Atlassian CEO Michael Cannon-Brookes sells $2.2 million in stock

SAN FRANCISCO—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 filing with the Securities and Exchange Commission, Cannon-Brookes disposed of shares worth approximately $2.2 million on January 28, 2025. The sale comes as Atlassian, currently valued at over $70 billion, trades near its 52-week high of $287.97. InvestingPro data shows the stock has gained more than 54% in the past six months.

The transactions involved the sale of Class A Common Stock at prices ranging from $265.99 to $281.62 per share. After these sales, Cannon-Brookes holds 341,764 shares indirectly through a trust.

These sales were executed under a Rule 10b5-1 trading plan, which allows insiders to set up a predetermined plan for selling stocks, thereby helping to avoid accusations of insider trading. The shares are held by CBC Co Pty Limited as trustee for the Cannon-Brookes Head Trust.

In other recent news, Atlassian Corporation has been the subject of numerous developments. The company has seen a series of analyst upgrades, with Truist Securities maintaining a Buy rating and a $300 price target. Other firms such as TD Cowen, Jefferies, Piper Sandler, and Oppenheimer also raised their price targets, reflecting confidence in Atlassian’s strong performance and growth potential.

Atlassian reported impressive revenue growth of 23.31% and gross profit margins of 81.55%. A significant milestone was the record amount of cloud revenue achieved in the first quarter, primarily driven by the successful integration of AI capabilities across its cloud platform. The company also announced board changes, with the appointment of Christian Smith and the retirement of Jay Parikh.

These are recent developments that reflect Atlassian’s dynamic state and potential for continued progress. The company’s performance is being closely monitored by investors and analysts who anticipate potential upside for Atlassian’s performance throughout the remainder of the year. However, Macquarie initiated coverage on Atlassian with a Neutral rating, citing a balance of upside and downside risks.

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