Atlassian (NASDAQ:TEAM) CEO Michael Cannon-Brookes Sells 7,665 Shares of Stock

Key Points

• Michael Cannon-Brookes sold 7,665 shares on January 14 at an average price of $133.66 for $1,024,503.90, leaving him with 398,580 shares (a 1.89% reduction) valued at about $53.27 million.
• He has been executing repeated insider sales since December 19 — 11 transactions of 7,665 shares each, totaling 84,315 shares — indicating sustained liquidation activity.
• Atlassian recently traded at $128.45 (50-day MA $155.18, 200-day MA $168.02) and carries a consensus analyst rating of "Moderate Buy" with an average price target of $238.46.

Atlassian Corporation PLC (NASDAQ:TEAM - Get Free Report) CEO Michael Cannon-Brookes sold 7,665 shares of Atlassian stock in a transaction dated Wednesday, January 14th. The shares were sold at an average price of $133.66, for a total value of $1,024,503.90. Following the completion of the transaction, the chief executive officer owned 398,580 shares of the company's stock, valued at $53,274,202.80. The trade was a 1.89% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this link.

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

• On Monday, January 12th, Michael Cannon-Brookes sold 7,665 shares of Atlassian stock. The stock was sold at an average price of $147.15, for a total transaction of $1,127,904.75.
• On Friday, January 9th, Michael Cannon-Brookes sold 7,665 shares of Atlassian stock. The stock was sold at an average price of $145.91, for a total transaction of $1,118,400.15.
• On Wednesday, January 7th, Michael Cannon-Brookes sold 7,665 shares of Atlassian stock. The stock was sold at an average price of $161.11, for a total transaction of $1,234,908.15.
• On Monday, January 5th, Michael Cannon-Brookes sold 7,665 shares of Atlassian stock. The shares were sold at an average price of $154.20, for a total transaction of $1,181,943.00.
• On Friday, January 2nd, Michael Cannon-Brookes sold 7,665 shares of Atlassian stock. The stock was sold at an average price of $156.15, for a total transaction of $1,196,889.75.
• On Wednesday, December 31st, Michael Cannon-Brookes sold 7,665 shares of Atlassian stock. The stock was sold at an average price of $162.68, for a total transaction of $1,246,942.20.
• On Monday, December 29th, Michael Cannon-Brookes sold 7,665 shares of Atlassian stock. The stock was sold at an average price of $163.66, for a total value of $1,254,453.90.
• On Friday, December 26th, Michael Cannon-Brookes sold 7,665 shares of Atlassian stock. The shares were sold at an average price of $162.53, for a total transaction of $1,245,792.45.
• On Friday, December 19th, Michael Cannon-Brookes sold 7,665 shares of Atlassian stock. The shares were sold at an average price of $162.40, for a total transaction of $1,244,796.00.
• On Tuesday, December 23rd, Michael Cannon-Brookes sold 7,665 shares of Atlassian stock. The stock was sold at an average price of $161.30, for a total value of $1,236,364.50.

Atlassian Stock Performance

TEAM traded down $3.51 during trading on Thursday, hitting $128.45. 4,629,087 shares of the stock were exchanged, compared to its average volume of 3,659,400. The company has a quick ratio of 1.26, a current ratio of 1.26 and a debt-to-equity ratio of 0.72. The firm has a market capitalization of $33.80 billion, a P/E ratio of -180.91, a PEG ratio of 21.35 and a beta of 0.88. The stock has a fifty day moving average price of $155.18 and a two-hundred day moving average price of $168.02. Atlassian Corporation PLC has a 1-year low of $127.71 and a 1-year high of $326.00.

Atlassian (NASDAQ:TEAM - Get Free Report) last released its quarterly earnings results on Thursday, October 30th. The technology company reported $1.04 EPS for the quarter, beating the consensus estimate of $0.83 by $0.21. The firm had revenue of $1.43 billion during the quarter, compared to the consensus estimate of $1.40 billion. Atlassian had a negative net margin of 3.38% and a negative return on equity of 7.11%. Atlassian's revenue for the quarter was up 20.6% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.77 EPS. As a group, sell-side analysts predict that Atlassian Corporation PLC will post -0.34 earnings per share for the current year.

Analysts Set New Price Targets

A number of research analysts have recently issued reports on the stock. Canaccord Genuity Group reiterated a "buy" rating and set a $230.00 price target on shares of Atlassian in a research note on Wednesday, October 22nd. Citigroup reiterated a "buy" rating on shares of Atlassian in a research report on Wednesday, October 22nd. BTIG Research reissued a "buy" rating and issued a $220.00 price target on shares of Atlassian in a report on Tuesday. UBS Group decreased their price target on Atlassian from $215.00 to $185.00 and set a "neutral" rating on the stock in a research note on Friday, October 24th. Finally, Wells Fargo & Company started coverage on Atlassian in a research report on Tuesday, September 30th. They issued an "overweight" rating and a $216.00 price objective for the company. One investment analyst has rated the stock with a Strong Buy rating, twenty-one have given a Buy rating, nine have given a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus price target of $238.46.

Hedge Funds Weigh In On Atlassian

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Capco Asset Management LLC acquired a new stake in Atlassian in the second quarter valued at $25,000. Physician Wealth Advisors Inc. increased its stake in shares of Atlassian by 60.4% during the 3rd quarter. Physician Wealth Advisors Inc. now owns 162 shares of the technology company's stock worth $26,000 after purchasing an additional 61 shares in the last quarter. Atlantic Union Bankshares Corp increased its position in Atlassian by 19,900.0% during the third quarter. Atlantic Union Bankshares Corp now owns 200 shares of the technology company's stock worth $32,000 after buying an additional 199 shares in the last quarter. Board of the Pension Protection Fund acquired a new position in Atlassian in the 4th quarter valued at about $32,000. Finally, Geneos Wealth Management Inc. raised its position in shares of Atlassian by 447.2% in the first quarter. Geneos Wealth Management Inc. now owns 197 shares of the technology company's stock valued at $42,000 after buying an additional 161 shares during the last quarter. 94.45% of the stock is owned by institutional investors and hedge funds.

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.

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