Insider Selling: Atlassian Co. (NASDAQ:TEAM) CEO Sells 7,948 Shares of Stock

Atlassian Co. (NASDAQ:TEAM) CEO Michael Cannon-Brookes sold 7,948 shares of the firm’s stock in a transaction on Monday, January 13th. The shares were sold at an average price of $236.89, for a total transaction of $1,882,801.72. Following the completion of the transaction, the chief executive officer now directly owns 421,244 shares of the company’s stock, valued at $99,788,491.16. This represents a 1.85 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink.

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

• On Friday, January 10th, Michael Cannon-Brookes sold 15,896 shares of Atlassian stock. The stock was sold at an average price of $243.55, for a total transaction of $3,871,470.80.
• On Wednesday, January 8th, Michael Cannon-Brookes sold 7,948 shares of Atlassian stock. The stock was sold at an average price of $243.35, for a total transaction of $1,934,145.80.
• On Monday, January 6th, Michael Cannon-Brookes sold 7,948 shares of Atlassian stock. The stock was sold at an average price of $254.95, for a total transaction of $2,026,342.60.
• On Thursday, January 2nd, Michael Cannon-Brookes sold 7,948 shares of Atlassian stock. The stock was sold at an average price of $242.27, for a total transaction of $1,925,561.96.
• On Monday, December 30th, Michael Cannon-Brookes sold 7,948 shares of Atlassian stock. The stock was sold at an average price of $246.97, for a total transaction of $1,962,917.56.
• On Thursday, December 26th, Michael Cannon-Brookes sold 7,948 shares of Atlassian stock. The stock was sold at an average price of $255.45, for a total transaction of $2,030,316.60.
• On Tuesday, December 24th, Michael Cannon-Brookes sold 7,948 shares of Atlassian stock. The stock was sold at an average price of $255.25, for a total transaction of $2,028,727.00.
• On Friday, December 20th, Michael Cannon-Brookes sold 7,948 shares of Atlassian stock. The shares were sold at an average price of $255.22, for a total transaction of $2,028,488.56.
• On Monday, December 16th, Michael Cannon-Brookes sold 7,948 shares of Atlassian stock. The shares were sold at an average price of $278.13, for a total transaction of $2,210,577.24.
• On Thursday, December 12th, Michael Cannon-Brookes sold 7,948 shares of Atlassian stock. The shares were sold at an average price of $278.20, for a total transaction of $2,211,133.60.

Atlassian Price Performance

TEAM traded up $10.16 on Tuesday, reaching $246.40. The stock had a trading volume of 2,049,611 shares, compared to its average volume of 1,877,198. Atlassian Co. has a fifty-two week low of $135.29 and a fifty-two week high of $287.97. The firm has a 50-day moving average of $254.68 and a 200-day moving average of $200.23. The company has a current ratio of 1.18, a quick ratio of 1.18 and a debt-to-equity ratio of 0.96. The company has a market capitalization of $64.17 billion, a price-to-earnings ratio of -162.10 and a beta of 0.83.

Atlassian (NASDAQ:TEAM) last issued its earnings results on Thursday, October 31st. The technology company reported $0.77 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.64 by $0.13. Atlassian had a negative return on equity of 23.35% and a negative net margin of 8.59%. The business had revenue of $1.19 billion during the quarter, compared to analysts’ expectations of $1.16 billion. During the same quarter in the prior year, the firm earned ($0.07) EPS. The business’s revenue for the quarter was up 21.5% compared to the same quarter last year. As a group, sell-side analysts anticipate that Atlassian Co. will post -0.54 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on TEAM. Raymond James boosted their target price on shares of Atlassian from $200.00 to $250.00 and gave the company an “outperform” rating in a research report on Friday, November 1st. Jefferies Financial Group boosted their target price on shares of Atlassian from $280.00 to $300.00 and gave the company a “buy” rating in a research report on Thursday, November 14th. Piper Sandler boosted their target price on shares of Atlassian from $265.00 to $310.00 and gave the company an “overweight” rating in a research report on Monday, January 6th. Robert W. Baird boosted their price target on Atlassian from $175.00 to $200.00 and gave the company a “neutral” rating in a research note on Friday, November 1st. Finally, BMO Capital Markets raised shares of Atlassian from a “market perform” rating to an “outperform” rating and upped their price objective for the stock from $255.00 to $292.00 in a research report on Friday. Eight analysts have rated the stock with a hold rating and sixteen have given a buy rating to the company’s stock. According to data from MarketBeat.com, Atlassian presently has an average rating of “Moderate Buy” and a consensus price target of $266.10.

Institutional Investors Weigh In On Atlassian

Several institutional investors and hedge funds have recently made changes to their positions in TEAM. Dragoneer Investment Group LLC acquired a new stake in shares of Atlassian in the second quarter valued at about $469,803,000. Point72 Asset Management L.P. increased its stake in shares of Atlassian by 760.5% in the third quarter. Point72 Asset Management L.P. now owns 698,775 shares of the technology company’s stock valued at $110,972,000 after buying an additional 617,566 shares during the period. Two Sigma Advisers LP increased its stake in shares of Atlassian by 122.0% in the third quarter. Two Sigma Advisers LP now owns 1,003,600 shares of the technology company’s stock valued at $159,382,000 after buying an additional 551,500 shares during the period. Westfield Capital Management Co. LP acquired a new stake in shares of Atlassian in the third quarter valued at about $57,149,000. Finally, Parnassus Investments LLC increased its stake in shares of Atlassian by 322.9% in the third quarter. Parnassus Investments LLC now owns 321,240 shares of the technology company’s stock valued at $51,016,000 after buying an additional 245,286 shares during the period. 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.