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 May 17, 2024, under a pre-arranged Rule 10b5-1 trading plan.

Summary

• Michael Cannon-Brookes, Co-CEO and Co-Founder of Atlassian, reported the sale of Class A Common Stock on May 17, 2024.
• The sales were executed under a Rule 10b5-1 trading plan adopted on February 21, 2023.
• A total of 8,241 shares were sold in multiple transactions at weighted-average prices ranging from $180.6045 to $182.3868.
• The sales resulted in a decrease in the number of shares indirectly beneficially owned by Cannon-Brookes through the Cannon-Brookes Head Trust.
• Following the reported transactions, Cannon-Brookes indirectly owns 226,353 to 231,570 shares through the 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 inherently convey positive or negative sentiment.

Industry Context

Sales by insiders are a common occurrence and are often pre-planned to avoid accusations of trading on inside information. The use of a 10b5-1 plan provides a legal framework for insiders to sell shares at predetermined times and prices.

Comparison to Industry Standards

• Comparing insider sales activity to industry peers requires analyzing similar filings from executives at companies like Monday.com, Asana, and Smartsheet.
• The volume and frequency of sales, as well as the use of 10b5-1 plans, are typical benchmarks for assessing insider trading activity.
• The reported prices are within the normal trading range for Atlassian (TEAM) during the period.

Stakeholder Impact

• The stock sales may have a minor impact on shareholders due to the increased supply of shares in the market.
• The sales are unlikely to significantly affect employees, customers, suppliers, or creditors.

Key Dates