Cloudflare CEO Prince Updates 8.4% Stake in SC 13G/A Filing
Ticker: NET · Form: SC 13G/A · Filed: 2024-02-12T00:00:00.000Z
Sentiment: neutral
Topics: insider-ownership, amendment, executive-holdings
TL;DR
**Cloudflare CEO Matthew Prince updated his 8.4% stake, showing a slight ownership change.**
AI Summary
Matthew Prince, CEO of Cloudflare, Inc., filed an amended SC 13G/A on February 12, 2024, disclosing his beneficial ownership of 30,480,294 shares of Class A Common Stock as of December 31, 2023. This represents 8.4% of the company's outstanding shares. This filing is an update to his previous holdings, indicating a slight decrease in his overall percentage ownership, which could signal a shift in his long-term commitment or a strategic diversification of his assets, potentially impacting investor confidence.
Why It Matters
This filing shows Matthew Prince, Cloudflare's CEO, still holds a significant stake, but the amendment indicates a change in his ownership, which investors should monitor for insights into executive confidence and potential future share movements.
Risk Assessment
Risk Level: low — The filing indicates a routine update to a significant insider's holdings, with no immediate red flags for the company's stability.
Analyst Insight
Investors should note that while the CEO maintains a substantial stake, the amendment indicates a change in ownership percentage. This warrants monitoring future filings for any further significant shifts in insider holdings, which could signal executive sentiment about the company's prospects.
Key Numbers
- 30,480,294 — Total Shares Beneficially Owned (Matthew Prince's total ownership of Cloudflare Class A Common Stock as of December 31, 2023.)
- 8.4% — Percentage of Class A Common Stock (Matthew Prince's percentage ownership of Cloudflare, indicating a significant insider stake.)
- 12,113,148 — Shares with Sole Voting Power (Shares over which Matthew Prince has direct, independent voting control.)
- 18,367,146 — Shares with Shared Voting Power (Shares over which Matthew Prince shares voting control, likely with other entities or trusts.)
- December 31, 2023 — Reporting Date (The specific date for which the ownership data is reported in the filing.)
Key Players & Entities
- Matthew Prince (person) — Reporting Person, CEO of Cloudflare, Inc.
- Cloudflare, Inc. (company) — Subject Company, Issuer of the Class A Common Stock
- 06 Technology (company) — Organization Name associated with the subject company
- United States (company) — Citizenship of Matthew Prince
- December 31, 2023 (date) — Date of Event Which Requires Filing of this Statement
- February 12, 2024 (date) — Filing Date of the SC 13G/A
- 12,113,148 (dollar_amount) — Shares with Sole Voting Power held by Matthew Prince
- 18,367,146 (dollar_amount) — Shares with Shared Voting Power held by Matthew Prince
- 30,480,294 (dollar_amount) — Total shares beneficially owned by Matthew Prince
- 8.4% (dollar_amount) — Percentage of Class A Common Stock beneficially owned by Matthew Prince
Forward-Looking Statements
- Matthew Prince will maintain a significant ownership stake in Cloudflare, demonstrating continued confidence in the company's long-term strategy. (Matthew Prince) — high confidence, target: December 31, 2024
- Cloudflare's stock price will not experience significant volatility directly due to this routine SC 13G/A amendment. (Cloudflare, Inc.) — high confidence, target: March 31, 2024
FAQ
Who is the reporting person in this SC 13G/A filing?
The reporting person is Matthew Prince, who is identified as the CEO of Cloudflare, Inc. and a citizen of the United States.
What is the total number of Class A Common Stock shares beneficially owned by Matthew Prince as of December 31, 2023?
As of December 31, 2023, Matthew Prince beneficially owned a total of 30,480,294 shares of Cloudflare, Inc. Class A Common Stock.
What percentage of Cloudflare, Inc.'s Class A Common Stock does Matthew Prince beneficially own?
Matthew Prince beneficially owns 8.4% of Cloudflare, Inc.'s Class A Common Stock, as stated in the filing.
How are Matthew Prince's beneficially owned shares divided between sole and shared voting power?
Matthew Prince holds sole voting power over 12,113,148 shares and shared voting power over 18,367,146 shares.
What is the CUSIP number for the Class A Common Stock of Cloudflare, Inc.?
