Atlassian (NASDAQ:TEAM) CFO Sells $775,534.50 in Stock

Atlassian Corporation PLC (NASDAQ:TEAM) CFO James Chuong sold 8,838 shares of Atlassian stock in a transaction that occurred on Tuesday, May 19th. The stock was sold at an average price of $87.75, for a total transaction of $775,534.50. Following the completion of the transaction, the chief financial officer directly owned 288,272 shares in the company, valued at approximately $25,295,868. The trade was a 2.97% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards.

Atlassian Stock Up 3.9%

Shares of Atlassian stock opened at $85.42 on Friday. The firm’s 50 day moving average price is $73.81 and its 200-day moving average price is $110.68. The company has a quick ratio of 0.70, a current ratio of 0.70 and a debt-to-equity ratio of 1.13. Atlassian Corporation PLC has a 52-week low of $56.01 and a 52-week high of $222.59. The company has a market cap of $21.68 billion, a P/E ratio of -102.92, a PEG ratio of 4.84 and a beta of 0.90.

Atlassian (NASDAQ:TEAM) last issued its quarterly earnings data on Thursday, April 30th. The technology company reported $1.75 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.33 by $0.42. Atlassian had a negative net margin of 3.50% and a positive return on equity of 6.22%. The firm had revenue of $1.79 billion for the quarter, compared to the consensus estimate of $1.70 billion. During the same quarter in the previous year, the firm earned $0.97 EPS. The company’s quarterly revenue was up 31.7% compared to the same quarter last year. On average, sell-side analysts predict that Atlassian Corporation PLC will post 0.81 EPS for the current fiscal year.

Institutional Trading of Atlassian

Several institutional investors and hedge funds have recently bought and sold shares of TEAM. AQR Capital Management LLC lifted its stake in Atlassian by 291.4% during the 4th quarter. AQR Capital Management LLC now owns 7,749,694 shares of the technology company’s stock valued at $1,256,535,000 after acquiring an additional 5,769,788 shares during the period. DNB Asset Management AS lifted its stake in Atlassian by 266.6% during 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 acquiring an additional 2,041,210 shares during the period. Norges Bank acquired a new stake in Atlassian during the 4th quarter valued at approximately $323,526,000. Morgan Stanley lifted its stake in Atlassian by 52.4% during the 4th quarter. Morgan Stanley now owns 4,822,007 shares of the technology company’s stock valued at $781,841,000 after acquiring an additional 1,657,309 shares during the period. Finally, KBC Group NV lifted its stake in Atlassian by 1,691.2% during the 1st quarter. KBC Group NV now owns 1,440,019 shares of the technology company’s stock valued at $98,281,000 after acquiring an additional 1,359,624 shares during the period. 94.45% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of brokerages have recently issued reports on TEAM. Morgan Stanley cut their price objective on shares of Atlassian from $290.00 to $120.00 and set an “overweight” rating on the stock in a research report on Thursday, April 16th. Wall Street Zen raised shares of Atlassian from a “buy” rating to a “strong-buy” rating in a research report on Saturday, May 9th. Oppenheimer boosted their target price on shares of Atlassian from $100.00 to $110.00 and gave the stock an “outperform” rating in a research report on Monday, May 11th. Zacks Research raised shares of Atlassian from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, May 6th. Finally, Wolfe Research reissued an “outperform” rating and set a $100.00 target price on shares of Atlassian in a research report on Thursday, March 12th. One analyst has rated the stock with a Strong Buy rating, twenty-one have given a Buy rating, five have issued a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, Atlassian currently has a consensus rating of “Moderate Buy” and a consensus target price of $145.63.

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.