Atlassian (NASDAQ:TEAM) Stock: Insider Michael Cannon-Brookes Acquires 13,400 Shares

Atlassian Corporation PLC (NASDAQ:TEAM) CEO Michael Cannon-Brookes purchased 13,400 shares of Atlassian stock in a transaction dated Wednesday, November 11th. The shares were acquired at an average cost of $150.30 per share, for a total transaction of $2,014,020.00. Following the transaction, the chief executive officer directly owned 302,740 shares of the company’s stock, valued at approximately $45,501,822. This represents a 4.63% increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink.

Atlassian Trading Down 1.5%

NASDAQ TEAM opened at $149.99 on Friday. The firm has a 50 day simple moving average of $192.16 and a 200-day simple moving average of $120.09. The company has a debt-to-equity ratio of 1.09, a quick ratio of 0.78 and a current ratio of 0.72. Atlassian Corporation PLC has a one year low of $56.01 and a one year high of $229.96. The firm has a market cap of $37.97 billion, a price-to-earnings ratio of 416.65, a PEG ratio of 15.78 and a beta of 1.16.

Atlassian (NASDAQ:TEAM) last announced its quarterly earnings data on Thursday, November 5th. The technology company reported $1.65 earnings per share for the quarter, beating analysts’ consensus estimates of $1.39 by $0.26. Atlassian had a net margin of 1.28% and a return on equity of 33.53%. The firm had revenue of $1.77 billion during the quarter, compared to analysts’ expectations of $1.71 billion. During the same quarter in the previous year, the business posted $1.04 earnings per share. The business’s quarterly revenue was up 23.7% compared to the same quarter last year. Equities research analysts anticipate that Atlassian Corporation PLC will post 0.69 EPS for the current fiscal year.

Wall Street Analyst Weigh In

A number of analysts have recently weighed in on TEAM shares. Morgan Stanley upped their price objective on Atlassian from $120.00 to $180.00 and gave the stock an “overweight” rating in a research report on Friday, August 7th. Cantor Fitzgerald increased their price objective on Atlassian from $220.00 to $252.00 and gave the company an “overweight” rating in a research note on Monday, November 2nd. Weiss Ratings reiterated a “sell (e+)” rating on shares of Atlassian in a report on Thursday, October 15th. Guggenheim set a $280.00 target price on Atlassian in a research note on Friday, November 6th. Finally, Piper Sandler boosted their target price on Atlassian from $175.00 to $190.00 and gave the stock an “overweight” rating in a research note on Friday, November 6th. Twenty-four analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $209.48.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in TEAM. Carmignac Gestion increased its position in shares of Atlassian by 115.8% in the 1st quarter. Carmignac Gestion now owns 2,603,770 shares of the technology company’s stock valued at $177,707,000 after purchasing an additional 1,397,402 shares during the last quarter. First Trust Advisors LP raised its holdings in shares of Atlassian by 48.4% in the 1st quarter. First Trust Advisors LP now owns 2,349,842 shares of the technology company’s stock valued at $160,377,000 after purchasing an additional 766,922 shares in the last quarter. KBC Group NV lifted its position in shares of Atlassian by 1,691.2% during the 1st quarter. KBC Group NV now owns 1,440,019 shares of the technology company’s stock worth $98,281,000 after purchasing an additional 1,359,624 shares during the last quarter. Ieq Capital LLC lifted its position in shares of Atlassian by 1.9% during the 3rd quarter. Ieq Capital LLC now owns 634,053 shares of the technology company’s stock worth $113,679,000 after purchasing an additional 12,099 shares during the last quarter. Finally, Swiss National Bank lifted its position in shares of Atlassian by 8.2% during the 1st quarter. Swiss National Bank now owns 493,267 shares of the technology company’s stock worth $33,665,000 after purchasing an additional 37,500 shares during the last quarter. Hedge funds and other institutional investors own 94.45% of the company’s stock.

About Atlassian

Atlassian Corporation develops collaboration and productivity software for software, IT and business teams. Its products help organizations plan and track work, manage software development and support services, and share information across teams. Its product portfolio includes Jira for project and issue tracking, Confluence for team documentation and collaboration, Jira Service Management for IT and other service teams, Trello for visual work management, and Bitbucket for code collaboration. Atlassian also offers cloud-based products and tools for distributed teams.