Form 4: Atlassian Co-Founder Michael Cannon-Brookes Sells Shares Under Pre-Arranged Trading Plan
Insider Transaction Report
Atlassian's Co-Founder and CEO, Michael Cannon-Brookes, sold 7,948 shares of Class A Common Stock on May 23, 2025, as part of a pre-established Rule 10b5-1 trading plan.
Summary
- Michael Cannon-Brookes, a Director, 10% Owner, and CEO/Co-Founder of Atlassian Corp (TEAM), reported the sale of Class A Common Stock.
- On May 23, 2025, a total of 7,948 shares were sold across four separate transactions.
- The sales were executed at weighted-average prices ranging from $203.68 to $207.0296 per share.
- Specifically, 335 shares were sold at $205.3767, 3,989 shares at $206.3782, 150 shares at $203.68, and 3,474 shares at $207.0296.
- These transactions were conducted pursuant to a Rule 10b5-1 trading plan adopted by Mr. Cannon-Brookes on February 8, 2024.
- Following these transactions, Mr. Cannon-Brookes indirectly beneficially owns 71,532 shares of Class A Common Stock through CBC Co Pty Limited as trustee for the Cannon-Brookes Head Trust.
Sentiment
Score: 5
Explanation: The sales are part of a pre-arranged 10b5-1 trading plan, which typically indicates a non-discretionary transaction rather than a change in management's outlook on the company. This makes the sentiment neutral.
Positives
- The sales were conducted under a Rule 10b5-1 trading plan, which indicates a pre-scheduled, non-discretionary transaction, reducing concerns about opportunistic insider selling.
Negatives
- The sales represent a reduction in direct and indirect insider ownership, which can sometimes be perceived negatively by investors, although the amount is relatively small compared to total holdings.
Future Outlook
N/A
Industry Context
N/A
Corporate Governance
| Change Type | Description | Effective Date | Impact Assessment |
|---|---|---|---|
| Policy Adherence | The transaction was conducted under a Rule 10b5-1 trading plan, demonstrating adherence to SEC regulations designed to prevent insider trading based on material non-public information. | 02/08/2024 | Enhances transparency and reduces potential for accusations of opportunistic insider trading, aligning with good corporate governance practices. |
Related Party Transactions
- The shares sold were held indirectly by CBC Co Pty Limited as trustee for the Cannon-Brookes Head Trust, indicating transactions involving a related party (a trust associated with the reporting person).
Stakeholder Impact
- Shareholders may note the reduction in insider ownership, but the pre-planned nature of the sales (10b5-1 plan) generally mitigates concerns about management's confidence in the company's future.
Key Dates
| Date | Description |
|---|---|
| 02/08/2024 | Date Rule 10b5-1 trading plan was adopted by the Reporting Person. |
| 05/23/2025 | Date of reported stock transactions. |
Recommendation
holdKeywords
Atlassian, TEAM, Michael Cannon-Brookes, Insider Trading, Form 4, SEC Filing, Stock Sale, 10b5-1 Plan, Corporate Governance
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