Atlassian CEO Michael Cannon-Brookes sells stock worth $1.88 million

Published 26/03/2025, 22:14
Atlassian CEO Michael Cannon-Brookes sells stock worth $1.88 million

Michael Cannon-Brookes, CEO and Co-Founder of Atlassian Corp (NASDAQ:TEAM), recently executed a series of stock sales amounting to approximately $1.88 million. The company, currently valued at $60.2 billion, has seen its stock surge 45% over the past six months despite recent market volatility. According to InvestingPro analysis, the stock appears to be trading above its Fair Value. The transactions, which took place on March 25, involved the sale of 8,948 shares of Class A Common Stock. The shares were sold at prices ranging from $234.9199 to $237.7135 per share.

Following these transactions, Cannon-Brookes holds 31,792 shares indirectly through a trust. The sales were conducted under a pre-established trading plan adopted in February 2024.

In other recent news, Atlassian Corporation reported strong financial results for Q4 2024, surpassing both earnings and revenue expectations. The company’s earnings per share reached $0.96, significantly higher than the forecasted $0.62, while revenue hit $1.29 billion, exceeding the anticipated $1.23 billion. Subscription revenue saw a notable year-over-year growth of 30%, contributing to improved gross margins of 85%. Additionally, Atlassian aims to double its revenue to $10 billion by FY 2026, maintaining non-GAAP operating margins above 25%.

In analyst updates, Stephens initiated coverage of Atlassian with an Equal Weight rating and a price target of $255, noting the company’s extensive market reach and competitive advantages. Meanwhile, KeyBanc Capital Markets maintained its Overweight rating with a price target of $365, citing the company’s strong performance metrics and potential growth drivers. The analysts highlighted Atlassian’s robust fundamentals and its ability to navigate economic uncertainties.

These developments reflect Atlassian’s strong market positioning and ongoing strategic investments, as the company continues to expand its enterprise footprint.

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