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 on August 1st for approximately $1.41 million, reducing his ownership stake to around 314,265 shares valued at nearly $58 million.
• This stock sale follows a series of recent sales by Cannon-Brookes, with similar amounts sold on multiple dates in July, showcasing a broader selling trend within the company leadership.
• Atlassian's stock performance shows a 52-week low of $135.29 and high of $326.00, with recent trading around $185.69 amid analysts adjusting their price targets downwards.

Atlassian Corporation PLC (NASDAQ:TEAM - Get Free Report) CEO Michael Cannon-Brookes sold 7,665 shares of Atlassian stock in a transaction on Friday, August 1st. The shares were sold at an average price of $184.43, for a total transaction of $1,413,655.95. Following the completion of the sale, the chief executive officer directly owned 314,265 shares in the company, valued at $57,959,893.95. This represents a 2.38% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website.

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

• On Wednesday, July 30th, Michael Cannon-Brookes sold 7,665 shares of Atlassian stock. The stock was sold at an average price of $197.88, for a total transaction of $1,516,750.20.
• 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 shares were 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 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 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 value 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 value of $1,476,585.60.
• On Wednesday, July 9th, Michael Cannon-Brookes sold 7,665 shares of Atlassian stock. The stock was sold at an average price of $219.98, for a total value of $1,686,146.70.

Atlassian Price Performance

Shares of Atlassian stock traded up $2.73 during midday trading on Monday, hitting $185.69. 1,527,237 shares of the company were exchanged, compared to its average volume of 2,279,771. The firm has a 50 day simple moving average of $202.31 and a 200-day simple moving average of $228.31. Atlassian Corporation PLC has a 52 week low of $135.29 and a 52 week high of $326.00. The firm has a market cap of $48.75 billion, a P/E ratio of -111.86 and a beta of 0.96. The company has a debt-to-equity ratio of 0.72, a current ratio of 1.26 and a quick ratio of 1.26.

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

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on TEAM shares. Raymond James Financial reiterated an "outperform" rating and issued a $300.00 price target (down from $330.00) on shares of Atlassian in a report on Friday, May 2nd. Canaccord Genuity Group cut their price objective on Atlassian from $300.00 to $255.00 and set a "buy" rating for the company in a report on Friday, May 2nd. Wells Fargo & Company cut their price objective on Atlassian from $330.00 to $315.00 and set an "overweight" rating for the company in a report on Friday, May 2nd. BMO Capital Markets cut their target price on Atlassian from $295.00 to $245.00 and set an "outperform" rating on the stock in a research report on Friday, May 2nd. Finally, Macquarie dropped their price target on Atlassian from $270.00 to $250.00 and set an "outperform" rating on the stock in a research report on Friday, May 2nd. Five equities research analysts have rated the stock with a hold rating, nineteen have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $274.05.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Clean Yield Group raised its holdings in Atlassian by 372.0% during the first quarter. Clean Yield Group now owns 118 shares of the technology company's stock worth $25,000 after acquiring an additional 93 shares in the last quarter. Colonial Trust Co SC grew its position in shares of Atlassian by 100.0% in the fourth quarter. Colonial Trust Co SC now owns 138 shares of the technology company's stock valued at $34,000 after purchasing an additional 69 shares during the last quarter. Smithfield Trust Co grew its position in shares of Atlassian by 90.7% in the first quarter. Smithfield Trust Co now owns 164 shares of the technology company's stock valued at $34,000 after purchasing an additional 78 shares during the last quarter. Geneos Wealth Management Inc. grew 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 purchasing an additional 161 shares during the last quarter. Finally, GeoWealth Management LLC grew its position in shares of Atlassian by 26.8% in the fourth quarter. GeoWealth Management LLC now owns 180 shares of the technology company's stock valued at $44,000 after purchasing an additional 38 shares during the last quarter. 94.45% of the stock is currently owned by institutional investors.

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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