Atlassian director Scott Farquhar sells $2.1 million in stock

Scott Farquhar, a director and ten percent owner at Atlassian Corp (NASDAQ:TEAM), recently sold shares worth approximately $2.1 million. The transactions occurred on January 24, 2025, and involved multiple trades of Atlassian's Class A Common Stock. The sales were executed at prices ranging from $264.73 to $270.98 per share, near the stock's 52-week high of $287.97. According to InvestingPro data, Atlassian has shown impressive momentum with a 49% gain over the past six months.

The shares were sold through Skip Enterprises Pty Limited, acting as trustee for the Farquhar Family Trust. Following these transactions, Farquhar retains ownership of 357,660 shares indirectly through the trust. These transactions were conducted under a Rule 10b5-1 trading plan, which was adopted on February 14, 2024. The company, currently valued at nearly $70 billion, maintains strong fundamentals with an impressive 81.55% gross profit margin. InvestingPro analysis indicates the stock is trading above its Fair Value, with 10+ additional insights available to subscribers through the comprehensive Pro Research Report.

In other recent news, Atlassian Corporation has been the focus of several analyst upgrades. TD Cowen analyst Derrick Wood raised the price target from $220 to $280, maintaining a Hold rating on the stock. This revised target is based on an optimistic yet cautious outlook, underpinned by Atlassian's impressive revenue growth of 23.31% and gross profit margins of 81.55%. Similarly, Jefferies analyst Brent Thill increased the price target for Atlassian to $325, reiterating a Buy rating. Thill's commentary highlighted Atlassian's significant enterprise renewals, sustained momentum in Cloud migration, and end-of-period budget spending.

Piper Sandler confirmed an Overweight rating on Atlassian, with a $310.00 price target, citing potential for the company to achieve a multi-year compound annual growth rate exceeding 20%. Oppenheimer analysts also expressed confidence in Atlassian, raising the price target to $300 and maintaining an Outperform rating. These adjustments reflect analysts' belief in Atlassian's strong performance and potential for growth.

In terms of earnings and revenue, Atlassian reported a 31% surge in cloud revenue, primarily driven by the successful integration of AI capabilities across its cloud platform. The company also saw significant board changes, including the retirement of Jay Parikh and the appointment of Christian Smith, effective January 1, 2025. These are recent developments that underscore Atlassian's dynamic state.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.