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Michael Cannon-Brookes, CEO and Co-Founder of Atlassian Corp (NASDAQ:TEAM), recently sold a significant portion of his holdings in the company. According to a recent SEC filing, Cannon-Brookes disposed of shares totaling approximately $1.82 million. The transactions, executed on March 19, were carried out at prices ranging from $221.04 to $232.84 per share. The sale comes as Atlassian maintains impressive gross profit margins of 82% and has seen its stock surge nearly 39% over the past six months, according to InvestingPro data.
Following these sales, Cannon-Brookes retains ownership of 63,584 shares, held indirectly through a trust. The stock sales were conducted under a pre-arranged trading plan adopted on February 8, 2024, as part of a Rule 10b5-1 plan. With a market capitalization of $59.4 billion and current InvestingPro analysis indicating the stock is trading above its Fair Value, investors can access comprehensive insider trading patterns and 10+ additional ProTips through InvestingPro’s detailed research reports.
In other recent news, Atlassian Corporation reported its Q4 2024 financial results, significantly surpassing market expectations. The company achieved earnings per share of $0.96, outperforming the projected $0.62, and reported revenue of $1.29 billion, exceeding the forecasted $1.23 billion. Atlassian’s subscription revenue saw a notable 30% year-over-year growth, contributing to the company’s strong performance. The earnings announcement highlighted an improvement in gross margins to 85%, up by 100 basis points from the previous year.
In other developments, KeyBanc Capital Markets maintained its Overweight rating on Atlassian with a price target of $365, citing an attractive risk/reward balance despite recent market volatility. Analyst Jason Celino emphasized Atlassian’s strong performance metrics and potential near-term growth drivers. Meanwhile, Stephens initiated coverage on Atlassian with an Equal Weight rating and a price target of $255, highlighting the company’s broad Total (EPA:TTEF) Addressable Market and competitive advantages.
These recent developments reflect a period of significant activity for Atlassian, with analysts expressing varied perspectives on the company’s valuation and growth potential. As the market continues to digest these updates, investors will likely consider these insights when evaluating Atlassian’s position in the enterprise software market.
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