Cloudflare, Inc. (NYSE:NET) director Carl Ledbetter has sold a significant portion of his holdings in the company, according to a recent filing with the Securities and Exchange Commission. The transactions, which took place on April 24, 2024, involved the sale of a total of 10,015 shares of Class A Common Stock, resulting in proceeds exceeding $890,000.
The stock was sold in two separate transactions with prices ranging from $88.34 to $89.605. The first transaction involved 5,334 shares with a weighted average price of $88.8781, while the second transaction included 4,681 shares sold at an average price of $89.486. These sales were executed under a Rule 10b5-1 trading plan, which was adopted by Ledbetter on February 28, 2023.
Following these transactions, Ledbetter's direct holdings in Cloudflare have decreased, but he still indirectly holds a substantial number of shares through the Carl S. Ledbetter Trust, for which he serves as a trustee. The trust retained 1,204,815 shares after the reported sales.
Investors often keep a close eye on insider transactions as they may provide insights into the company's performance and future prospects. Cloudflare, known for its services in prepackaged software, has been a notable player in the tech industry, and movements in its stock are closely monitored by the market.
The recent filing provides detailed information about the executed sales and reaffirms the transparency expected from corporate executives and directors regarding their dealings in company stock.
InvestingPro Insights
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