Prince Matthew, CEO and Board Co-Chair of Cloudflare (NET), has filed 500 Form 4 transactions across the company, with a pronounced sell-side bias. His total open-market sales amount to roughly $469.3 million, while he has recorded zero open-market purchases and no acquisitions during the reporting period. The most recent activity, clustered on August 5, 2026, shows 24 sell transactions in NET, ranging from approximately $69,866 to $2.96 million per trade, with several mid-sized dispositions between $100,000 and $850,000. A single conversion transaction (code C) with a $0 value also appears on that date, though it does not alter the overall cash-out pattern.
The August 5 cluster alone accounts for a substantial portion of the recent selling, with individual trades totaling over $1 million in several instances, including a $2.96 million sale and a $2.24 million sale. Smaller sales, such as those at $92,978 and $102,144, suggest a systematic approach to liquidation rather than a one-off event. Across the entire filing history, the absence of any P (purchase) or A (grant) transactions indicates that Matthew has not added to his position through open-market buys or compensatory awards, reinforcing a consistent divestment trend.
This pattern is notable for its concentration: all activity is in a single ticker, NET, and the selling is heavily weighted toward recent dates. While the data does not indicate the reasons behind the transactions, the scale—nearly half a billion dollars in sales—combined with zero buys, presents a clear directional signal. The lack of any acquisition activity, even through option exercises or grants, further underscores that Matthew’s Form 4 filings reflect a sustained reduction in his Cloudflare holdings.
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