Atlassian CEO Michael Cannon-Brookes sells $1.5 million in stock

SAN FRANCISCO—Michael Cannon-Brookes, CEO and Co-Founder of Atlassian Corp (NASDAQ:TEAM), recently sold a substantial amount of his company's stock. According to a recent filing with the Securities and Exchange Commission, Cannon-Brookes sold a total of 8,298 shares of Atlassian's Class A Common Stock on April 4, 2025. The sales were executed at prices ranging from $182.39 to $193.08 per share, amounting to a total transaction value of approximately $1.5 million. The sale comes as the stock has experienced significant volatility, with shares down about 12% over the past week and 23% year-to-date.

The shares were sold indirectly by a trust, CBC Co Pty Limited, as trustee for the Cannon-Brookes Head Trust. Following these transactions, Cannon-Brookes still holds 341,764 shares indirectly through the trust.

These transactions were conducted under a pre-arranged trading plan established on February 8, 2024, allowing Cannon-Brookes to sell shares systematically over time. This method is commonly used by executives to avoid any potential market manipulation concerns.

Atlassian Corp, headquartered in San Francisco, is a leading provider of collaboration software for teams and is well-known for its products such as Jira and Confluence. The company, currently valued at nearly $49 billion, has maintained strong revenue growth of 23% year-over-year and is scheduled to report its next earnings on May 1, 2025.

In other recent news, Atlassian Corporation reported strong financial results for Q4 2024, surpassing both earnings and revenue expectations. The company posted an earnings per share (EPS) of $0.96, significantly beating the forecasted $0.62, while revenue reached $1.29 billion, exceeding the anticipated $1.23 billion. This impressive performance was driven by a 30% year-over-year growth in subscription revenue, contributing to improved gross margins of 85%. Meanwhile, UBS adjusted its price target for Atlassian from $330 to $230, maintaining a Neutral rating, citing stringent budget scrutiny and modest seat expansion rates as factors influencing the reassessment. Stephens initiated coverage with an Equal Weight rating and a price target of $255, highlighting Atlassian's broad market reach and anticipated growth. KeyBanc maintained its Overweight rating with a $365 price target, emphasizing the company's strong performance metrics and potential growth drivers. These developments reflect a cautious yet optimistic outlook from analysts, as Atlassian continues to navigate the current economic landscape.

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