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Michael Cannon-Brookes, CEO and Co-Founder of Atlassian Corp (NASDAQ:TEAM), has sold shares valued at approximately $1.48 million, according to a recent SEC filing. The transactions, executed on April 7, 2025, involved the sale of Class A Common Stock at prices ranging from $174.79 to $194.79 per share. The timing of these sales coincides with a challenging period for Atlassian's stock, which has declined nearly 15% in the past week and 24% year-to-date, according to InvestingPro data.
The sales were conducted as part of a pre-established Rule 10b5-1 trading plan. Following these transactions, Cannon-Brookes holds 333,816 shares indirectly through a trust. Despite recent stock volatility, InvestingPro data shows Atlassian maintains impressive gross profit margins of 82% and analysts expect profitability this year. The company's overall financial health score is rated as "Fair," with 12 additional key insights available through InvestingPro's comprehensive analysis. This series of transactions, detailed in the Form 4 filing, reflects a continued pattern of strategic financial management by the Atlassian executive.
In other recent news, Atlassian Corporation reported strong financial results for Q4 2024, exceeding both earnings and revenue forecasts. The company's earnings per share were $0.96, surpassing the anticipated $0.62, while revenue reached $1.29 billion, exceeding expectations of $1.23 billion. In light of these results, KeyBanc Capital Markets reiterated its Overweight rating on Atlassian with a price target of $365, citing the company's strong performance metrics and potential growth drivers.
Additionally, UBS adjusted its price target for Atlassian from $330 to $230, maintaining a Neutral rating. This decision was influenced by budget scrutiny and modest seat expansion rates, despite no overt signs of a demand downturn. Meanwhile, Stephens initiated coverage on Atlassian with an Equal Weight rating and a price target of $255, highlighting the company's broad market reach and expected growth.
Atlassian's recent developments have drawn investor attention, particularly with its impressive Q4 performance and the varying analyst perspectives on its stock. As the company continues to navigate macroeconomic uncertainties, its strategic focus and financial stability remain under close watch by market observers.
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