Insider Selling: Atlassian Corporation PLC (NASDAQ:TEAM) CTO Sells 3,517 Shares of Stock

Key Points

• Atlassian Corporation's CTO Rajeev Bashyam Rajan sold 3,517 shares on August 14th for approximately $574,783, decreasing his ownership by 2.39% to 143,898 shares.
• The company's stock price rose 1.6% to $167.00 following their earnings report, which surpassed expectations with an EPS of $0.98 and revenue of $1.38 billion.
• Analysts have mixed sentiments on Atlassian, with recommendations ranging from "strong buy" to "equal weight" and a consensus price target of $259.76.

Atlassian Corporation PLC (NASDAQ:TEAM - Get Free Report) CTO Rajeev Bashyam Rajan sold 3,517 shares of the firm's stock in a transaction that occurred on Thursday, August 14th. The shares were sold at an average price of $163.43, for a total transaction of $574,783.31. Following the completion of the transaction, the chief technology officer owned 143,898 shares of the company's stock, valued at $23,517,250.14. This trade represents a 2.39% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink.

Atlassian Stock Up 1.6%

Shares of NASDAQ:TEAM traded up $2.61 during midday trading on Friday, reaching $167.00. The company's stock had a trading volume of 2,742,190 shares, compared to its average volume of 2,409,158. The firm has a 50 day moving average of $195.39 and a 200-day moving average of $223.24. The firm has a market capitalization of $43.84 billion, a P/E ratio of -168.69 and a beta of 0.96. 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 $145.88 and a 12-month high of $326.00.

Atlassian (NASDAQ:TEAM - Get Free Report) last released its earnings results on Thursday, August 7th. The technology company reported $0.98 earnings per share for the quarter, topping analysts' consensus estimates of $0.83 by $0.15. The firm had revenue of $1.38 billion for the quarter, compared to the consensus estimate of $1.36 billion. Atlassian had a negative net margin of 4.92% and a negative return on equity of 15.19%. The company's revenue was up 22.3% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.66 EPS. On average, research analysts anticipate that Atlassian Corporation PLC will post -0.34 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several equities research analysts have issued reports on TEAM shares. Capital One Financial lowered shares of Atlassian from an "overweight" rating to an "equal weight" rating and set a $211.00 target price for the company. in a research report on Wednesday, July 16th. Canaccord Genuity Group lowered their price objective on shares of Atlassian from $255.00 to $230.00 and set a "buy" rating for the company in a report on Friday, August 8th. Mizuho set a $235.00 price objective on shares of Atlassian and gave the stock an "outperform" rating in a report on Friday, August 8th. Truist Financial set a $230.00 price objective on shares of Atlassian in a report on Friday, August 8th. Finally, Piper Sandler restated an "overweight" rating and issued a $300.00 price objective (down from $365.00) 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 given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus price target of $259.76.

Hedge Funds Weigh In On Atlassian

A number of hedge funds have recently bought and sold shares of the company. Optimist Retirement Group LLC boosted its stake in Atlassian by 36.8% in the 2nd quarter. Optimist Retirement Group LLC now owns 1,445 shares of the technology company's stock worth $293,000 after purchasing an additional 389 shares in the last quarter. Captrust Financial Advisors boosted its stake in Atlassian by 1.1% in the 2nd quarter. Captrust Financial Advisors now owns 14,002 shares of the technology company's stock worth $2,844,000 after purchasing an additional 156 shares in the last quarter. Montag & Caldwell LLC bought a new position in Atlassian in the 2nd quarter worth about $775,000. Voleon Capital Management LP bought a new position in Atlassian in the 2nd quarter worth about $3,733,000. Finally, Two Sigma Securities LLC bought a new position in Atlassian during the 2nd quarter valued at about $2,423,000. 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.