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

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 business's stock in a transaction that occurred on Wednesday, July 30th. The shares were sold at an average price of $197.88, for a total transaction of $1,516,750.20. Following the completion of the transaction, the chief executive officer owned 329,595 shares of the company's stock, valued at $65,220,258.60. The trade was a 2.27% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible 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 transaction of $1,552,545.75.
• On Wednesday, July 23rd, Michael Cannon-Brookes sold 7,665 shares of Atlassian stock. The stock was sold at an average price of $202.78, for a total transaction 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 transaction of $1,494,521.70.
• On Friday, July 18th, Michael Cannon-Brookes sold 7,665 shares of Atlassian stock. The shares were sold at an average price of $192.82, for a total transaction of $1,477,965.30.
• On Wednesday, July 16th, Michael Cannon-Brookes sold 7,665 shares of Atlassian stock. The shares were 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 stock was 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 shares were 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 transaction of $1,686,146.70.
• On Monday, July 7th, Michael Cannon-Brookes sold 7,665 shares of Atlassian stock. The shares were sold at an average price of $214.49, for a total transaction of $1,644,065.85.

Atlassian Price Performance

Shares of Atlassian stock traded up $2.57 during trading on Monday, reaching $185.53. The company's stock had a trading volume of 403,525 shares, compared to its average volume of 2,271,837. 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 12-month low of $135.29 and a 12-month high of $326.00. The company has a market capitalization of $48.70 billion, a P/E ratio of -111.87 and a beta of 0.96. The business has a 50 day moving average price of $202.31 and a 200-day moving average price of $228.31.

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

Analyst Ratings Changes

TEAM has been the topic of several research reports. Morgan Stanley dropped their price objective on shares of Atlassian from $370.00 to $320.00 and set an "overweight" rating on the stock in a research note on Wednesday, April 16th. Capital One Financial downgraded shares of Atlassian from an "overweight" rating to an "equal weight" rating and set a $211.00 price objective on the stock. in a research report on Wednesday, July 16th. Stephens cut their price objective on shares of Atlassian from $255.00 to $221.00 and set an "equal weight" rating on the stock in a research report on Friday, May 2nd. Mizuho lowered their target price on shares of Atlassian from $290.00 to $265.00 and set an "outperform" rating on the stock in a research note on Wednesday, July 16th. Finally, Raymond James Financial restated an "outperform" rating and set a $300.00 target price (down previously from $330.00) on shares of Atlassian in a research note on Friday, May 2nd. Five research 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. According to data from MarketBeat.com, Atlassian has a consensus rating of "Moderate Buy" and a consensus target price of $274.05.

Hedge Funds Weigh In On Atlassian

Institutional investors have recently added to or reduced their stakes in the business. Farther Finance Advisors LLC increased its stake in Atlassian by 37.7% during the first quarter. Farther Finance Advisors LLC now owns 369 shares of the technology company's stock worth $80,000 after acquiring an additional 101 shares during the last quarter. Cambridge Investment Research Advisors Inc. increased its stake in Atlassian by 42.2% during the first quarter. Cambridge Investment Research Advisors Inc. now owns 4,240 shares of the technology company's stock worth $900,000 after acquiring an additional 1,259 shares during the last quarter. Principal Financial Group Inc. increased its stake in Atlassian by 350.1% during the first quarter. Principal Financial Group Inc. now owns 51,900 shares of the technology company's stock worth $11,014,000 after acquiring an additional 40,369 shares during the last quarter. Allspring Global Investments Holdings LLC increased its stake in Atlassian by 47,387.5% during the first quarter. Allspring Global Investments Holdings LLC now owns 3,799 shares of the technology company's stock worth $822,000 after acquiring an additional 3,791 shares during the last quarter. Finally, Amalgamated Bank increased its stake in Atlassian by 6.1% during the first quarter. Amalgamated Bank now owns 11,360 shares of the technology company's stock worth $2,411,000 after acquiring an additional 650 shares during the last quarter. 94.45% of the stock is currently owned by institutional investors and hedge funds.

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.