SAN FRANCISCO—Michael Cannon-Brookes, CEO and co-founder of Atlassian Corp (NASDAQ:TEAM), sold shares of the company's Class A common stock valued at approximately $2.2 million, according to a filing with the Securities and Exchange Commission. The sale comes as Atlassian's stock trades near its 52-week high of $287.97, having surged roughly 79% over the past six months. According to InvestingPro analysis, the stock appears to be trading above its Fair Value. The transactions, which occurred on December 12, involved a total of 7,948 shares sold at prices ranging from $272.945 to $279.67 per share.
Following these transactions, Cannon-Brookes holds 95,376 shares indirectly through a trust. The sale was conducted under a prearranged Rule 10b5-1 trading plan, which allows insiders to set up a trading plan for selling stocks they own.
In other recent news, Atlassian Corporation reported a solid start to fiscal year 2025, driven by a 31% surge in cloud revenue, exceeding the expected 27%. This growth was primarily propelled by the successful integration of AI capabilities across its cloud platform and robust sales execution. The company also unveiled Rovo, an AI-powered product, and introduced new offerings aimed at enhancing enterprise capabilities.
On the analyst front, Macquarie initiated coverage on Atlassian with a Neutral rating, citing a balance of upside and downside risks influencing the company's outlook. The firm pointed out Atlassian's conservative guidance as a potential source of near-term revenue and earnings per share (EPS) upside. However, concerns were raised about Atlassian's seat-based model, noting a five-year trend of declining software developer employment, which could impact the company's sales and overall growth trajectory.
In other company news, Piper Sandler hosted an Infrastructure Software (ETR:SOWGn) Bus Tour, visiting multiple technology companies, including Atlassian. Post-meeting reactions indicated heightened investor interest in several firms, including Atlassian, which continues to demonstrate strong operational efficiency with a market capitalization of $72.71 billion and an impressive gross profit margin of 81.55%. These are recent developments and investors should monitor the company's performance and the macroeconomic environment.
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