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

Atlassian Corp's Co-Founder and CEO, Michael Cannon-Brookes, sold 7,948 shares of Class A Common Stock on June 4, 2025, through a pre-scheduled Rule 10b5-1 trading plan.

Summary

• Michael Cannon-Brookes, Co-Founder, CEO, Director, and 10% Owner of Atlassian Corp (TEAM), sold a total of 7,948 shares of Class A Common Stock on June 4, 2025.
• The sales were executed in multiple trades at weighted-average prices ranging from $210.7535 to $213.862 per share.
• Specifically, the sales included 5,757 shares at $210.7535, 250 shares at $213.862, 1,541 shares at $211.4905, and 400 shares at $212.6316.
• These transactions were conducted under a Rule 10b5-1 trading plan, which was adopted by Mr. Cannon-Brookes on February 8, 2024.
• Following these reported transactions, Mr. Cannon-Brookes beneficially owns 15,896 shares of Class A Common Stock indirectly through the Cannon-Brookes Head Trust.

Sentiment

Score: 4

Explanation: The sale of shares by a co-founder and CEO, even under a pre-arranged plan, can be interpreted as a slight negative signal by the market, as it reduces the insider's direct equity exposure. However, the existence of a Rule 10b5-1 plan mitigates the negative sentiment as it indicates the sale was not based on new, undisclosed negative information.

Positives

• The sales were conducted under a pre-arranged Rule 10b5-1 trading plan, indicating they were scheduled in advance and not a reaction to recent negative company developments.

Negatives

• An insider sale by a co-founder and CEO, even if pre-planned, can sometimes be perceived negatively by investors as it reduces the insider's direct stake in the company.

Future Outlook

This document, a Form 4, does not provide any forward-looking statements or guidance regarding the company's future performance or strategic outlook.

Management Comments

• "This transaction was effected pursuant to a Rule 10b5-1 trading plan adopted by the Reporting Person on February 8, 2024."
• "The Reporting Person hereby undertakes to provide upon request to the SEC staff, the issuer or a security holder of the issuer full information regarding the number of shares and prices at which the transactions were effected."

Industry Context

This Form 4 filing reports an individual insider stock transaction and does not provide broader industry context or trends. It is a routine disclosure of changes in beneficial ownership for a key executive at a major software company.

Corporate Governance

Related Party Transactions

• The remaining beneficial ownership of 15,896 shares is held indirectly by CBC Co Pty Limited as trustee for the Cannon-Brookes Head Trust, indicating a related party relationship for these holdings.

Stakeholder Impact

• Shareholders: May interpret the insider sale as a slight negative signal, potentially impacting investor confidence, although the 10b5-1 plan mitigates this.

Key Dates

Recommendation

Keywords

Atlassian, TEAM, SEC Form 4, Insider Trading, Stock Sale, Michael Cannon-Brookes, Rule 10b5-1, Beneficial Ownership, Class A Common Stock, Corporate Governance