Insider Selling: Atlassian Co. (NASDAQ:TEAM) CEO Sells 8,241 Shares of Stock

Atlassian Co. (NASDAQ:TEAM) CEO Michael Cannon-Brookes sold 8,241 shares of the firm’s stock in a transaction dated Wednesday, November 29th. The stock was sold at an average price of $197.10, for a total transaction of $1,624,301.10. Following the completion of the transaction, the chief executive officer now directly owns 173,061 shares in the company, valued at approximately $34,110,323.10. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website.

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

• On Monday, November 27th, Michael Cannon-Brookes sold 8,241 shares of Atlassian stock. The shares were sold at an average price of $181.68, for a total value of $1,497,224.88.
• On Friday, November 24th, Michael Cannon-Brookes sold 8,241 shares of Atlassian stock. The stock was sold at an average price of $180.99, for a total value of $1,491,538.59.
• On Wednesday, November 22nd, Michael Cannon-Brookes sold 8,241 shares of Atlassian stock. The stock was sold at an average price of $181.93, for a total value of $1,499,285.13.
• On Monday, November 20th, Michael Cannon-Brookes sold 8,241 shares of Atlassian stock. The shares were sold at an average price of $186.07, for a total value of $1,533,402.87.
• On Thursday, November 16th, Michael Cannon-Brookes sold 8,241 shares of Atlassian stock. The shares were sold at an average price of $185.70, for a total transaction of $1,530,353.70.
• On Monday, November 13th, Michael Cannon-Brookes sold 8,241 shares of Atlassian stock. The stock was sold at an average price of $174.88, for a total transaction of $1,441,186.08.
• On Thursday, November 9th, Michael Cannon-Brookes sold 8,241 shares of Atlassian stock. The stock was sold at an average price of $171.91, for a total transaction of $1,416,710.31.
• On Monday, November 6th, Michael Cannon-Brookes sold 8,241 shares of Atlassian stock. The stock was sold at an average price of $172.57, for a total value of $1,422,149.37.
• On Friday, November 3rd, Michael Cannon-Brookes sold 8,241 shares of Atlassian stock. The shares were sold at an average price of $174.79, for a total value of $1,440,444.39.
• On Friday, October 27th, Michael Cannon-Brookes sold 8,241 shares of Atlassian stock. The shares were sold at an average price of $176.99, for a total transaction of $1,458,574.59.

Atlassian Stock Performance

Shares of TEAM traded down $4.60 during mid-day trading on Thursday, reaching $190.95. The company had a trading volume of 1,801,833 shares, compared to its average volume of 1,872,371. The stock has a 50 day moving average of $187.18 and a two-hundred day moving average of $183.06. The company has a quick ratio of 1.43, a current ratio of 1.43 and a debt-to-equity ratio of 1.23. The stock has a market capitalization of $49.28 billion, a P/E ratio of -99.77 and a beta of 0.64. Atlassian Co. has a 52-week low of $116.40 and a 52-week high of $215.77.

Atlassian (NASDAQ:TEAM) last released its quarterly earnings data on Thursday, November 2nd. The technology company reported ($0.07) EPS for the quarter, topping the consensus estimate of ($0.10) by $0.03. The business had revenue of $977.78 million for the quarter, compared to analyst estimates of $961.59 million. Atlassian had a negative return on equity of 50.61% and a negative net margin of 13.63%. On average, analysts expect that Atlassian Co. will post -0.21 earnings per share for the current year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. BlackRock Inc. raised its holdings in Atlassian by 26.0% in the 1st quarter. BlackRock Inc. now owns 7,563,473 shares of the technology company’s stock worth $1,294,640,000 after purchasing an additional 1,561,804 shares during the period. Durable Capital Partners LP purchased a new stake in shares of Atlassian in the first quarter valued at approximately $434,144,000. Morgan Stanley raised its stake in shares of Atlassian by 156.8% during the 3rd quarter. Morgan Stanley now owns 1,793,700 shares of the technology company’s stock worth $361,449,000 after buying an additional 1,095,297 shares during the period. Norges Bank purchased a new position in shares of Atlassian during the 4th quarter valued at approximately $138,509,000. Finally, SRS Investment Management LLC acquired a new stake in Atlassian in the 2nd quarter valued at $164,186,000. Hedge funds and other institutional investors own 53.36% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research firms recently commented on TEAM. Piper Sandler decreased their target price on shares of Atlassian from $200.00 to $180.00 and set a “neutral” rating for the company in a research report on Friday, November 3rd. Truist Financial dropped their target price on Atlassian from $200.00 to $180.00 and set a “hold” rating on the stock in a research note on Friday, November 3rd. Citigroup increased their price target on Atlassian from $195.00 to $230.00 and gave the company a “buy” rating in a research note on Tuesday, August 29th. UBS Group began coverage on shares of Atlassian in a research note on Monday, October 2nd. They issued a “neutral” rating and a $225.00 target price for the company. Finally, StockNews.com upgraded shares of Atlassian from a “hold” rating to a “buy” rating in a research note on Saturday, November 11th. Seven equities research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $202.19.

About Atlassian

Atlassian Corporation, through its subsidiaries, designs, develops, licenses, and maintains various software products worldwide. Its product portfolio includes Jira Software and Jira Work Management, a project management system that connects technical and business teams so they can better plan, organize, track and manage their work and projects; Confluence, a connected workspace that organizes knowledge across all teams to move work forward; and Trello, a collaboration and organization product that captures and adds structure to fluid and fast-forming work for teams.