Insider Selling: Atlassian (NASDAQ:TEAM) CEO Sells $1,244,796.00 in Stock

Atlassian Corporation PLC (NASDAQ:TEAM) CEO Michael Cannon-Brookes sold 7,665 shares of the business’s stock in a transaction dated Friday, December 19th. The shares were sold at an average price of $162.40, for a total transaction of $1,244,796.00. Following the completion of the sale, the chief executive officer directly owned 53,655 shares of the company’s stock, valued at approximately $8,713,572. The trade was a 12.50% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this link.

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

• 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 transaction 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 stock was 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 transaction of $1,242,573.15.
• On Wednesday, December 10th, Michael Cannon-Brookes sold 7,665 shares of Atlassian stock. The stock was 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 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 value of $1,230,079.20.
• On Wednesday, December 3rd, Michael Cannon-Brookes sold 7,665 shares of Atlassian stock. The shares were 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 shares were sold at an average price of $148.29, for a total transaction of $1,136,642.85.

Atlassian Stock Performance

Shares of Atlassian stock opened at $160.53 on Friday. The company’s 50 day moving average price is $158.00 and its two-hundred day moving average price is $172.72. The firm has a market capitalization of $42.24 billion, a P/E ratio of -226.09, a P/E/G ratio of 24.95 and a beta of 0.89. The company has a debt-to-equity ratio of 0.72, a current ratio of 1.26 and a quick ratio of 1.26. Atlassian Corporation PLC has a fifty-two week low of $139.70 and a fifty-two week high of $326.00.

Atlassian (NASDAQ:TEAM) last released its quarterly earnings data on Thursday, October 30th. The technology company reported $1.04 earnings per share for the quarter, beating the consensus estimate 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 last year, the business posted $0.77 EPS. Atlassian’s revenue for the quarter was up 20.6% on a year-over-year basis. On average, equities analysts forecast that Atlassian Corporation PLC will post -0.34 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of TEAM. Allworth Financial LP lifted its stake in Atlassian by 21.6% during the 3rd quarter. Allworth Financial LP now owns 3,161 shares of the technology company’s stock valued at $505,000 after acquiring an additional 561 shares in the last quarter. IFP Advisors Inc raised its stake in shares of Atlassian by 624.6% in the third quarter. IFP Advisors Inc now owns 5,174 shares of the technology company’s stock valued at $826,000 after buying an additional 4,460 shares during the period. Swiss Life Asset Management Ltd raised its stake in shares of Atlassian by 14.7% in the third quarter. Swiss Life Asset Management Ltd now owns 27,397 shares of the technology company’s stock valued at $4,375,000 after buying an additional 3,505 shares during the period. Cambria Investment Management L.P. purchased a new position in shares of Atlassian during the 3rd quarter valued at $671,000. Finally, CIBC Bancorp USA Inc. bought a new position in shares of Atlassian during the 3rd quarter worth $1,925,000. Institutional investors own 94.45% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages have commented on TEAM. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Atlassian in a report on Wednesday, October 8th. Guggenheim assumed coverage on Atlassian in a research note on Thursday, September 11th. They issued a “buy” rating and a $225.00 price objective on the stock. BTIG Research started coverage on Atlassian in a report on Tuesday, December 16th. They issued a “buy” rating and a $220.00 target price on the stock. Piper Sandler restated an “overweight” rating and set a $300.00 price target on shares of Atlassian in a report on Friday, October 31st. Finally, The Goldman Sachs Group reaffirmed a “buy” rating and issued a $260.00 price objective on shares of Atlassian in a research note on Friday, October 31st. 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 assigned a Sell rating to the company. Based on data from MarketBeat, Atlassian currently has an average rating of “Moderate Buy” and an average target price of $239.23.

About Atlassian

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.