50% Off! Beat the market in 2025 with InvestingProCLAIM SALE

Atlassian’s CEO Michael Cannon-Brookes sells $2.05m in stock

Published 20/12/2024, 00:42
Atlassian’s CEO Michael Cannon-Brookes sells $2.05m in stock
TEAM
-

Michael Cannon-Brookes, CEO and co-founder of Atlassian Corp (NASDAQ:TEAM), has sold a substantial portion of his holdings in the company. According to a recent SEC filing, Cannon-Brookes sold shares worth approximately $2.05 million. The sale comes as Atlassian, currently valued at $65.4 billion, has seen its stock decline by 10% over the past week, though it maintains an impressive 64% gain over the last six months. The transactions, executed on December 18, 2024, involved the sale of Class A common stock through multiple trades, with prices ranging from $250.34 to $269.75 per share.

Following these sales, Cannon-Brookes holds 63,584 shares indirectly through a trust. The transactions were conducted under a Rule 10b5-1 trading plan, which allows company insiders to set up a predetermined plan to sell company stock.

In other recent news, Atlassian Corporation has made significant strides in its business operations. The software services company reported a robust start to fiscal year 2025, with a 31% surge in cloud revenue, primarily driven by the successful integration of AI capabilities across its cloud platform and solid sales execution. The company also launched Rovo, an AI-powered product, and introduced new offerings designed to enhance enterprise capabilities.

Atlassian has also announced board changes, with Jay Parikh set to retire at the end of 2024 and Christian Smith joining the board in 2025. Smith, currently the Senior Vice President and Chief Revenue Officer at Splunk Inc (NASDAQ:SPLK)., brings over 25 years of experience in the commercial business sector.

Macquarie recently initiated coverage on Atlassian with a Neutral rating, citing a balance of upside and downside risks influencing the company’s outlook. The firm highlighted Atlassian’s conservative guidance as a potential source of near-term revenue and earnings per share (EPS) upside. However, concerns were raised regarding 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. These are recent developments, and investors should keep an eye on the company’s performance and the macroeconomic environment.

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

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers
© 2007-2024 - Fusion Media Limited. All Rights Reserved.