Thomas J. Seifert, chief financial officer of Cloudflare, has filed 166 Form 4 transactions across two companies, with a clear and consistent selling bias. His total open-market sales reached $85.98 million, while he recorded zero open-market purchases. The only acquisition value on file, $9,999.78, came from a grant or award, which is compensation rather than a conviction buy. The pattern holds in recent activity: 17 sales in the latest period and no buys.
The recent trades all involve Cloudflare (NET) and cluster around monthly option exercises and same-day sales. On September 17, 2026, Seifert exercised options with no reported value and sold shares in eight separate transactions totaling $2.99 million. The individual sales ranged from $31,890 to $878,080. A week earlier, on September 15, he had $963,365 in shares withheld to cover taxes, an automatic event tied to vesting. The August cycle followed the same shape: an option exercise on August 17, followed by seven sales worth $3.07 million, plus a tax-withholding event of $929,656 on August 15.
The largest single transaction came on August 4, 2026, when Seifert sold $16.17 million of NET stock. That sale followed an option exercise valued at $2.46 million on the same date. The recurring sequence, exercise then sell, is mechanical in nature. The sales are open-market dispositions, but they are paired with option exercises and tax withholdings, which means the cash proceeds are not purely discretionary. The data shows a CFO who regularly converts vested options into cash, with no recent open-market buying to offset the outflow.
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