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SAN FRANCISCO — Scott Farquhar, co-founder and director of Atlassian Corp (NASDAQ:TEAM), recently sold shares worth approximately $1.8 million, according to a regulatory filing. The transactions, executed on March 20, involved the sale of 7,948 shares of Class A common stock. Prices for these sales ranged from $224.97 to $230.61 per share. The sale comes as Atlassian, currently valued at nearly $60 billion, maintains impressive gross profit margins of 82% while operating with moderate debt levels.
Following these transactions, Farquhar holds 55,636 shares indirectly through the Farquhar Family Trust. The sales were conducted under a Rule 10b5-1 trading plan, which allows insiders to set up a predetermined plan to sell shares. This plan was adopted on February 14, 2024, allowing for the systematic selling of shares while avoiding potential accusations of insider trading. While the stock has shown weakness in the past month, it has gained nearly 39% over the last six months. InvestingPro analysis indicates the stock appears overvalued at current levels, with additional insights available in the comprehensive Pro Research Report.
In other recent news, Atlassian Corporation reported robust financial results for Q4 2024, surpassing both earnings and revenue forecasts. The company’s earnings per share reached $0.96, significantly higher than the projected $0.62, while revenue hit $1.29 billion, exceeding expectations of $1.23 billion. This performance highlights Atlassian’s strong trajectory, driven by a 30% increase in subscription revenue and improved gross margins of 85%. Additionally, KeyBanc Capital Markets maintained its Overweight rating on Atlassian with a price target of $365, citing the company’s strong performance metrics and potential growth drivers. On the other hand, Stephens initiated coverage of Atlassian with an Equal Weight rating and a price target of $255, reflecting a cautious approach due to current valuations. These analyst perspectives provide insights into Atlassian’s market positioning amid broader economic concerns. Overall, these recent developments underscore Atlassian’s solid financial standing and strategic growth initiatives.
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