Atlassian Corporation PLC (NASDAQ:TEAM) CEO Sells $1,310,868.30 in Stock

Key Points

• CEO Michael Cannon-Brookes sold 7,665 shares of Atlassian stock for a total of $1,310,868.30, representing a 2.70% decrease in his ownership, and he now holds 275,940 shares valued at $47,191,258.80.
• Atlassian reported a 22.3% year-over-year revenue increase to $1.38 billion, with earnings per share of $0.98 for the last quarter, exceeding analysts' expectations.
• Several large institutional investors have recently increased their stakes in Atlassian, with institutions now owning 94.45% of the stock, indicating strong investor confidence in the company.

Atlassian Corporation PLC (NASDAQ:TEAM - Get Free Report) CEO Michael Cannon-Brookes sold 7,665 shares of Atlassian stock in a transaction on Friday, August 8th. The shares were sold at an average price of $171.02, for a total transaction of $1,310,868.30. Following the completion of the transaction, the chief executive officer directly owned 275,940 shares in the company, valued at $47,191,258.80. The trade was a 2.70% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link.

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

• On Wednesday, August 6th, Michael Cannon-Brookes sold 7,665 shares of Atlassian stock. The shares were sold at an average price of $185.81, for a total transaction of $1,424,233.65.
• On Monday, August 4th, Michael Cannon-Brookes sold 7,665 shares of Atlassian stock. The stock was sold at an average price of $185.43, for a total transaction of $1,421,320.95.
• On Friday, August 1st, Michael Cannon-Brookes sold 7,665 shares of Atlassian stock. The stock was sold at an average price of $184.43, for a total transaction of $1,413,655.95.
• On Wednesday, July 30th, Michael Cannon-Brookes sold 7,665 shares of Atlassian stock. The stock was sold at an average price of $197.88, for a total transaction of $1,516,750.20.
• On Monday, July 28th, Michael Cannon-Brookes sold 7,665 shares of Atlassian stock. The stock was sold at an average price of $202.05, for a total transaction of $1,548,713.25.
• On Friday, July 25th, Michael Cannon-Brookes sold 7,665 shares of Atlassian stock. The stock was sold at an average price of $202.55, for a total transaction of $1,552,545.75.
• On Wednesday, July 23rd, Michael Cannon-Brookes sold 7,665 shares of Atlassian stock. The stock was sold at an average price of $202.78, for a total transaction of $1,554,308.70.
• On Monday, July 21st, Michael Cannon-Brookes sold 7,665 shares of Atlassian stock. The stock was sold at an average price of $194.98, for a total transaction of $1,494,521.70.
• On Friday, July 18th, Michael Cannon-Brookes sold 7,665 shares of Atlassian stock. The stock was sold at an average price of $192.82, for a total transaction of $1,477,965.30.
• On Wednesday, July 16th, Michael Cannon-Brookes sold 7,665 shares of Atlassian stock. The stock was sold at an average price of $189.37, for a total transaction of $1,451,521.05.

Atlassian Stock Performance

TEAM traded down $8.78 during trading hours on Monday, hitting $159.28. 5,297,168 shares of the stock were exchanged, compared to its average volume of 2,370,703. The stock has a 50-day simple moving average of $198.47 and a 200-day simple moving average of $224.83. Atlassian Corporation PLC has a 12 month low of $139.23 and a 12 month high of $326.00. The stock has a market cap of $41.81 billion, a price-to-earnings ratio of -160.89 and a beta of 0.96. 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 (NASDAQ:TEAM - Get Free Report) last announced its quarterly earnings data on Thursday, August 7th. The technology company reported $0.98 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.83 by $0.15. Atlassian had a negative return on equity of 15.19% and a negative net margin of 4.92%. The firm had revenue of $1.38 billion for the quarter, compared to analysts' expectations of $1.36 billion. During the same period last year, the business posted $0.66 earnings per share. The firm's revenue for the quarter was up 22.3% on a year-over-year basis. Analysts anticipate that Atlassian Corporation PLC will post -0.34 earnings per share for the current year.

Institutional Investors Weigh In On Atlassian

Several large investors have recently added to or reduced their stakes in the stock. Vanguard Group Inc. increased its position in Atlassian by 2.6% in the second quarter. Vanguard Group Inc. now owns 17,430,078 shares of the technology company's stock worth $3,539,875,000 after buying an additional 436,541 shares during the period. Dorsey & Whitney Trust CO LLC increased its position in Atlassian by 65.4% in the second quarter. Dorsey & Whitney Trust CO LLC now owns 2,029 shares of the technology company's stock worth $412,000 after buying an additional 802 shares during the period. Nomura Asset Management Co. Ltd. increased its position in Atlassian by 43.2% in the second quarter. Nomura Asset Management Co. Ltd. now owns 76,264 shares of the technology company's stock worth $15,488,000 after buying an additional 23,005 shares during the period. Citigroup Inc. increased its position in Atlassian by 85.4% in the second quarter. Citigroup Inc. now owns 466,772 shares of the technology company's stock worth $94,797,000 after buying an additional 214,958 shares during the period. Finally, Symphony Financial Ltd. Co. acquired a new stake in Atlassian in the second quarter worth $17,915,000. 94.45% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several research analysts recently weighed in on TEAM shares. Mizuho set a $235.00 target price on shares of Atlassian and gave the company an "outperform" rating in a research note on Friday. Truist Financial set a $230.00 target price on shares of Atlassian in a research note on Friday. Morgan Stanley cut their target price on shares of Atlassian from $370.00 to $320.00 and set an "overweight" rating for the company in a research note on Wednesday, April 16th. Barclays cut their target price on shares of Atlassian from $244.00 to $215.00 and set an "overweight" rating for the company in a research note on Friday. Finally, Canaccord Genuity Group dropped their price objective on shares of Atlassian from $255.00 to $230.00 and set a "buy" rating for the company in a research note on Friday. Five investment analysts have rated the stock with a hold rating, nineteen have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average target price of $259.76.

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.

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