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SAN FRANCISCO—Michael Cannon-Brookes, CEO and Co-Founder of Atlassian Corp (NASDAQ:TEAM), recently executed a series of stock sales amounting to approximately $1.86 million. The transactions, which took place on March 24, were conducted under a Rule 10b5-1 trading plan adopted earlier in February 2024. The sales come as Atlassian’s stock shows strong momentum, with a 7.64% gain over the past week and an impressive 45.9% surge over the last six months. According to InvestingPro analysis, the company currently appears overvalued relative to its Fair Value.
Cannon-Brookes sold a total of 7,948 shares of Atlassian’s Class A common stock. The shares were sold at prices ranging from $232.86 to $235.69 per share. Following these transactions, Cannon-Brookes holds 39,740 shares indirectly, through a trust.
These sales were part of a planned series of transactions, intended to manage Cannon-Brookes’ holdings in Atlassian, a company he co-founded. The trust through which the shares are held is CBC Co Pty Limited, serving as trustee for the Cannon-Brookes Head Trust.
In other recent news, Atlassian Corporation reported impressive financial results for Q4 2024, surpassing both earnings and revenue forecasts. The company’s earnings per share (EPS) reached $0.96, significantly exceeding the projected $0.62, while revenue hit $1.29 billion, surpassing expectations of $1.23 billion. Subscription revenue grew by 30% year over year, contributing to the company’s robust performance and improved gross margins of 85%. In analyst coverage, Stephens initiated coverage on Atlassian with an Equal Weight rating and a price target of $255, emphasizing the company’s broad Total (EPA:TTEF) Addressable Market and competitive advantages. Meanwhile, KeyBanc Capital Markets maintained its Overweight rating with a $365 price target, citing Atlassian as a "Rule of 40+" company, indicating strong growth and profitability metrics. The firm also noted the company’s attractive risk/reward balance despite recent market downturns. These developments reflect strong investor confidence in Atlassian’s financial health and strategic positioning.
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