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 Monday, December 15th. The shares were sold at an average price of $158.92, for a total value of $1,218,121.80. Following the completion of the sale, the chief executive officer owned 84,315 shares in the company, valued at $13,399,339.80. This represents a 8.33% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website.

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

• 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 transaction 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 value of $1,240,120.35.
• On Monday, December 8th, Michael Cannon-Brookes sold 7,665 shares of Atlassian stock. The stock was 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 stock was 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 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 stock was 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 value of $1,103,913.30.
• On Wednesday, November 19th, Michael Cannon-Brookes sold 7,665 shares of Atlassian stock. The stock was sold at an average price of $147.63, for a total value of $1,131,583.95.

Atlassian Stock Up 0.2%

TEAM traded up $0.39 on Tuesday, reaching $159.56. The company’s stock had a trading volume of 1,576,520 shares, compared to its average volume of 2,491,539. The company has a market capitalization of $41.98 billion, a price-to-earnings ratio of -224.73, a P/E/G ratio of 30.56 and a beta of 0.89. Atlassian Corporation PLC has a fifty-two week low of $139.70 and a fifty-two week 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 50 day moving average of $156.04 and a two-hundred day moving average of $174.95.

Atlassian (NASDAQ:TEAM) last issued its earnings results on Thursday, October 30th. The technology company reported $1.04 earnings per share (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 business had revenue of $1.43 billion during the quarter, compared to analysts’ expectations of $1.40 billion. During the same quarter in the prior year, the business posted $0.77 EPS. The company’s revenue for the quarter was up 20.6% on a year-over-year basis. As a group, analysts forecast that Atlassian Corporation PLC will post -0.34 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Vanguard Group Inc. increased its holdings in shares of Atlassian by 6.0% in 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 position in Atlassian by 66.3% in the 2nd quarter. Artisan Partners Limited Partnership now owns 3,878,133 shares of the technology company’s stock worth $787,610,000 after purchasing an additional 1,545,546 shares during the last quarter. State Street Corp increased its stake in shares of Atlassian by 1.9% in the third quarter. State Street Corp now owns 3,867,995 shares of the technology company’s stock valued at $617,719,000 after purchasing an additional 73,014 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its position in Atlassian by 18.7% in the 3rd 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 valued at $458,001,000 after acquiring an additional 451,706 shares during the period. Finally, DNB Asset Management AS raised its stake in shares of Atlassian by 266.6% during the third 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 in the last quarter. Institutional investors and hedge funds own 94.45% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms have recently commented on TEAM. TD Cowen lowered their target price on shares of Atlassian from $220.00 to $205.00 and set a “hold” rating on the stock in a report on Monday, October 27th. UBS Group reduced their price objective on shares of Atlassian from $215.00 to $185.00 and set a “neutral” rating for the company in a research note on Friday, October 24th. 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 reissued an “overweight” rating and set a $300.00 price objective on shares of Atlassian in a research note on Friday, October 31st. Finally, Truist Financial set a $210.00 target price on shares of Atlassian in a research note on Friday, October 31st. One analyst has rated the stock with a Strong Buy rating, twenty have given a Buy rating, nine have issued a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $240.00.

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.