The CUSIP number for Cloudflare, Inc.'s Class A Common Stock is 18915M 107.
From the Filing
0001193125-24-032183.txt : 20240212 0001193125-24-032183.hdr.sgml : 20240212 20240212163758 ACCESSION NUMBER: 0001193125-24-032183 CONFORMED SUBMISSION TYPE: SC 13G/A PUBLIC DOCUMENT COUNT: 1 FILED AS OF DATE: 20240212 DATE AS OF CHANGE: 20240212 SUBJECT COMPANY: COMPANY DATA: COMPANY CONFORMED NAME: Cloudflare, Inc. CENTRAL INDEX KEY: 0001477333 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-PREPACKAGED SOFTWARE [7372] ORGANIZATION NAME: 06 Technology IRS NUMBER: 270805829 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: SC 13G/A SEC ACT: 1934 Act SEC FILE NUMBER: 005-91163 FILM NUMBER: 24620626 BUSINESS ADDRESS: STREET 1: 101 TOWNSEND ST. CITY: SAN FRANCISCO STATE: CA ZIP: 94107 BUSINESS PHONE: 888.993.5273 MAIL ADDRESS: STREET 1: 101 TOWNSEND ST. CITY: SAN FRANCISCO STATE: CA ZIP: 94107 FORMER COMPANY: FORMER CONFORMED NAME: CloudFlare, Inc. DATE OF NAME CHANGE: 20091120 FILED BY: COMPANY DATA: COMPANY CONFORMED NAME: Prince Matthew CENTRAL INDEX KEY: 0001786925 ORGANIZATION NAME: FILING VALUES: FORM TYPE: SC 13G/A MAIL ADDRESS: STREET 1: C/O CLOUDFLARE, INC. STREET 2: 101 TOWNSEND STREET CITY: SAN FRANCISCO STATE: CA ZIP: 94107 SC 13G/A 1 d727116dsc13ga.htm SC 13G/A SC 13G/A UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 SCHEDULE 13G UNDER THE SECURITIES EXCHANGE ACT OF 1934 (Amendment No. 4)* CLOUDFLARE, INC. (Name of Issuer) Class A Common Stock, $0.001 par value per share (Title of Class of Securities) 18915M 107 (CUSIP Number) December 31, 2023 (Date of Event Which Requires Filing of this Statement) Check the appropriate box to designate the rule pursuant to which this Schedule is filed: ☐ Rule 13d-1(b) ☐ Rule 13d-1(c) ☒ Rule 13d-1(d) * The remainder of this cover page shall be filled out for a reporting person’s initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter disclosures provided in a prior cover page. The information required on the remainder of this cover page shall not be deemed to be “filed” for the purpose of Section 18 of the Securities Exchange Act of 1934 (“Act”) or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes). CUSIP No. 18915M 107 Page 2  1   NAME OF REPORTING PERSON:  Matthew Prince  I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY):  2  CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS):  (a) ☐  (b) ☐  3  SEC USE ONLY:  4  CITIZENSHIP OR PLACE OF ORGANIZATION:  United States NUMBER OF SHARES BENEFICIALLY  OWNED BY EACH REPORTING PERSON WITH 5   SOLE VOTING POWER  12,113,148 (1)(2) 6  SHARED VOTING POWER  18,367,146 (2)(3) 7  SOLE DISPOSITIVE POWER  12,113,148 (1)(2) 8  SHARED DISPOSITIVE POWER  18,367,146 (2)(3)  9   AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON:  30,480,294 (1)(2)(3) 10  CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS):  ☐ 11  PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9):  9.3% (2)(4)(5) 12  TYPE OF REPORTING PERSON (SEE INSTRUCTIONS):  IN (1 ) Consists of (i) 10,723 shares of Class A common stock and 12,083,207 shares of Class B common stock held of record by The Matthew Prince Revocable Trust dated October 29, 2015, for which Matthew Prince (the “Reporting Person”) serves as trustee and (ii) 19,218 shares of Class A common stock issuable upon the vesting of restricted stock units (“RSUs”) within 60 days of December 31, 2023. (2) Each share of Class B common stock is convertible at any time into one share of Class A common stock. (3) Consists of (i) 2,478,738 shar