SAN FRANCISCO—Michael Cannon-Brookes, CEO and Co-Founder of Atlassian Corp (NASDAQ:TEAM), recently sold shares of the company valued at approximately $2.14 million. The transactions took place on December 10, 2024, and involved the sale of Class A Common Stock. The software giant, currently valued at $71.55 billion, has demonstrated impressive growth with revenue increasing 23.31% year-over-year and maintaining industry-leading gross profit margins of 81.55%.
Cannon-Brookes sold a total of 6,948 shares at prices ranging from $264.9184 to $275.6778 per share. Following these transactions, he retains ownership of 111,272 shares, held indirectly through a trust. The stock is currently trading near its 52-week high of $287.97, having gained over 63% in the past six months according to InvestingPro data.
These sales were conducted under a pre-established Rule 10b5-1 trading plan, allowing executives to sell a predetermined number of shares at a set time. This plan was adopted by Cannon-Brookes earlier this year in February. For deeper insights into Atlassian's valuation and 13 additional exclusive ProTips, visit InvestingPro, where you'll find comprehensive analysis in our Pro Research Report.
In other recent news, Atlassian Corporation Plc started fiscal year 2025 on a strong note, driven by the successful integration of AI capabilities across its cloud platform and effective sales strategies. The company's earnings call revealed a 31% surge in cloud revenue, surpassing the expected 27%. Atlassian also announced the launch of Rovo, an AI-powered product, and the introduction of new offerings aimed at enhancing enterprise capabilities.
Further developments include the appointment of Brian Duffy as the new Chief Revenue Officer. The company now has over 524 customers generating more than $1 million, indicating robust enterprise growth. Atlassian also maintains a high investment in research and development, accounting for around 35% of revenue.
The company expects mid-to-high single-digit growth in cloud revenue from customer migrations over the next three years. However, Atlassian remains cautious in its Q2 and FY25 guidance due to macroeconomic uncertainties and risks associated with enterprise strategy execution. Despite these challenges, the integration of AI into Atlassian's offerings and the new Chief Revenue Officer are expected to strengthen its competitive position.
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