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 the stock in a transaction dated Friday, January 2nd. The stock was sold at an average price of $156.15, for a total transaction of $1,196,889.75. Following the sale, the chief executive officer directly owned 459,900 shares in the company, valued at approximately $71,813,385. This represents a 1.64% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink.

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

• On Wednesday, December 31st, Michael Cannon-Brookes sold 7,665 shares of Atlassian stock. The shares were sold at an average price of $162.68, for a total transaction of $1,246,942.20.
• On Monday, December 29th, Michael Cannon-Brookes sold 7,665 shares of Atlassian stock. The shares were sold at an average price of $163.66, for a total transaction of $1,254,453.90.
• On Friday, December 26th, Michael Cannon-Brookes sold 7,665 shares of Atlassian stock. The stock was sold at an average price of $162.53, for a total transaction of $1,245,792.45.
• On Friday, December 19th, Michael Cannon-Brookes sold 7,665 shares of Atlassian stock. The shares were sold at an average price of $162.40, for a total value of $1,244,796.00.
• On Tuesday, December 23rd, Michael Cannon-Brookes sold 7,665 shares of Atlassian stock. The shares were sold at an average price of $161.30, for a total value of $1,236,364.50.
• On Wednesday, December 17th, Michael Cannon-Brookes sold 7,665 shares of Atlassian stock. The stock was 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 value 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 stock was sold at an average price of $160.70, for a total transaction of $1,231,765.50.

Atlassian Trading Down 0.6%

TEAM stock traded down $0.88 during midday trading on Monday, reaching $153.88. The company’s stock had a trading volume of 4,116,411 shares, compared to its average volume of 3,388,296. The business’s 50-day simple moving average is $157.88 and its 200-day simple moving average is $170.56. The company has a quick ratio of 1.26, a current ratio of 1.26 and a debt-to-equity ratio of 0.72. Atlassian Corporation PLC has a 52 week low of $139.70 and a 52 week high of $326.00. The stock has a market cap of $40.49 billion, a PE ratio of -216.73, a price-to-earnings-growth ratio of 23.97 and a beta of 0.88.

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

Institutional Investors Weigh In On Atlassian

Several institutional investors have recently bought and sold shares of TEAM. State of Wyoming lifted its position in shares of Atlassian by 20.3% in the first quarter. State of Wyoming now owns 278 shares of the technology company’s stock worth $59,000 after purchasing an additional 47 shares in the last quarter. EP Wealth Advisors LLC boosted its stake in shares of Atlassian by 2.8% during the 1st quarter. EP Wealth Advisors LLC now owns 2,641 shares of the technology company’s stock worth $561,000 after buying an additional 71 shares during the last quarter. Adage Capital Partners GP L.L.C. grew its holdings in shares of Atlassian by 332.0% in the 1st quarter. Adage Capital Partners GP L.L.C. now owns 54,000 shares of the technology company’s stock valued at $11,459,000 after acquiring an additional 41,500 shares in the last quarter. Alliancebernstein L.P. increased its position in shares of Atlassian by 8.5% in the first quarter. Alliancebernstein L.P. now owns 155,506 shares of the technology company’s stock valued at $33,000,000 after acquiring an additional 12,246 shares during the last quarter. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its holdings in Atlassian by 6.2% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 109,867 shares of the technology company’s stock worth $23,317,000 after acquiring an additional 6,368 shares in the last quarter. Institutional investors own 94.45% of the company’s stock.

Analyst Upgrades and Downgrades

TEAM has been the subject of a number of analyst reports. Cantor Fitzgerald restated an “overweight” rating and set a $240.00 price objective on shares of Atlassian in a report on Friday, October 31st. Robert W. Baird set a $230.00 price target on shares of Atlassian in a report on Friday, October 31st. Piper Sandler lowered their price objective on shares of Atlassian from $300.00 to $280.00 and set an “overweight” rating for the company in a research report on Monday. Sanford C. Bernstein raised their price objective on Atlassian from $290.00 to $304.00 and gave the stock an “outperform” rating in a research note on Tuesday, November 18th. Finally, UBS Group decreased their target price on Atlassian from $215.00 to $185.00 and set a “neutral” rating for the company in a research note on Friday, October 24th. One analyst has rated the stock with a Strong Buy rating, twenty-one have issued a Buy rating, nine have assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $238.46.

Atlassian Company Profile

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.