[144] Cloudflare, Inc. Class A common stock, par value $0.001 per share SEC Filing

Rhea-AI Filing Summary

Form 144 notice for Cloudflare, Inc. (NET) shows a proposed sale of 3,000 shares of Class A common stock through Morgan Stanley Smith Barney on the NYSE with an aggregate market value reported as $606,304.20 and approximately 348,481,587 shares outstanding. The filer records the 3,000 shares were acquired as restricted stock from the issuer on 11/15/2023 with payment noted as of that date. The filing also discloses prior sales by the same person in the past three months: 3,000 shares sold on 08/01/2025 for $594,663.00 and 9,000 shares sold on 07/01/2025 for $1,764,814.50. The form includes the standard Rule 144 attestation regarding no undisclosed material adverse information.

Positive

• Compliance disclosure: The filer used Form 144 to disclose the proposed sale under Rule 144, including broker and exchange details.
• Acquisition clarity: The 3,000 shares to be sold were acquired as restricted stock from the issuer on 11/15/2023, clearly disclosed.

Negative

• Insider selling activity: The filer sold 12,000 shares across July–August 2025 (9,000 and 3,000), generating combined gross proceeds of $2,359,477.50.
• Concentration of recent sales: Multiple sales in a short period are disclosed, which may be noteworthy to investors monitoring insider liquidity.

Insights

Securities Analyst

TL;DR: Insider disclosed orderly Rule 144 sales totaling 12,000 shares across July–September 2025; recent 3,000-share notice filed through Morgan Stanley.

The filing documents a proposed sale under Rule 144 of 3,000 Class A shares executed via Morgan Stanley Smith Barney on the NYSE with an aggregate market value of $606,304.20. The 3,000 shares were acquired as restricted stock on 11/15/2023. The filer also reported two completed transactions in July and August 2025 totaling 12,000 shares sold for combined gross proceeds of $2,359,477.50. From a trading-impact perspective this is a disclosure of insider liquidity rather than corporate operational news; the form confirms compliance with Rule 144 disclosure requirements.

Corporate Governance Expert

TL;DR: The filing is a routine insider disclosure complying with Rule 144; it contains no express statement of material nonpublic information.

The filer certifies absence of material nonpublic information and provides acquisition details showing the shares were restricted stock issued by the company on 11/15/2023. The filing identifies the broker and exchange for the proposed sale and lists two recent sales in the prior three months with explicit gross proceeds. This documentation supports transparency on insider sales but does not convey corporate governance changes or new board/executive actions.

Form 144 Filer Information	UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 144 NOTICE OF PROPOSED SALE OF SECURITIES PURSUANT TO RULE 144 UNDER THE SECURITIES ACT OF 1933
FORM 144

144: Filer Information

Filer CIK
Filer CCC
Is this a LIVE or TEST Filing?	LIVE TEST
Submission Contact Information
Name
Phone
E-Mail Address

144: Issuer Information

Name of Issuer

SEC File Number

Address of Issuer

Phone

Name of Person for Whose Account the Securities are To Be Sold

See the definition of "person" in paragraph (a) of Rule 144. Information is to be given not only as to the person for whose account the securities are to be sold but also as to all other persons included in that definition. In addition, information shall be given as to sales by all persons whose sales are required by paragraph (e) of Rule 144 to be aggregated with sales for the account of the person filing this notice.

Relationship to Issuer

144: Securities Information

Title of the Class of Securities To Be Sold	Name and Address of the Broker	Number of Shares or Other Units To Be Sold	Aggregate Market Value	Number of Shares or Other Units Outstanding	Approximate Date of Sale	Name the Securities Exchange
Common	Morgan Stanley Smith Barney LLC Executive Financial Services 1 New York Plaza 8th Floor New York NY 10004	3000	606304.20	348481587	09/02/2025	NYSE

Furnish the following information with respect to the acquisition of the securities to be sold and with respect to the payment of all or any part of the purchase price or other consideration therefor:

144: Securities To Be Sold

Title of the Class	Date you Acquired	Nature of Acquisition Transaction	Name of Person from Whom Acquired	Is this a Gift?	Date Donor Acquired	Amount of Securities Acquired	Date of Payment	Nature of Payment *
Common	11/15/2023	Restricted Stock	Issuer			3000	11/15/2023	Not Applicable

* If the securities were purchased and full payment therefor was not made in cash at the time of purchase, explain in the table or in a note thereto the nature of the consideration given. If the consideration consisted of any note or other obligation, or if payment was made in installments describe the arrangement and state when the note or other obligation was discharged in full or the last installment paid.

Furnish the following information as to all securities of the issuer sold during the past 3 months by the person for whose account the securities are to be sold.

144: Securities Sold During The Past 3 Months

Name and Address of Seller	Title of Securities Sold	Date of Sale	Amount of Securities Sold	Gross Proceeds
DOUGLAS KRAMER 101 TOWNSEND ST. SAN FRANCISCO CA 94107	Common	08/01/2025	3000	594663.00
DOUGLAS KRAMER 101 TOWNSEND ST. SAN FRANCISCO CA 94107	Common	07/01/2025	9000	1764814.50

144: Remarks and Signature

Remarks

Date of Notice

Date of Plan Adoption or Giving of Instruction, If Relying on Rule 10b5-1

ATTENTION:

The person for whose account the securities to which this notice relates are to be sold hereby represents by signing this notice that he does not know any material adverse information in regard to the current and prospective operations of the Issuer of the securities to be sold which has not been publicly disclosed. If such person has adopted a written trading plan or given trading instructions to satisfy Rule 10b5-1 under the Exchange Act, by signing the form and indicating the date that the plan was adopted or the instruction given, that person makes such representation as of the plan adoption or instruction date.

Signature

ATTENTION: Intentional misstatements or omission of facts constitute Federal Criminal Violations (See 18 U.S.C. 1001)

FAQ

What did the Form 144 filed for Cloudflare (NET) disclose?

The Form 144 discloses a proposed sale of 3,000 Class A shares via Morgan Stanley on the NYSE with an aggregate market value of $606,304.20.

When were the 3,000 shares to be sold by NET filer acquired?

The 3,000 shares were acquired as restricted stock from the issuer on 11/15/2023 with payment noted the same date.

Has the filer sold NET shares recently and for how much?

Yes. The filer sold 9,000 shares on 07/01/2025 for $1,764,814.50 and 3,000 shares on 08/01/2025 for $594,663.00.

Through which broker and exchange is the proposed NET sale being executed?

The proposed sale is to be executed through Morgan Stanley Smith Barney LLC on the NYSE.

Does the Form 144 indicate any undisclosed material information about NET?

The filer represents by signing the notice that they do not know of any material adverse information about the issuer that has not been publicly disclosed.