Atlassian CEO Michael Cannon-Brookes sells $1.8 million in stock

SAN FRANCISCO—Michael Cannon-Brookes, CEO and Co-Founder of Atlassian Corp (NASDAQ:TEAM), recently sold shares of the company’s Class A common stock valued at approximately $1.8 million. The transactions, which took place on March 26, involved multiple trades with prices ranging from $228.17 to $236.24 per share. According to InvestingPro data, while the stock has seen a significant 42% gain over the past six months, it currently trades below its 52-week high of $326.

Cannon-Brookes, who is also a director and ten percent owner, conducted these sales through a Rule 10b5-1 trading plan. Following these transactions, he holds 23,844 shares indirectly through a trust. The sales were executed in several trades throughout the day, with detailed information on the number of shares and specific prices available upon request to the SEC or the issuer. The company maintains impressive gross profit margins of 82% and is expected to return to profitability this year, according to InvestingPro analysis, which offers 8 additional key insights about TEAM’s financial health and market position.

In other recent news, Atlassian Corporation has reported a strong financial performance for Q4 2024, surpassing both earnings and revenue forecasts. The company’s earnings per share were $0.96, significantly higher than the projected $0.62, while revenue reached $1.29 billion, exceeding expectations of $1.23 billion. This robust performance was supported by a 30% year-over-year growth in subscription revenue and an improvement in gross margins to 85%. Additionally, KeyBanc Capital Markets reiterated its Overweight rating on Atlassian with a price target of $365, citing the company’s strong performance metrics and potential 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 strong investor confidence in Atlassian’s market positioning and growth potential. Atlassian’s extensive database on team organization and its well-established Forge ecosystem are seen as significant assets, contributing to its competitive edge.

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