Insider Selling: Atlassian Co. (NASDAQ:TEAM) CEO Sells 7,948 Shares of Stock

Atlassian Co. (NASDAQ:TEAM - Get Free Report) CEO Michael Cannon-Brookes sold 7,948 shares of the business's stock in a transaction that occurred on Tuesday, June 3rd. The shares were sold at an average price of $208.43, for a total value of $1,656,601.64. Following the transaction, the chief executive officer now owns 23,844 shares of the company's stock, valued at approximately $4,969,804.92. This trade represents a 25.00% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink.

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

• On Thursday, May 29th, Michael Cannon-Brookes sold 7,948 shares of Atlassian stock. The stock was sold at an average price of $205.73, for a total value of $1,635,142.04.
• On Tuesday, May 27th, Michael Cannon-Brookes sold 7,948 shares of Atlassian stock. The stock was sold at an average price of $210.81, for a total transaction of $1,675,517.88.
• On Friday, May 23rd, Michael Cannon-Brookes sold 7,948 shares of Atlassian stock. The shares were sold at an average price of $206.57, for a total value of $1,641,818.36.
• On Monday, May 19th, Michael Cannon-Brookes sold 7,948 shares of Atlassian stock. The shares were sold at an average price of $214.92, for a total value of $1,708,184.16.
• On Friday, May 16th, Michael Cannon-Brookes sold 7,948 shares of Atlassian stock. The stock was sold at an average price of $221.41, for a total value of $1,759,766.68.
• On Wednesday, May 14th, Michael Cannon-Brookes sold 7,948 shares of Atlassian stock. The shares were sold at an average price of $225.44, for a total value of $1,791,797.12.
• On Monday, May 12th, Michael Cannon-Brookes sold 7,948 shares of Atlassian stock. The shares were sold at an average price of $222.47, for a total transaction of $1,768,191.56.
• On Thursday, May 8th, Michael Cannon-Brookes sold 7,948 shares of Atlassian stock. The stock was sold at an average price of $209.19, for a total transaction of $1,662,642.12.
• On Wednesday, April 30th, Michael Cannon-Brookes sold 7,948 shares of Atlassian stock. The stock was sold at an average price of $225.64, for a total transaction of $1,793,386.72.
• On Monday, April 28th, Michael Cannon-Brookes sold 7,948 shares of Atlassian stock. The stock was sold at an average price of $229.59, for a total value of $1,824,781.32.

Atlassian Stock Performance

NASDAQ:TEAM traded down $3.08 during mid-day trading on Friday, reaching $215.52. 791,982 shares of the stock were exchanged, compared to its average volume of 2,094,858. The stock has a market capitalization of $56.58 billion, a P/E ratio of -160.60 and a beta of 1.06. Atlassian Co. has a 1 year low of $135.29 and a 1 year high of $326.00. The company has a 50 day simple moving average of $209.84 and a 200-day simple moving average of $244.92. The company has a quick ratio of 1.24, a current ratio of 1.24 and a debt-to-equity ratio of 0.81.

Atlassian (NASDAQ:TEAM - Get Free Report) last released its quarterly earnings results on Thursday, May 1st. The technology company reported $0.97 EPS for the quarter, beating the consensus estimate of $0.93 by $0.04. The firm had revenue of $1.36 billion during the quarter, compared to the consensus estimate of $1.35 billion. Atlassian had a negative net margin of 7.22% and a negative return on equity of 17.37%. Atlassian's revenue for the quarter was up 14.1% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.89 EPS. Analysts anticipate that Atlassian Co. will post -0.34 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Atlassian

Large investors have recently modified their holdings of the stock. First Hawaiian Bank acquired a new position in Atlassian in the 1st quarter valued at $292,000. Strs Ohio purchased a new stake in shares of Atlassian in the first quarter valued at about $21,914,000. Diker Management LLC acquired a new position in shares of Atlassian during the first quarter worth about $849,000. Acadian Asset Management LLC raised its holdings in Atlassian by 68.9% during the first quarter. Acadian Asset Management LLC now owns 951,429 shares of the technology company's stock worth $201,875,000 after purchasing an additional 388,196 shares in the last quarter. Finally, Geneos Wealth Management Inc. lifted its position in 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 purchasing an additional 161 shares during the period. Hedge funds and other institutional investors own 94.45% of the company's stock.

Analyst Upgrades and Downgrades

TEAM has been the subject of a number of recent research reports. Stephens reduced their price target on shares of Atlassian from $255.00 to $221.00 and set an "equal weight" rating for the company in a research report on Friday, May 2nd. Barclays reduced their price objective on Atlassian from $350.00 to $260.00 and set an "overweight" rating on the stock in a research note on Monday, May 5th. Wells Fargo & Company decreased their price objective on Atlassian from $330.00 to $315.00 and set an "overweight" rating for the company in a research note on Friday, May 2nd. Robert W. Baird upgraded shares of Atlassian from a "neutral" rating to an "outperform" rating and cut their target price for the stock from $320.00 to $255.00 in a research note on Monday, April 14th. Finally, Truist Financial reduced their target price on shares of Atlassian from $350.00 to $300.00 and set a "buy" rating on the stock in a report on Monday, March 31st. Four equities research analysts have rated the stock with a hold rating, twenty have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, Atlassian currently has a consensus rating of "Moderate Buy" and an average target price of $285.29.

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.