Michael Cannon-Brookes, CEO and Co-Founder of Atlassian Corp (NASDAQ:TEAM), recently sold a significant portion of his holdings in the company. The software giant, currently valued at $65.67 billion and boasting impressive gross profit margins of 81.55%, has seen its stock surge 42.1% over the past six months. According to a filing with the Securities and Exchange Commission, Cannon-Brookes sold a total of 7,948 shares of Atlassian's Class A Common Stock on January 16, 2025. The shares were sold at prices ranging from $253.7542 to $256.22, amounting to approximately $2,022,768. Based on InvestingPro analysis, the stock is currently trading above its Fair Value, with 8 additional key insights available to subscribers.
The transactions were conducted through a Rule 10b5-1 trading plan, which Cannon-Brookes adopted on February 8, 2024. Post-transaction, he retains ownership of 397,400 shares, held indirectly by CBC Co Pty Limited as trustee for the Cannon-Brookes Head Trust. Investors should note that Atlassian is scheduled to report its next earnings on January 30, 2025, with analysts expecting the company to return to profitability this year.
In other recent news, Atlassian Corporation has seen significant developments. Oppenheimer analysts have shown confidence in Atlassian's growth potential, raising the company's stock price target to $300 from the previous $270 and maintaining an Outperform rating. Piper Sandler also increased Atlassian's stock price target to $310, retaining an Overweight rating, following the company's strong performance.
In addition to these upgrades, Atlassian announced board changes with the retirement of Jay Parikh and the appointment of Christian Smith, effective January 1, 2025. Atlassian also reported a robust start to its fiscal year 2025, with cloud revenue surging by 31%, surpassing the predicted 27%, primarily driven by the successful integration of AI capabilities across its cloud platform.
Additionally, Piper Sandler hosted an Infrastructure Software (ETR:SOWGn) Bus Tour, which included Atlassian and led to heightened investor interest in the company. Meanwhile, Macquarie initiated coverage on Atlassian with a Neutral rating, citing a balance of upside and downside risks influencing the company's outlook. These are all recent developments in Atlassian's business operations.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.