Cloudflare director plans $8.8M stock sale

Cloudflare director Carl Ledbetter filed a Rule 144 notice to sell 25,000 NET shares, following three recent 5,000-share sales in mid-2026.

Rhea-AI Filing Summary

Cloudflare, Inc. (NET) director Carl Ledbetter filed a Rule 144 notice for a planned sale of 25,000 shares of Cloudflare common stock through broker Stifel Nicolaus & Company Inc. The filing lists an aggregate market value of $8,828,753, with the approximate sale date of September 22, 2026 and 322,618,775 shares outstanding of this class.

Ledbetter also reports three prior sales of 5,000 shares each on July 7, 2026, August 6, 2026, and September 14, 2026, with reported values of $1,340,547, $1,409,910, and $1,765,750.50, respectively. The securities to be sold are tied to Restricted Stock Units originally acquired on November 10, 2009.

Key Figures

Shares to be sold: 25,000 shares Aggregate market value of planned sale: $8,828,753 Shares outstanding: 322,618,775 shares +4 more

7 metrics

Shares to be sold 25,000 shares Planned sale of Cloudflare common stock under Rule 144

Aggregate market value of planned sale $8,828,753 Estimated value of 25,000 shares to be sold

Shares outstanding 322,618,775 shares Cloudflare common stock outstanding for this class

Approximate sale date September 22, 2026 Planned timing of the Rule 144 sale

Sale on July 7, 2026 5,000 shares; $1,340,547 Common stock sold by Carl Ledbetter during past 3 months

Sale on August 6, 2026 5,000 shares; $1,409,910 Common stock sold by Carl Ledbetter during past 3 months

Sale on September 14, 2026 5,000 shares; $1,765,750.50 Common stock sold by Carl Ledbetter during past 3 months

Key Terms

Rule 144, Restricted Stock Units, aggregate market value

3 terms

Rule 144 regulatory

"See the definition of "person" in paragraph (a) of Rule 144."

Rule 144 is a U.S. securities regulation that sets conditions under which restricted or insider-held shares can be legally resold to the public, such as required holding periods, availability of public information, limits on how much can be sold at once, and certain filing requirements. For investors it matters because it determines when previously locked-up shares can enter the market — like a release valve that can increase supply, affect share price, and signal insider intent.

Restricted Stock Units financial

"Common Stock | 11/10/2009 | Restricted Stock Units | Issuer"

Restricted stock units are a type of company reward where employees are promised shares of stock, but they only fully own these shares after meeting certain conditions, like staying with the company for a set time. They matter because they can become valuable assets and are often used to motivate employees to help the company succeed.

aggregate market value financial

"Common Stock | Stifel Nicolaus & Company Inc ... | 25000 | 8828753.00"

Aggregate market value is the combined price you would pay to buy all outstanding shares of a company or all companies in a group at current market prices — essentially the sum of each stock’s market capitalization. It matters to investors because it shows the overall size and weight of an investment or sector (like the total cost to buy every piece of a puzzle), helps compare scale across companies or markets, and influences index composition and risk exposure.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What is Cloudflare (NET) insider Carl Ledbetter planning to sell under this Form 144?

Carl Ledbetter filed to sell 25,000 shares of Cloudflare common stock under Rule 144. The filing shows an aggregate market value of $8,828,753 for these shares, with an approximate sale date of September 22, 2026 on the Nasdaq market.

Which broker is handling the planned Cloudflare (NET) share sale for Carl Ledbetter?

The notice states that the planned sale of 25,000 Cloudflare common shares will be handled by Stifel Nicolaus & Company Inc., located in St. Louis, Missouri. The shares are expected to be sold on the Nasdaq exchange.

How many Cloudflare (NET) shares are outstanding according to this Form 144?

The filing reports that 322,618,775 shares of the relevant class of Cloudflare common stock were outstanding at the time referenced. This figure is provided as context for the planned sale under Rule 144.

What recent Cloudflare (NET) stock sales has Carl Ledbetter reported in the last three months?

Carl Ledbetter reports three sales of 5,000 Cloudflare shares each on July 7, 2026, August 6, 2026, and September 14, 2026, with stated values of $1,340,547, $1,409,910, and $1,765,750.50, respectively.

What is the origin of the Cloudflare (NET) securities being sold in this Form 144?

The filing describes the securities to be sold as Common Stock acquired through Restricted Stock Units from the issuer, with an acquisition date of November 10, 2009. The consideration listed for this acquisition is cash.

Does this Cloudflare (NET) Form 144 confirm that the 25,000 shares have already been sold?

No. The Form 144 gives notice of an intended sale of 25,000 shares and lists an approximate sale date of September 22, 2026. It is a notice of proposed disposition under Rule 144, not a confirmation of completed sales.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Available on EDGAR 09/22/2026 - 04:02 PM Accepted by SEC EDGAR 09/22/2026 - 04:01 PM Learn about SEC filing dates

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	0001366574
Filer CCC	XXXXXXXX
Is this a LIVE or TEST Filing?	LIVE TEST
Submission Contact Information
Name
Phone
E-Mail Address

144: Issuer Information

Name of Issuer	Cloudflare, Inc.
SEC File Number	001-39039
Address of Issuer	101 TOWNSEND ST. SAN FRANCISCO CALIFORNIA 94107
Phone	888.993.5273
Name of Person for Whose Account the Securities are To Be Sold	Ledbetter Carl
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	Director

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 Stock	Stifel Nicolaus & Company Inc 501 N Broadway St. Louis MO 63102	25000	8828753.00	322618775	09/22/2026	Nasdaq

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 Stock	11/10/2009	Restricted Stock Units	Issuer			25000	11/10/2009	Cash

* 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
Carl Ledbetter 101 TOWNSEND ST. SAN FRANCISCO CA 94107	Common Stock	07/07/2026	5000	1340547.00
Carl Ledbetter 101 TOWNSEND ST. SAN FRANCISCO CA 94107	Common Stock	08/06/2026	5000	1409910.00
Carl Ledbetter 101 TOWNSEND ST. SAN FRANCISCO CA 94107	Common Stock	09/14/2026	5000	1765750.50

144: Remarks and Signature

Remarks
Date of Notice	09/22/2026
Date of Plan Adoption or Giving of Instruction, If Relying on Rule 10b5-1	02/25/2026
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	/s/ Azad Daswani, as a duly authorized representative of STIFEL, as attorney-in-fact for Carl Ledbetter
ATTENTION: Intentional misstatements or omission of facts constitute Federal Criminal Violations (See 18 U.S.C. 1001)