SAN FRANCISCO—Anutthara Bharadwaj, the President of Atlassian Corp (NASDAQ:TEAM), recently sold a portion of her holdings in the company. According to a recent filing, Bharadwaj sold 760 shares of Atlassian's Class A Common Stock on October 18, 2024. The shares were sold at a price of $188.79 each, totaling approximately $143,480.
Following this transaction, Bharadwaj retains ownership of 228,996 shares in the company. The sale was conducted under a Rule 10b5-1 trading plan, which was adopted on November 20, 2023. These plans allow company insiders to sell a predetermined number of shares at a predetermined time, providing a defense against potential accusations of insider trading.
Atlassian, known for its collaboration and productivity software, continues to be a significant player in the technology sector. The company is headquartered in San Francisco, California.
In other recent news, Atlassian Corporation reported revenues of $4.4 billion and a free cash flow exceeding $1.4 billion for the fourth quarter of fiscal year 2024. The firm's recent acquisition of Loom is projected to boost its cloud revenue growth in FY25. Analyst firms such as Citi, Piper Sandler, and Goldman Sachs have maintained their positive ratings on Atlassian, citing factors like strategic AI integration and cloud-based solutions. Morgan Stanley has positioned Atlassian as their 'Top Pick', projecting approximately 25% free cash flow growth. Wolfe Research increased Atlassian's price target to $240 due to the positive customer response to the company's AI product, Rovo. In other recent developments, Atlassian's co-CEO Scott Farquhar will transition to a board member and special advisory position, and the company's cloud security capabilities are reportedly attracting government and defense customers.
InvestingPro Insights
As Atlassian's President Anutthara Bharadwaj sells a portion of her holdings, investors might be curious about the company's current financial standing and market position. According to InvestingPro data, Atlassian boasts a market capitalization of $50.13 billion, reflecting its significant presence in the tech sector.
Despite the recent insider sale, Atlassian's financials show some positive trends. The company's revenue for the last twelve months as of Q4 2024 stood at $4.36 billion, with an impressive revenue growth of 23.31% over the same period. This growth trajectory aligns with an InvestingPro Tip suggesting that net income is expected to grow this year.
Another notable InvestingPro Tip highlights Atlassian's impressive gross profit margins. Indeed, the data confirms this with a gross profit margin of 81.57% for the last twelve months as of Q4 2024, underscoring the company's efficiency in managing costs relative to revenue.
However, investors should note that Atlassian's P/E ratio stands at -165.49, indicating that the company is currently not profitable. This is corroborated by an operating income of -$117.08 million for the last twelve months as of Q4 2024. Despite this, analysts predict that the company will be profitable this year, according to another InvestingPro Tip.
For those interested in a more comprehensive analysis, InvestingPro offers 11 additional tips for Atlassian, providing a deeper understanding of the company's financial health and market position.
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