Form 4: Atlassian Co-CEO Michael Cannon-Brookes Sells Shares Under 10b5-1 Trading Plan
SEC Form 4 Filing
Atlassian's Co-CEO, Michael Cannon-Brookes, executed multiple sales of Class A Common Stock on March 27, 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 March 27, 2024.
- The sales were executed under a Rule 10b5-1 trading plan adopted on February 21, 2023.
- The transactions involved multiple trades at varying prices.
- A total of 341 shares were sold at a weighted-average price of $193.684, with prices ranging from $193.13 to $194.00.
- An additional 3,708 shares were sold at a weighted-average price of $192.4937, with prices ranging from $192.09 to $193.08.
- Furthermore, 4,192 shares were sold at a weighted-average price of $191.6328, with prices ranging from $191.08 to $192.07.
- The shares are held by CBC Co Pty Limited as trustee for the Cannon-Brookes Head Trust.
- Following the reported transactions, Cannon-Brookes beneficially owns 16,141 shares indirectly, 12,433 shares indirectly, and 8,241 shares indirectly through the trust.
Sentiment
Score: 5
Explanation: The document is a standard SEC Form 4 filing, indicating a routine transaction. The sentiment is neutral as it simply reports the sale of shares under a pre-existing trading plan.
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 based on the individual's circumstances and the overall volume of shares being sold.
Stakeholder Impact
- The sale of shares by a high-profile executive like Cannon-Brookes could have a minor impact on shareholder sentiment, although the existence of a 10b5-1 plan mitigates concerns about insider trading.
- The impact on other stakeholders (employees, customers, suppliers, creditors) is likely to be negligible.
Key Dates
| Date | Description |
|---|---|
| 02/21/2023 | Date of adoption of the Rule 10b5-1 trading plan. |
| 03/27/2024 | Date of the reported transactions (sale of Class A Common Stock). |
| 03/28/2024 | Date of the Form 4 filing. |
Disclaimer:The information provided here is for general informational purposes only and does not constitute financial advice, recommendation, or endorsement of any kind. It may contain errors or omissions. You should not rely on this information to make financial decisions. Always seek the advice of a qualified financial professional before making any investment or financial decisions. Use of this information is at your own risk.