Michael Cannon-Brookes Sells 7,665 Shares of Atlassian Corporation PLC (NASDAQ:TEAM) 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 the business's stock in a transaction on Friday, August 8th. The stock was sold at an average price of $171.02, for a total value of $1,310,868.30. Following the transaction, the chief executive officer directly owned 275,940 shares in the company, valued at $47,191,258.80. This trade represents a 2.70% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website.

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

• On Monday, August 11th, Michael Cannon-Brookes sold 7,665 shares of Atlassian stock. The shares were sold at an average price of $163.51, for a total value of $1,253,304.15.
• 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 value of $1,424,233.65.
• On Monday, August 4th, Michael Cannon-Brookes sold 7,665 shares of Atlassian stock. The shares were sold at an average price of $185.43, for a total value of $1,421,320.95.
• On Friday, August 1st, Michael Cannon-Brookes sold 7,665 shares of Atlassian stock. The shares were sold at an average price of $184.43, for a total value of $1,413,655.95.
• On Wednesday, July 30th, Michael Cannon-Brookes sold 7,665 shares of Atlassian stock. The shares were sold at an average price of $197.88, for a total value of $1,516,750.20.
• On Monday, July 28th, Michael Cannon-Brookes sold 7,665 shares of Atlassian stock. The shares were sold at an average price of $202.05, for a total value of $1,548,713.25.
• On Friday, July 25th, Michael Cannon-Brookes sold 7,665 shares of Atlassian stock. The shares were sold at an average price of $202.55, for a total value of $1,552,545.75.
• On Wednesday, July 23rd, Michael Cannon-Brookes sold 7,665 shares of Atlassian stock. The shares were sold at an average price of $202.78, for a total value of $1,554,308.70.
• On Monday, July 21st, Michael Cannon-Brookes sold 7,665 shares of Atlassian stock. The shares were sold at an average price of $194.98, for a total value 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 value of $1,477,965.30.

Atlassian Price Performance

TEAM stock traded up $1.46 during midday trading on Friday, hitting $165.85. 369,329 shares of the stock were exchanged, compared to its average volume of 2,393,185. The stock's 50-day moving average price is $195.39 and its 200-day moving average price is $223.24. The stock has a market cap of $43.54 billion, a price-to-earnings ratio of -167.18 and a beta of 0.96. Atlassian Corporation PLC has a fifty-two week low of $145.88 and a fifty-two week high of $326.00. The company has a debt-to-equity ratio of 0.72, a quick ratio of 1.26 and a current ratio of 1.26.

Atlassian (NASDAQ:TEAM - Get Free Report) last issued 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. The firm had revenue of $1.38 billion during the quarter, compared to analysts' expectations of $1.36 billion. Atlassian had a negative return on equity of 15.19% and a negative net margin of 4.92%. Atlassian's revenue was up 22.3% on a year-over-year basis. During the same period in the previous year, the firm posted $0.66 earnings per share. Research analysts predict that Atlassian Corporation PLC will post -0.34 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several brokerages have weighed in on TEAM. BMO Capital Markets cut their price target on Atlassian from $225.00 to $200.00 and set an "outperform" rating on the stock in a report on Friday, August 8th. Capital One Financial downgraded Atlassian from an "overweight" rating to an "equal weight" rating and set a $211.00 price target on the stock. in a report on Wednesday, July 16th. KeyCorp dropped their price objective on Atlassian from $275.00 to $250.00 and set an "overweight" rating on the stock in a report on Thursday, July 17th. Piper Sandler reiterated an "overweight" rating and issued a $300.00 price objective (down previously from $365.00) on shares of Atlassian in a report on Friday, May 2nd. Finally, Wall Street Zen upgraded Atlassian from a "hold" rating to a "buy" rating in a report on Sunday, June 22nd. Five analysts have rated the stock with a hold rating, nineteen have assigned a buy rating and one has issued a strong buy rating to the company's stock. According to MarketBeat.com, Atlassian currently has a consensus rating of "Moderate Buy" and an average price target of $259.76.

Hedge Funds Weigh In On Atlassian

Several hedge funds and other institutional investors have recently bought and sold shares of TEAM. Clean Yield Group grew its position in shares of Atlassian by 372.0% in the first quarter. Clean Yield Group now owns 118 shares of the technology company's stock valued at $25,000 after purchasing an additional 93 shares during the period. Capco Asset Management LLC bought a new position in Atlassian in the 2nd quarter worth approximately $25,000. Colonial Trust Co SC grew its holdings in Atlassian by 100.0% in the 4th quarter. Colonial Trust Co SC now owns 138 shares of the technology company's stock worth $34,000 after buying an additional 69 shares in the last quarter. Smithfield Trust Co grew its holdings in Atlassian by 90.7% in the 1st quarter. Smithfield Trust Co now owns 164 shares of the technology company's stock worth $34,000 after buying an additional 78 shares in the last quarter. Finally, GeoWealth Management LLC grew its holdings in Atlassian by 26.8% in the 4th quarter. GeoWealth Management LLC now owns 180 shares of the technology company's stock worth $44,000 after buying an additional 38 shares in the last quarter. 94.45% of the stock is owned by institutional investors and hedge funds.

Atlassian Company Profile

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.