Insider Selling: Atlassian (NASDAQ:TEAM) CEO Sells 7,665 Shares of Stock

Atlassian Corporation PLC (NASDAQ:TEAM) CEO Michael Cannon-Brookes sold 7,665 shares of Atlassian stock in a transaction on Wednesday, December 17th. The stock was sold at an average price of $163.16, for a total transaction of $1,250,621.40. Following the sale, the chief executive officer directly owned 68,985 shares in the company, valued at approximately $11,255,592.60. This trade represents a 10.00% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link.

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

• On Monday, December 15th, Michael Cannon-Brookes sold 7,665 shares of Atlassian stock. The stock was 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 stock was 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 transaction 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 value 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 stock was 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 stock was sold at an average price of $148.29, for a total value of $1,136,642.85.
• On Monday, November 24th, Michael Cannon-Brookes sold 7,665 shares of Atlassian stock. The shares were sold at an average price of $146.62, for a total value of $1,123,842.30.
• On Friday, November 21st, Michael Cannon-Brookes sold 7,665 shares of Atlassian stock. The shares were sold at an average price of $144.02, for a total transaction of $1,103,913.30.

Atlassian Stock Up 1.9%

NASDAQ:TEAM traded up $3.02 during midday trading on Thursday, reaching $165.00. The company had a trading volume of 2,183,244 shares, compared to its average volume of 2,494,429. Atlassian Corporation PLC has a 12-month low of $139.70 and a 12-month high of $326.00. The firm has a market capitalization of $43.41 billion, a price-to-earnings ratio of -232.39, a PEG ratio of 30.10 and a beta of 0.89. The company has a current ratio of 1.26, a quick ratio of 1.26 and a debt-to-equity ratio of 0.72. The stock’s fifty day simple moving average is $156.48 and its 200-day simple moving average is $174.53.

Atlassian (NASDAQ:TEAM) last released its quarterly earnings data on Thursday, October 30th. The technology company reported $1.04 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.83 by $0.21. The business had revenue of $1.43 billion during the quarter, compared to analysts’ expectations of $1.40 billion. Atlassian had a negative net margin of 3.38% and a negative return on equity of 7.11%. The company’s revenue for the quarter was up 20.6% on a year-over-year basis. During the same period in the previous year, the company earned $0.77 EPS. On average, sell-side analysts anticipate that Atlassian Corporation PLC will post -0.34 earnings per share for the current fiscal year.

Analyst Ratings Changes

Several equities research analysts have recently weighed in on TEAM shares. Sanford C. Bernstein increased their price objective on Atlassian from $290.00 to $304.00 and gave the company an “outperform” rating in a report on Tuesday, November 18th. Truist Financial set a $210.00 price target on shares of Atlassian in a research report on Friday, October 31st. Weiss Ratings reissued a “sell (e+)” rating on shares of Atlassian in a research report on Wednesday, October 8th. Robert W. Baird set a $230.00 price target on Atlassian in a research note on Friday, October 31st. Finally, Canaccord Genuity Group reissued a “buy” rating and set a $230.00 price target on shares of Atlassian in a report on Wednesday, October 22nd. One analyst has rated the stock with a Strong Buy rating, twenty-one have given a Buy rating, nine have assigned a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $239.23.

Institutional Trading of Atlassian

A number of hedge funds have recently bought and sold shares of TEAM. Vanguard Group Inc. lifted its holdings in shares of Atlassian by 6.0% during the 3rd quarter. Vanguard Group Inc. now owns 18,479,561 shares of the technology company’s stock worth $2,951,186,000 after acquiring an additional 1,049,483 shares during the period. Artisan Partners Limited Partnership grew its holdings in Atlassian by 66.3% in the second quarter. Artisan Partners Limited Partnership now owns 3,878,133 shares of the technology company’s stock valued at $787,610,000 after purchasing an additional 1,545,546 shares during the period. State Street Corp increased its position in Atlassian by 1.9% during the third quarter. State Street Corp now owns 3,867,995 shares of the technology company’s stock worth $617,719,000 after purchasing an additional 73,014 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its stake in Atlassian by 18.7% during the third quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 2,867,886 shares of the technology company’s stock worth $458,001,000 after purchasing an additional 451,706 shares during the period. Finally, DNB Asset Management AS boosted its holdings in shares of Atlassian by 266.6% in the 3rd quarter. DNB Asset Management AS now owns 2,806,888 shares of the technology company’s stock valued at $448,260,000 after purchasing an additional 2,041,210 shares during the last quarter. Institutional investors and hedge funds own 94.45% of the company’s stock.

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.