of Cloudflare, Inc. (NYSE:NET), sold a total of 5,000 shares of Class A Common Stock on September 14, 2026, through a Rule 10b5-1 trading plan.

Key Highlights

  • Reporting person: Carl Ledbetter, identified as a Director of Cloudflare, Inc.
  • Total shares sold: 5,000 shares of Class A Common Stock disposed of across four separate transactions on September 14, 2026.
  • Sale prices: Weighted average prices ranged from $309.5067 to $313.7096 per share across the four transactions.
  • Remaining indirect ownership: Following the reported sales, 878,073 shares are beneficially owned indirectly.
  • Holding structure: Shares are held of record by the Carl S. Ledbetter Trust dated February 14, 2020, for which Ledbetter serves as trustee.
  • Trading plan: Sales were made pursuant to a Rule 10b5-1 trading plan adopted by the reporting person on February 25, 2026.

Ledbetter's Four-Tranche Sale and Trust Ownership Details

According to the filing, Carl Ledbetter disposed of Class A Common Stock in four separate tranches on September 14, 2026. The first tranche involved 960 shares sold at a weighted average price of $309.5067, with individual transaction prices ranging from $309.26 to $310.11. The second tranche covered 440 shares at a weighted average of $310.5405, with prices ranging from $310.50 to $310.59.

The third tranche consisted of 2,400 shares at a weighted average price of $312.8599, with prices ranging from $312.30 to $313.29. The fourth tranche involved 1,200 shares at a weighted average of $313.7096, with prices ranging from $313.475 to $313.865. The filing notes that all four transaction prices are weighted averages, and the reporting person has undertaken to provide full per-share transaction detail upon request to the issuer, any security holder, or SEC staff.

All shares reported as indirectly owned are held of record by the Carl S. Ledbetter Trust dated February 14, 2020, with Ledbetter serving as trustee. The filing also reports a separate direct holding of 20,441 shares of Class A Common Stock, with no transaction date or code listed for that position. The filing was signed on September 15, 2026, by Charlotte Bowe, acting by power of attorney. A box on the form is checked indicating the transactions were made pursuant to a Rule 10b5-1(c) plan adopted February 25, 2026.

What Was Disclosed

Cloudflare director Carl Ledbetter reported the sale of 5,000 shares of Class A Common Stock on September 14, 2026, held through a family trust, under a pre-established Rule 10b5-1 trading plan. Indirect beneficial ownership following the transactions stood at 878,073 shares.