[Form 4] Walmart Inc. Insider Trading Activity

Rhea-AI Filing Summary

Cloudflare, Inc. (NET) filed a Form 4 reporting that director Carl S. Ledbetter sold an aggregate 15,000 Class A shares on 30-Jun-2025 under a previously adopted Rule 10b5-1 trading plan dated 14-Feb-2025. Sale prices were executed in four tranches ranging from $192.64 – $195.93 per share, generating an average consideration of roughly $194 per share.

Following the disposition, Ledbetter continues to hold 1,058,073 Class A shares indirectly through the Carl S. Ledbetter Trust, plus an additional 19,599 shares held directly. The transactions represent less than 1.5% of his reported beneficial ownership and are immaterial relative to Cloudflare’s total shares outstanding.

No derivative securities were transacted, and there are no indications of changes to employment status, company strategy, or financial guidance. The filing is a routine insider-selling disclosure with limited market impact.

Positive

• Sale conducted under a Rule 10b5-1 plan, indicating pre-arranged, compliance-oriented trading rather than opportunistic selling.
• Insider retains over 1.05 million shares, maintaining substantial equity alignment with shareholders.

Negative

• 15,000 shares were sold by a board member, which some investors may interpret as a mild negative sentiment signal.

Insights

Securities Analyst

TL;DR: Director sold 15k NET shares under a 10b5-1 plan; small vs. 1.08 m share stake—neutral market impact.

Ledbetter’s 15,000-share sale, executed via a pre-set 10b5-1 plan, equates to roughly 1.4% of his holdings and under 0.01% of NET’s float. Such planned sales typically signal portfolio diversification rather than a strategic view on fundamentals. Retention of over one million shares maintains strong alignment with shareholders. Given the insignificant size and pre-arranged nature, I classify the filing as non-impactful for valuation or sentiment. Investors should monitor for unusual, larger-scale insider activity but this particular disclosure does not alter the investment thesis.

07/01/2025 - 06:14 PM

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

MAYER MARISSA A

(Last) (First) (Middle)

1 CUSTOMER DRIVE

(Street)

BENTONVILLE AR 72716

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
Walmart Inc. [ WMT ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
	Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
06/30/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common	06/30/2025		A		267(1)	A	$0	129,052.6972	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

1. Represents quarterly director compensation, which the Reporting Person elected to defer in the form of stock units. The number of stock units was determined using the closing price of the Issuer's common stock on the date of grant.

	/s/ Geoffrey W. Edwards, by power of attorney	07/01/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

How many Cloudflare (NET) shares did Director Carl Ledbetter sell?

He sold a total of 15,000 Class A shares on 30-Jun-2025.

At what price range were the NET shares sold?

The weighted-average prices ranged from $192.64 to $195.93 per share.

Does the director still hold Cloudflare stock after the sale?

Yes. He continues to own 1,058,073 shares indirectly via a trust and 19,599 shares directly.

Was the sale part of a 10b5-1 trading plan?

Yes. The Form 4 specifies the sales were made under a Rule 10b5-1 plan adopted on 14-Feb-2025.

Is this insider transaction material to Cloudflare investors?

Given the small size relative to both the insider’s holdings and NET’s float, the filing is generally viewed as not materially impactful.