Form 4: Atlassian Co-CEO Michael Cannon-Brookes Executes Stock Sales Under 10b5-1 Trading Plan

Atlassian's Co-CEO, Michael Cannon-Brookes, sold shares of Class A Common Stock on June 21, 2024, under a pre-arranged Rule 10b5-1 trading plan.

Summary

• Michael Cannon-Brookes, Co-CEO and Co-Founder of Atlassian, executed multiple sales of Class A Common Stock on June 21, 2024.
• These transactions were carried out under a pre-existing Rule 10b5-1 trading plan adopted on February 8, 2024.
• The sales were conducted at varying prices, with weighted-average prices ranging from $157.7241 to $162.8131 per share.
• The shares were sold both directly and indirectly through a trust (CBC Co Pty Limited as trustee for the Cannon-Brookes Head Trust).
• The total number of shares sold directly was 7,948.
• Following these transactions, Cannon-Brookes directly owns 46,514 shares and indirectly owns 39,740 shares through the trust.

Sentiment

Score: 5

Explanation: The document is a standard SEC Form 4 filing, reporting stock sales by an insider under a pre-arranged trading plan. It doesn't inherently convey positive or negative sentiment, but rather provides factual information about the transactions.

Industry Context

Sales by insiders are a common occurrence, especially when executed under pre-arranged trading plans like Rule 10b5-1. These plans allow insiders to sell shares over a period of time without being accused of trading on non-public information. The market typically views these sales in the context of the overall trading plan and the insider's remaining holdings.

Stakeholder Impact

• The stock sales may have a minor impact on shareholders due to the increased supply of shares in the market.
• However, since the sales are conducted under a pre-arranged trading plan, the impact is likely to be limited.

Key Dates