Form 4: Atlassian Co-Founder Michael Cannon-Brookes Sells Over 7,900 Shares Under Pre-Arranged Trading Plan

Atlassian Corp (TEAM) CEO and Co-Founder Michael Cannon-Brookes reported the sale of 7,948 shares of Class A Common Stock for approximately $1.69 million through a Rule 10b5-1 trading plan.

Summary

• Michael Cannon-Brookes, CEO, Co-Founder, Director, and 10% Owner of Atlassian Corp (TEAM), reported the sale of Class A Common Stock.
• A total of 7,948 shares were sold on May 28, 2025, across four separate transactions.
• The sales were executed at weighted-average prices ranging from $211.3311 to $213.8359 per share.
• The total value of the shares sold amounts to approximately $1,692,000.
• These transactions were conducted pursuant to a pre-arranged Rule 10b5-1 trading plan adopted by Mr. Cannon-Brookes on February 8, 2024.
• Following these transactions, Mr. Cannon-Brookes beneficially owns 55,636 shares of Class A Common Stock indirectly through CBC Co Pty Limited as trustee for the Cannon-Brookes Head Trust.

Sentiment

Score: 5

Explanation: The sentiment is neutral. While it's an insider sale, it was conducted under a pre-arranged 10b5-1 plan, which is a routine financial planning activity and does not typically signal a negative outlook on the company's future. The amount sold is also a small fraction of the total beneficial ownership.

Negatives

• The sale of shares by a key insider, even under a pre-arranged plan, can sometimes be perceived negatively by investors as it reduces the insider's direct stake in the company.

Risks

• While the sales were pre-planned under a Rule 10b5-1 plan, continuous insider selling, if it were to occur, could potentially signal a lack of confidence or a desire for diversification, which might be viewed as a risk by some investors.

Future Outlook

This Form 4 filing does not contain any forward-looking statements or guidance regarding the company's future financial performance or strategic outlook.

Management Comments

• The transactions were effected pursuant to a Rule 10b5-1 trading plan adopted by the Reporting Person on February 8, 2024.

Industry Context

Insider transactions, particularly those executed under Rule 10b5-1 plans, are common in the technology sector among executives and founders for personal financial planning, diversification, and liquidity purposes. These pre-scheduled sales are generally less indicative of management's immediate view on the company's prospects compared to unscheduled sales.

Related Party Transactions

• Shares are held indirectly by CBC Co Pty Limited as trustee for the Cannon-Brookes Head Trust, which is a related party to Michael Cannon-Brookes.

Stakeholder Impact

• Shareholders: The sale represents a minor reduction in the insider's direct ownership, which is generally routine for diversification and liquidity. It does not imply a significant change in company strategy or performance.

Key Dates

Keywords

Atlassian, TEAM, Michael Cannon-Brookes, Insider Trading, Form 4, Stock Sale, 10b5-1 Plan, Beneficial Ownership, Software, Tech