Michael Cannon-Brookes Sells 7,665 Shares of Atlassian Corporation PLC (NASDAQ:TEAM) 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 the firm's stock in a transaction on Friday, August 1st. The stock was sold at an average price of $184.43, for a total value of $1,413,655.95. Following the transaction, the chief executive officer owned 314,265 shares in the company, valued at approximately $57,959,893.95. This trade represents a 2.38% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink.

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

• On Monday, August 4th, Michael Cannon-Brookes sold 7,665 shares of Atlassian stock. The stock was sold at an average price of $185.43, for a total value of $1,421,320.95.
• 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 value 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 value 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 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 shares were 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 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 stock was sold at an average price of $192.64, for a total value of $1,476,585.60.

Atlassian Stock Performance

NASDAQ:TEAM traded down $0.09 during trading hours on Wednesday, reaching $185.36. The company had a trading volume of 2,553,313 shares, compared to its average volume of 2,278,330. The company has a current ratio of 1.26, a quick ratio of 1.26 and a debt-to-equity ratio of 0.72. Atlassian Corporation PLC has a 52 week low of $136.84 and a 52 week high of $326.00. The firm has a market cap of $48.66 billion, a price-to-earnings ratio of -111.66 and a beta of 0.96. The firm's 50 day moving average price is $201.37 and its 200-day moving average price is $227.55.

Wall Street Analyst Weigh In

TEAM has been the subject of several recent analyst reports. Capital One Financial lowered Atlassian from an "overweight" rating to an "equal weight" rating and set a $211.00 target price for the company. in a report on Wednesday, July 16th. Stephens reduced their target price on Atlassian from $255.00 to $221.00 and set an "equal weight" rating for the company in a report on Friday, May 2nd. Raymond James Financial reaffirmed an "outperform" rating and issued a $300.00 target price (down from $330.00) on shares of Atlassian in a report on Friday, May 2nd. Morgan Stanley reduced their price objective on Atlassian from $370.00 to $320.00 and set an "overweight" rating for the company in a report on Wednesday, April 16th. Finally, Wells Fargo & Company reduced 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. Five investment analysts have rated the stock with a hold rating, nineteen have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, Atlassian presently has a consensus rating of "Moderate Buy" and a consensus target price of $274.05.

Institutional Investors Weigh In On Atlassian

A number of large investors have recently added to or reduced their stakes in TEAM. Vanguard Group Inc. boosted its holdings in Atlassian by 3.5% in the 1st quarter. Vanguard Group Inc. now owns 16,993,537 shares of the technology company's stock worth $3,606,198,000 after buying an additional 580,583 shares during the period. Baillie Gifford & Co. boosted its holdings in Atlassian by 7.1% in the 1st quarter. Baillie Gifford & Co. now owns 8,694,755 shares of the technology company's stock worth $1,845,114,000 after buying an additional 573,696 shares during the period. Massachusetts Financial Services Co. MA boosted its holdings in Atlassian by 21.8% in the 1st quarter. Massachusetts Financial Services Co. MA now owns 3,440,813 shares of the technology company's stock worth $730,175,000 after buying an additional 616,071 shares during the period. Voya Investment Management LLC boosted its holdings in Atlassian by 24.1% in the 1st quarter. Voya Investment Management LLC now owns 2,695,889 shares of the technology company's stock worth $571,894,000 after buying an additional 523,035 shares during the period. Finally, Invesco Ltd. boosted its holdings in Atlassian by 265.9% in the 4th quarter. Invesco Ltd. now owns 2,445,440 shares of the technology company's stock worth $595,171,000 after buying an additional 1,777,179 shares during the period. Institutional investors own 94.45% of the company's stock.

Atlassian Company Profile

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.