Zatlyn Michelle, President and Board Co-Chair of Cloudflare, has filed 325 Form 4 transactions across two companies. The aggregate picture is one-sided: her total sell value is $311,838,967.89, and her total buy value is zero. She has made no open-market purchases in the recent window, while logging 20 open-market sales. The transaction codes in her recent filings are dominated by S (open-market sale), with M (option exercise) and C (conversion) appearing as mechanical precursors to those sales.
The recent activity clusters around Cloudflare (NET) in early October 2026. On October 5, she executed seven sales worth roughly $10.4 million, with individual values ranging from $55,900.29 to $2,418,778.88. October 6 brought six sales totaling about $12.1 million, the largest being $3,362,221.76. October 7 saw seven sales worth approximately $11.5 million, topped by a $3,132,453.74 transaction. Across the three days, the sales total near $34 million. Each day also includes M and C entries valued at zero, consistent with option exercises and derivative conversions that feed the shares sold.
The pattern is consistent with a compensation cycle: option exercises followed by same-day sales. There is no buying bias in the record. The only code that would show conviction buying, P, does not appear in her recent trades. Her sales are large, frequent, and concentrated in NET, and the direction has been uniformly toward reducing her position.
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