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SAN FRANCISCO—Scott Farquhar, co-founder and director of Atlassian Corp (NASDAQ:TEAM), recently sold a significant portion of his holdings in the company. According to the latest SEC filings, Farquhar disposed of approximately 7,048 shares of Atlassian’s Class A common stock on March 19. The software giant, currently valued at $59.4 billion, has seen its stock surge nearly 39% over the past six months despite recent market volatility, according to InvestingPro data. The transactions were executed at prices ranging from $221.04 to $232.84 per share, totaling approximately $1.82 million.
These sales were conducted through a Rule 10b5-1 trading plan, which Farquhar adopted on February 14, 2024. Post-transaction, Farquhar holds 63,584 shares through the Farquhar Family Trust. The transactions were made indirectly through Skip Enterprises Pty Limited as trustee for the Farquhar Family Trust.
In other recent news, Atlassian Corporation has reported its financial results for Q4 2024, significantly exceeding market expectations. The company posted earnings per share of $0.96, surpassing the forecast of $0.62, while revenue reached $1.29 billion, beating the anticipated $1.23 billion. This performance was driven by a 30% year-over-year growth in subscription revenue and improved gross margins of 85%. Following these results, KeyBanc Capital Markets maintained its Overweight rating on Atlassian, with a price target of $365, citing a strong risk/reward balance despite recent market volatility. Meanwhile, Stephens initiated coverage of Atlassian with an Equal Weight rating and a price target of $255, acknowledging the company’s potential for over 20% growth and more than 25% profit before tax margins. These developments reflect continued confidence in Atlassian’s market position and growth trajectory.
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