Atlassian (NASDAQ:TEAM) CEO Sells $1,236,364.50 in Stock

Atlassian Corporation PLC (NASDAQ:TEAM) CEO Michael Cannon-Brookes sold 7,665 shares of the firm’s stock in a transaction dated Tuesday, December 23rd. The stock was sold at an average price of $161.30, for a total value of $1,236,364.50. Following the completion of the transaction, the chief executive officer owned 45,990 shares of the company’s stock, valued at approximately $7,418,187. This represents a 14.29% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink.

Michael Cannon-Brookes also recently made the following trade(s):

• On Friday, December 19th, Michael Cannon-Brookes sold 7,665 shares of Atlassian stock. The stock was sold at an average price of $162.40, for a total value of $1,244,796.00.
• On Wednesday, December 17th, Michael Cannon-Brookes sold 7,665 shares of Atlassian stock. The shares were sold at an average price of $163.16, for a total value of $1,250,621.40.
• On Monday, December 15th, Michael Cannon-Brookes sold 7,665 shares of Atlassian stock. The shares were sold at an average price of $158.92, for a total transaction of $1,218,121.80.
• On Friday, December 12th, Michael Cannon-Brookes sold 7,665 shares of Atlassian stock. The shares were sold at an average price of $162.11, for a total value of $1,242,573.15.
• On Wednesday, December 10th, Michael Cannon-Brookes sold 7,665 shares of Atlassian stock. The shares were sold at an average price of $161.79, for a total transaction of $1,240,120.35.
• On Monday, December 8th, Michael Cannon-Brookes sold 7,665 shares of Atlassian stock. The shares were sold at an average price of $160.70, for a total value of $1,231,765.50.
• On Friday, December 5th, Michael Cannon-Brookes sold 7,665 shares of Atlassian stock. The shares were sold at an average price of $160.48, for a total transaction of $1,230,079.20.
• On Wednesday, December 3rd, Michael Cannon-Brookes sold 7,665 shares of Atlassian stock. The stock was sold at an average price of $155.08, for a total transaction of $1,188,688.20.
• On Friday, November 28th, Michael Cannon-Brookes sold 7,665 shares of Atlassian stock. The shares were sold at an average price of $150.12, for a total transaction of $1,150,669.80.
• On Wednesday, November 26th, Michael Cannon-Brookes sold 7,665 shares of Atlassian stock. The shares were sold at an average price of $148.29, for a total value of $1,136,642.85.

Atlassian Stock Performance

Shares of Atlassian stock traded down $2.06 during midday trading on Tuesday, hitting $162.39. The company had a trading volume of 1,858,326 shares, compared to its average volume of 2,494,999. The company has a fifty day simple moving average of $157.46 and a 200 day simple moving average of $173.26. Atlassian Corporation PLC has a 12-month low of $139.70 and a 12-month high of $326.00. The company has a quick ratio of 1.26, a current ratio of 1.26 and a debt-to-equity ratio of 0.72. The stock has a market cap of $42.73 billion, a price-to-earnings ratio of -228.72, a PEG ratio of 24.94 and a beta of 0.89.

Atlassian (NASDAQ:TEAM) last released its quarterly earnings results on Thursday, October 30th. The technology company reported $1.04 EPS for the quarter, beating the consensus estimate of $0.83 by $0.21. Atlassian had a negative net margin of 3.38% and a negative return on equity of 7.11%. The company had revenue of $1.43 billion for the quarter, compared to analyst estimates of $1.40 billion. During the same quarter last year, the business earned $0.77 earnings per share. The firm’s revenue was up 20.6% on a year-over-year basis. As a group, analysts predict that Atlassian Corporation PLC will post -0.34 earnings per share for the current fiscal year.

Institutional Trading of Atlassian

Hedge funds and other institutional investors have recently modified their holdings of the stock. Allworth Financial LP lifted its stake in Atlassian by 21.6% in the third quarter. Allworth Financial LP now owns 3,161 shares of the technology company’s stock valued at $505,000 after buying an additional 561 shares during the period. IFP Advisors Inc lifted its position in Atlassian by 624.6% during the third quarter. IFP Advisors Inc now owns 5,174 shares of the technology company’s stock worth $826,000 after acquiring an additional 4,460 shares during the last quarter. Swiss Life Asset Management Ltd raised its position in shares of Atlassian by 14.7% in the third quarter. Swiss Life Asset Management Ltd now owns 27,397 shares of the technology company’s stock valued at $4,375,000 after buying an additional 3,505 shares in the last quarter. Cambria Investment Management L.P. bought a new stake in shares of Atlassian during the 3rd quarter worth approximately $671,000. Finally, CIBC Bancorp USA Inc. acquired a new stake in shares of Atlassian in the 3rd quarter valued at approximately $1,925,000. Institutional investors and hedge funds own 94.45% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research analysts have recently issued reports on the company. The Goldman Sachs Group reissued a “buy” rating and issued a $260.00 target price on shares of Atlassian in a report on Friday, October 31st. Piper Sandler restated an “overweight” rating and set a $300.00 target price on shares of Atlassian in a report on Friday, October 31st. Mizuho upped their price objective on Atlassian from $235.00 to $245.00 and gave the company an “outperform” rating in a research note on Friday, October 31st. Sanford C. Bernstein boosted their target price on shares of Atlassian from $290.00 to $304.00 and gave the company an “outperform” rating in a research note on Tuesday, November 18th. Finally, Wall Street Zen raised shares of Atlassian from a “hold” rating to a “buy” rating in a report on Saturday, September 13th. One research analyst has rated the stock with a Strong Buy rating, twenty-one have assigned a Buy rating, nine have assigned a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $239.23.

About Atlassian

Atlassian Corporation Plc is a software company headquartered in Sydney, Australia, best known for developing collaboration, project management and software development tools. Founded in 2002 by Mike Cannon-Brookes and Scott Farquhar, Atlassian grew from a small engineering-focused team into a publicly traded company after its initial public offering in 2015. The company serves a global customer base that spans small teams to large enterprises across technology, financial services, government and other sectors.

Atlassian’s product portfolio centers on tools designed to help teams plan, build and support software and business processes.