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

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

Summary

• Michael Cannon-Brookes, Co-CEO and Co-Founder of Atlassian Corp, executed sales of Class A Common Stock on June 10, 2024.
• The transactions were carried out under a Rule 10b5-1 trading plan adopted on February 8, 2024.
• A total of 150 shares were sold at a weighted-average price of $164.0863, with prices ranging from $163.79 to $164.55.
• Additionally, 6,748 shares were sold at a weighted-average price of $162.0735, with prices ranging from $161.50 to $162.47.
• Another 1,050 shares were sold at a weighted-average price of $162.7101, with prices ranging from $162.55 to $163.10.
• Following these transactions, Cannon-Brookes directly owns 111,122 shares and indirectly owns 104,374 shares through a trust.

Sentiment

Score: 5

Explanation: The document is a standard SEC Form 4 filing, indicating routine stock sales under a pre-arranged trading plan. It doesn't convey any particularly positive or negative sentiment.

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.

Comparison to Industry Standards

• Comparing Cannon-Brookes' transactions to other tech executives' stock sales, the amounts are relatively small, suggesting this is part of a regular diversification strategy rather than a reaction to company performance.
• Other tech companies like Microsoft, Alphabet, and Amazon also see regular insider sales under 10b5-1 plans.
• The weighted average prices achieved are within the typical trading range for Atlassian, indicating no unusual market impact.

Stakeholder Impact

• The stock sales are unlikely to have a significant impact on shareholders, employees, customers, suppliers, or creditors, as they are part of a pre-arranged trading plan and represent a small portion of Cannon-Brookes' overall holdings.

Key Dates