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Michael Cannon-Brookes, CEO and Co-Founder of Atlassian Corp (NASDAQ:TEAM), has sold a significant portion of his Class A Common Stock holdings. According to a recent SEC filing, Cannon-Brookes sold shares totaling approximately $1.6 million on April 14, 2025. The sales were executed at prices ranging from $199.38 to $209.93 per share, with the stock showing strong momentum, up 9.33% in the past week. InvestingPro analysis indicates the stock is trading above its Fair Value.
The transactions were carried out under a Rule 10b5-1 trading plan, which Cannon-Brookes adopted in February 2024. Following these transactions, Cannon-Brookes holds 297,536 shares indirectly through a trust. The sales were part of a series of transactions, with the largest single transaction involving 3,460 shares at a weighted average price of $201.13. The company maintains impressive gross profit margins of 81.82% and analysts have set price targets ranging from $225 to $420.
Cannon-Brookes remains a key figure at Atlassian, a leading provider of collaboration and productivity software, headquartered in San Francisco. With a market capitalization of $54.48 billion, the company is set to report its next earnings on May 1, 2025. For deeper insights into TEAM’s valuation and growth prospects, access the comprehensive Pro Research Report available on InvestingPro.
In other recent news, Atlassian Corporation has made significant board changes with the appointment of Karen Dykstra as a new director, following Enrique Salem’s retirement after nearly 12 years of service. Dykstra, who has served as CFO at VMware and AOL, joins the board with a wealth of financial expertise and will also serve on the Audit Committee. Analyst firms have shared various insights on Atlassian’s strategic direction. Stephens reaffirmed an Equal Weight rating with a $255 target, expressing cautious optimism about the company’s AI integration and market expansion beyond the tech sector. Meanwhile, Cantor Fitzgerald maintained an Overweight rating with a $272 target, highlighting Atlassian’s introduction of new cloud offerings and AI-driven platform Rovo at the Team ’25 event. Macquarie upgraded Atlassian’s stock to Outperform, setting a $270 target, citing strategic product integration and anticipated revenue outperformance. These developments underscore Atlassian’s ongoing efforts to enhance its market position and product offerings.
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