Form 4: Atlassian Co-Founder Sells $797K in Shares

Atlassian Co-Founder and CEO Michael Cannon-Brookes sold 7,665 shares of Class A Common Stock for approximately $797,564 on February 3, 2026, under a pre-arranged 10b5-1 trading plan.

Summary

• Michael Cannon-Brookes, a Director, 10% Owner, and Co-Founder/CEO of Atlassian Corp (TEAM), reported the sale of Class A Common Stock.
• A total of 7,665 shares were disposed of on February 3, 2026, through multiple transactions.
• The sales were executed at weighted-average prices ranging from $101.6207 to $109.31 per share.
• The total approximate value of the shares sold is $797,564.
• These transactions were conducted pursuant to a Rule 10b5-1 trading plan adopted by Mr. Cannon-Brookes on February 20, 2025.
• Following these transactions, Mr. Cannon-Brookes beneficially owns 298,935 shares indirectly through CBC Co Pty Limited as trustee for the Cannon-Brookes Head Trust.

Sentiment

Score: 5

Explanation: StockSavvy.ai views this as a routine, pre-planned insider sale for diversification and liquidity purposes, which is common for executives and generally not indicative of a change in company fundamentals.

Negatives

• Insider selling, even under a pre-arranged plan, can sometimes be perceived negatively by some market participants as it reduces management's direct equity stake in the company.

Industry Context

StockSavvy.ai notes that insider selling under a pre-arranged 10b5-1 plan is a common practice for executives to diversify holdings and manage liquidity without concerns of trading on material non-public information. This is typical for executives at mature technology companies like Atlassian.

Related Party Transactions

• Shares are held by CBC Co Pty Limited as trustee for the Cannon-Brookes Head Trust, indicating indirect beneficial ownership by the reporting person.

Stakeholder Impact

• Shareholders might experience a neutral to slightly negative sentiment due to insider selling, although the pre-arranged 10b5-1 plan mitigates concerns about opportunistic trading.

Key Dates

Recommendation

The insider selling by Michael Cannon-Brookes is executed under a pre-arranged 10b5-1 plan, which suggests a systematic approach to managing personal holdings rather than a reaction to new material information. Given the context of a co-founder diversifying a portion of their significant stake, this transaction alone does not warrant a change in investment thesis for Atlassian, hence a 'hold' recommendation.

Keywords

Atlassian, TEAM, Michael Cannon-Brookes, Insider Selling, Form 4, SEC Filing, 10b5-1 Plan, Equity Sales, Corporate Governance