Atlassian (NASDAQ:TEAM) CEO Acquires 13,400 Shares of Company Stock

Key Points

• Atlassian CEO Michael Cannon-Brookes bought 13,400 shares at an average price of $150.30, a $2.01 million purchase that increased his stake by 4.86% to 289,340 shares.
• The company beat quarterly earnings and revenue expectations, reporting EPS of $1.65 versus $1.39 expected and revenue of $1.77 billion; revenue rose 23.7% year over year.
• Shares traded at $152.29, down 0.1% that day. Analysts’ consensus rating was “Moderate Buy,” with an average price target of $209.48.

Atlassian Corporation PLC (NASDAQ:TEAM - Get Free Report) CEO Michael Cannon-Brookes acquired 13,400 shares of the business's stock in a transaction dated Wednesday, November 11th. The stock was bought at an average cost of $150.30 per share, with a total value of $2,014,020.00. Following the acquisition, the chief executive officer owned 289,340 shares in the company, valued at $43,487,802. The trade was a 4.86% increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link.

Atlassian Stock Down 0.1%

Shares of NASDAQ:TEAM traded down $0.15 during midday trading on Thursday, hitting $152.29. The stock had a trading volume of 2,213,759 shares, compared to its average volume of 5,468,331. Atlassian Corporation PLC has a 12 month low of $56.01 and a 12 month high of $229.96. The company has a quick ratio of 0.78, a current ratio of 0.72 and a debt-to-equity ratio of 1.09. The business's 50-day simple moving average is $193.74 and its 200-day simple moving average is $119.94. The company has a market cap of $38.55 billion, a P/E ratio of 423.04, a PEG ratio of 15.40 and a beta of 1.16.

Atlassian (NASDAQ:TEAM - Get Free Report) last posted its quarterly earnings results on Thursday, November 5th. The technology company reported $1.65 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.39 by $0.26. The firm had revenue of $1.77 billion for the quarter, compared to analyst estimates of $1.71 billion. Atlassian had a net margin of 1.28% and a return on equity of 33.53%. The company's quarterly revenue was up 23.7% compared to the same quarter last year. During the same period in the prior year, the firm posted $1.04 earnings per share. On average, sell-side analysts forecast that Atlassian Corporation PLC will post 0.69 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Atlassian

A number of large investors have recently made changes to their positions in TEAM. Meeder Advisory Services Inc. boosted its holdings in Atlassian by 3.5% in the 3rd quarter. Meeder Advisory Services Inc. now owns 3,650 shares of the technology company's stock valued at $654,000 after purchasing an additional 123 shares during the period. BNP Paribas acquired a new position in shares of Atlassian during the 3rd quarter worth approximately $1,586,000. Ilmarinen Mutual Pension Insurance Co grew its position in shares of Atlassian by 11.2% during the 3rd quarter. Ilmarinen Mutual Pension Insurance Co now owns 58,171 shares of the technology company's stock worth $10,429,000 after purchasing an additional 5,849 shares in the last quarter. Advisors Asset Management Inc. bought a new position in shares of Atlassian during the third quarter worth approximately $3,773,000. Finally, Private Wealth Asset Management LLC increased its holdings in shares of Atlassian by 19,118.0% during the third quarter. Private Wealth Asset Management LLC now owns 9,609 shares of the technology company's stock worth $1,723,000 after purchasing an additional 9,559 shares during the period. Institutional investors own 94.45% of the company's stock.

Wall Street Analysts Forecast Growth

TEAM has been the subject of several recent analyst reports. Piper Sandler raised their target price on shares of Atlassian from $175.00 to $190.00 and gave the company an "overweight" rating in a research note on Friday, November 6th. Morgan Stanley boosted their target price on Atlassian from $120.00 to $180.00 and gave the stock an "overweight" rating in a report on Friday, August 7th. Jefferies Financial Group decreased their target price on Atlassian from $245.00 to $190.00 and set a "buy" rating on the stock in a report on Friday, November 6th. TD Cowen increased their price target on Atlassian from $145.00 to $180.00 and gave the company a "hold" rating in a research note on Tuesday, November 3rd. Finally, FBN Securities reaffirmed an "outperform" rating and set a $170.00 price target on shares of Atlassian in a report on Monday, August 10th. Twenty-four equities research analysts have rated the stock with a Buy rating, three have given a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus target price of $209.48.

Atlassian Company Profile

Atlassian Corporation develops collaboration and productivity software for software, IT and business teams. Its products help organizations plan and track work, manage software development and support services, and share information across teams. Its product portfolio includes Jira for project and issue tracking, Confluence for team documentation and collaboration, Jira Service Management for IT and other service teams, Trello for visual work management, and Bitbucket for code collaboration. Atlassian also offers cloud-based products and tools for distributed teams.

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