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Michael Cannon-Brookes, CEO and Co-Founder of Atlassian Corp (NASDAQ:TEAM), recently sold shares of the company valued at approximately $2.1 million. The transactions, conducted on January 24, 2025, involved multiple sales of Class A Common Stock, with prices ranging between $264.73 and $270.97 per share. The sales come as Atlassian, currently valued at nearly $70 billion, shows impressive revenue growth of 23% and maintains strong gross profit margins of 82%. According to InvestingPro analysis, the stock is trading above its Fair Value.
Following these transactions, Cannon-Brookes holds 357,660 shares indirectly through a trust. These sales were executed under a pre-established trading plan set in February 2024, designed to comply with Rule 10b5-1. With Atlassian's earnings report due in 3 days, InvestingPro subscribers can access comprehensive analysis and 10+ additional ProTips to make informed investment decisions.
In other recent news, Atlassian Corporation has seen a flurry of analyst activity. TD Cowen analyst Derrick Wood raised Atlassian's price target to $280, maintaining a Hold rating on the stock. This adjustment came ahead of Atlassian's second-quarter earnings report and was influenced by factors such as impressive revenue growth and industry-leading gross profit margins. Jefferies analyst Brent Thill also raised Atlassian's price target, this time to $325, citing strong demand and significant enterprise renewals. Piper Sandler confirmed its positive stance on Atlassian, maintaining an Overweight stock rating and a $310.00 price target.
Atlassian Corporation also reported a 31% surge in cloud revenue, primarily driven by the successful integration of AI capabilities across its cloud platform. The company has also undergone significant board changes, including the retirement of Jay Parikh and the appointment of Christian Smith.
These are recent developments that highlight Atlassian's dynamic state. Analysts from different firms including Oppenheimer and Macquarie have expressed confidence in Atlassian's growth, raising the company's stock price targets and maintaining positive ratings. These adjustments reflect analysts' belief in Atlassian's strong performance and potential for growth.
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