Zatlyn Michelle, President and Board Co-Chair, has demonstrated a consistent selling bias in her insider transactions, with no recorded purchases across her 184 trades involving two companies. Her activity is concentrated in Cloudflare, Inc. (NET), where recent filings show 16 sales between February 20 and March 5, 2026, totaling approximately $15.3 million. The transactions ranged from smaller dispositions like $151,759 on March 3 to multimillion-dollar sales, including a $3.05 million trade the same day and a $2.29 million sale on February 23. The March 5 filings alone accounted for four separate sales exceeding $1 million each, with the largest being a $1.86 million transaction.
Michelle’s trading pattern reveals a methodical approach to reducing her position, with sales executed across multiple days and varying amounts. Notably, all transactions were classified as open-market sales (code S), with no derivative exercises or option-related activity indicated in the filings. The absence of any buy transactions—both in her recent activity and historical record—suggests a sustained disposition strategy rather than portfolio rebalancing. While the sales represent a significant reduction in her NET holdings, the filings do not indicate whether these transactions represent the entirety of her position in the company. The consistency in both frequency and dollar volume points to a structured divestment plan rather than opportunistic selling.
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