Insider Selling: Atlassian Corporation PLC (NASDAQ:TEAM) CEO Sells 7,665 Shares of Stock

Key Points

• Atlassian CEO Michael Cannon-Brookes sold 7,665 shares of the company's stock for $1,516,750.20, decreasing his total ownership by 2.27% to approximately 329,595 shares.
• As of Thursday, Atlassian's stock price saw a 2.7% decline, trading at $191.78, compared to its fifty-day moving average of $203.12.
• A recent report revealed that despite the decline, approximately 19 analysts have rated Atlassian as a "buy," reflecting a consensus rating of "Moderate Buy" with an average price target of $274.05.

Atlassian Corporation PLC (NASDAQ:TEAM - Get Free Report) CEO Michael Cannon-Brookes sold 7,665 shares of the firm's stock in a transaction on Wednesday, July 30th. The stock was sold at an average price of $197.88, for a total value of $1,516,750.20. Following the completion of the transaction, the chief executive officer directly owned 329,595 shares in the company, valued at approximately $65,220,258.60. This represents a 2.27% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website.

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

• 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 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 stock was 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.
• 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 value of $1,451,521.05.
• On Monday, July 14th, Michael Cannon-Brookes sold 7,665 shares of Atlassian stock. The shares were sold at an average price of $192.06, for a total transaction of $1,472,139.90.
• On Friday, July 11th, Michael Cannon-Brookes sold 7,665 shares of Atlassian stock. The stock was sold at an average price of $192.64, for a total transaction of $1,476,585.60.
• On Wednesday, July 9th, Michael Cannon-Brookes sold 7,665 shares of Atlassian stock. The shares were sold at an average price of $219.98, for a total value of $1,686,146.70.
• On Monday, July 7th, Michael Cannon-Brookes sold 7,665 shares of Atlassian stock. The stock was sold at an average price of $214.49, for a total value of $1,644,065.85.

Atlassian Stock Down 2.7%

NASDAQ:TEAM traded down $5.41 during mid-day trading on Thursday, reaching $191.78. The company's stock had a trading volume of 1,866,723 shares, compared to its average volume of 1,911,433. The company has a quick ratio of 1.26, a current ratio of 1.26 and a debt-to-equity ratio of 0.72. Atlassian Corporation PLC has a 1 year low of $135.29 and a 1 year high of $326.00. The stock has a fifty day moving average of $203.12 and a 200-day moving average of $229.38.

Atlassian (NASDAQ:TEAM - Get Free Report) last announced its quarterly earnings results on Thursday, May 1st. The technology company reported $0.97 earnings per share for the quarter, topping the consensus estimate of $0.93 by $0.04. The firm had revenue of $1.36 billion during the quarter, compared to analysts' expectations of $1.35 billion. Atlassian had a negative net margin of 8.66% and a negative return on equity of 23.41%. The company's revenue was up 14.1% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.89 EPS. Sell-side analysts predict that Atlassian Corporation PLC will post -0.34 EPS for the current year.

Analyst Ratings Changes

A number of analysts have issued reports on TEAM shares. Wall Street Zen raised Atlassian from a "hold" rating to a "buy" rating in a research note on Sunday, June 22nd. Wells Fargo & Company cut their target price on shares of Atlassian from $330.00 to $315.00 and set an "overweight" rating for the company in a report on Friday, May 2nd. Stephens lowered their price objective 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. Morgan Stanley dropped their price objective 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. Finally, Raymond James Financial reaffirmed an "outperform" rating and issued a $300.00 price target (down previously from $330.00) on shares of Atlassian in a report on Friday, May 2nd. Five equities research analysts have rated the stock with a hold rating, nineteen have assigned a buy rating and one has assigned a strong buy rating to the company's stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $274.05.

Institutional Trading of Atlassian

A number of hedge funds have recently bought and sold shares of TEAM. GeoWealth Management LLC increased its holdings in shares of Atlassian by 26.8% in the 4th quarter. GeoWealth Management LLC now owns 180 shares of the technology company's stock valued at $44,000 after acquiring an additional 38 shares during the period. State of Wyoming boosted its position in Atlassian by 20.3% during the first quarter. State of Wyoming now owns 278 shares of the technology company's stock valued at $59,000 after purchasing an additional 47 shares in the last quarter. True Wealth Design LLC boosted its position in Atlassian by 21.6% during the fourth quarter. True Wealth Design LLC now owns 282 shares of the technology company's stock valued at $69,000 after purchasing an additional 50 shares in the last quarter. Covenant Partners LLC grew its stake in Atlassian by 4.2% in the fourth quarter. Covenant Partners LLC now owns 1,328 shares of the technology company's stock valued at $323,000 after purchasing an additional 53 shares during the last quarter. Finally, First Citizens Bank & Trust Co. raised its holdings in Atlassian by 4.7% in the first quarter. First Citizens Bank & Trust Co. now owns 1,192 shares of the technology company's stock worth $253,000 after purchasing an additional 54 shares in the last quarter. Hedge funds and other institutional investors own 94.45% of the company's stock.

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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