Zatlyn Michelle, president and board co-chair of Cloudflare (NET), has filed 301 Form 4 transactions across two companies with a total sell value of $276.6 million and zero buy value. The pattern is one-sided: no open-market purchases, no acquired shares with cash, and no grants coded as compensation awards in the data. Every recent trade for NET is either an option exercise (code M), a conversion of a derivative (code C), or an open-market sale (code S). Those exercises and conversions carry a reported value of zero, meaning the cash activity that matters is entirely on the sell side.
The most recent cluster, dated September 8, 2026, shows eight separate sale transactions on NET with individual values between roughly $383,000 and $4.17 million. Together with sales on September 4 and September 3, the daily totals exceed $9 million on the fourth, $9.2 million on the third, and about $9 million on the eighth. A smaller sale on August 21, 2026, was valued at $25,317.90)Skip pattern of value; the sale is small enough to be a rounding matter. The two-day gap between the September 3 and September 4 sales suggests scheduled or mechanically driven selling, not a single block dump. No code P appears anywhere in the recent trades, so there is no open-market buying to offset the outflow.
The aggregate figure of $276.6 million in sales over 301 filings, with no buys, describes a holder who is consistently liquidating equity in NET. The transactions are frequent and layered, with multiple S codes per filing date. That structure is consistent with a pre-arranged or staggered sell program, though the filings themselves do not state a plan. The absence of any purchase code in the entire record makes the direction unambiguous.
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