Gold prices edge higher on raised Fed rate cut hopes
SAN FRANCISCO—Michael Cannon-Brookes, CEO and Co-Founder of Atlassian Corp (NASDAQ:TEAM), recently sold shares of the company valued at approximately $1.53 million. The transactions, which took place on June 12, involved the sale of 7,665 shares of Class A common stock at prices ranging from $195.85 to $201.3459 per share. The software giant, currently valued at $51.6 billion, has maintained impressive gross profit margins of 82% while growing revenue at 19% year-over-year. According to InvestingPro analysis, the stock is currently trading near its Fair Value.
Following these transactions, Cannon-Brookes holds 84,315 shares indirectly through CBC Co Pty Limited as trustee for the Cannon-Brookes Head Trust. The sales were executed under a pre-established Rule 10b5-1 trading plan, which allows insiders to set up a predetermined schedule for buying or selling stock to avoid concerns about insider trading. The timing is notable as the stock has declined 8% in the past week, though analysts maintain a bullish outlook with price targets ranging from $215 to $420. For deeper insights into Atlassian’s valuation and growth prospects, check out the comprehensive Pro Research Report available on InvestingPro.
The sales were conducted in multiple trades throughout the day, with detailed information available upon request to the SEC, the issuer, or a security holder of the issuer.
In other recent news, Atlassian Corporation has seen several notable developments. Moody’s Ratings upgraded Atlassian’s senior unsecured notes to Baa2, reflecting confidence in the company’s strong business execution and conservative financial policies. Moody’s expects Atlassian’s revenue to grow by 20% or more over the next 12 to 24 months, driven by cloud subscription growth. Meanwhile, Cantor Fitzgerald adjusted its price target for Atlassian shares to $256, citing a shortfall in billings due to fewer multi-year Data Center deals, although free cash flow exceeded expectations. Stephens also revised its price target to $221, maintaining an Equal Weight rating, as the company’s third-quarter performance did not meet high market expectations.
Additionally, TD Cowen lowered its price target to $250, with a Hold rating, noting stable win rates but expressing caution regarding IT budget scrutiny. The analyst anticipates a modest upside for Atlassian’s third-quarter results. In governance news, Atlassian announced the retirement of director Enrique Salem and the appointment of Karen Dykstra, former CFO of VMware, to its board. Dykstra will also serve on the Audit Committee, bringing significant financial expertise to the company. Atlassian’s recent strategic moves and financial outlook continue to be closely monitored by investors and analysts.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.