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

Key Points

• CEO Michael Cannon-Brookes sold 7,665 shares on January 7 at an average price of $161.11 for $1,234,908, leaving him with 436,905 shares valued at about $70.4 million (a 1.72% reduction in his position).
• He executed the same-size sale on ten other recent dates (11 transactions total), selling about 84,315 shares in recent weeks — roughly $13.5 million at prevailing prices — indicating a multi-day selling program.
• Atlassian shares recently traded at $149.43 (down $11.44), sit below their 50- and 200-day moving averages, and carry a consensus analyst rating of Moderate Buy with an average price target of $238.46.

Atlassian Corporation PLC (NASDAQ:TEAM - Get Free Report) CEO Michael Cannon-Brookes sold 7,665 shares of Atlassian stock in a transaction dated Wednesday, January 7th. The stock was sold at an average price of $161.11, for a total transaction of $1,234,908.15. Following the completion of the sale, the chief executive officer owned 436,905 shares of the company's stock, valued at $70,389,764.55. This trade represents a 1.72% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink.

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

• On Monday, January 5th, Michael Cannon-Brookes sold 7,665 shares of Atlassian stock. The shares were sold at an average price of $154.20, for a total transaction of $1,181,943.00.
• On Friday, January 2nd, Michael Cannon-Brookes sold 7,665 shares of Atlassian stock. The shares were sold at an average price of $156.15, for a total transaction of $1,196,889.75.
• On Wednesday, December 31st, Michael Cannon-Brookes sold 7,665 shares of Atlassian stock. The stock was sold at an average price of $162.68, for a total value of $1,246,942.20.
• On Monday, December 29th, Michael Cannon-Brookes sold 7,665 shares of Atlassian stock. The stock was sold at an average price of $163.66, for a total value of $1,254,453.90.
• On Friday, December 26th, Michael Cannon-Brookes sold 7,665 shares of Atlassian stock. The shares were sold at an average price of $162.53, for a total value of $1,245,792.45.
• On Friday, December 19th, Michael Cannon-Brookes sold 7,665 shares of Atlassian stock. The shares were sold at an average price of $162.40, for a total transaction of $1,244,796.00.
• On Tuesday, December 23rd, Michael Cannon-Brookes sold 7,665 shares of Atlassian stock. The shares were sold at an average price of $161.30, for a total value of $1,236,364.50.
• On Wednesday, December 17th, Michael Cannon-Brookes sold 7,665 shares of Atlassian stock. The shares were sold at an average price of $163.16, for a total transaction of $1,250,621.40.
• On Monday, December 15th, Michael Cannon-Brookes sold 7,665 shares of Atlassian stock. The stock was sold at an average price of $158.92, for a total transaction of $1,218,121.80.
• On Friday, December 12th, Michael Cannon-Brookes sold 7,665 shares of Atlassian stock. The shares were sold at an average price of $162.11, for a total transaction of $1,242,573.15.

Atlassian Price Performance

Shares of Atlassian stock traded down $11.44 on Thursday, reaching $149.43. The stock had a trading volume of 4,089,311 shares, compared to its average volume of 3,318,608. The business's 50 day moving average is $157.59 and its two-hundred day moving average is $169.98. The company has a market cap of $39.32 billion, a P/E ratio of -210.46, a price-to-earnings-growth ratio of 24.52 and a beta of 0.88. 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 1 year low of $139.70 and a 1 year high of $326.00.

Atlassian (NASDAQ:TEAM - Get Free Report) last issued its quarterly earnings data on Thursday, October 30th. The technology company reported $1.04 EPS for the quarter, beating the consensus estimate of $0.83 by $0.21. Atlassian had a negative net margin of 3.38% and a negative return on equity of 7.11%. The firm had revenue of $1.43 billion during the quarter, compared to the consensus estimate of $1.40 billion. During the same period in the prior year, the firm posted $0.77 earnings per share. The company's quarterly revenue was up 20.6% compared to the same quarter last year. As a group, research 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 recent analyst reports. UBS Group reduced their price target on Atlassian from $215.00 to $185.00 and set a "neutral" rating on the stock in a report on Friday, October 24th. Truist Financial set a $210.00 price objective on shares of Atlassian in a research note on Friday, October 31st. BTIG Research initiated coverage on shares of Atlassian in a report on Tuesday, December 16th. They issued a "buy" rating and a $220.00 price objective for the company. Mizuho lifted their price target on shares of Atlassian from $235.00 to $245.00 and gave the company an "outperform" rating in a research note on Friday, October 31st. Finally, Cowen reissued a "hold" rating on shares of Atlassian in a research note on Monday, October 27th. One equities research analyst has rated the stock with a Strong Buy rating, twenty-one have issued a Buy rating, nine have assigned a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average price target of $238.46.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in TEAM. Capco Asset Management LLC acquired a new stake in shares of Atlassian in the second quarter worth approximately $25,000. Physician Wealth Advisors Inc. raised its stake in Atlassian by 60.4% during the third quarter. Physician Wealth Advisors Inc. now owns 162 shares of the technology company's stock valued at $26,000 after buying an additional 61 shares in the last quarter. Atlantic Union Bankshares Corp raised its stake in Atlassian by 19,900.0% during the third quarter. Atlantic Union Bankshares Corp now owns 200 shares of the technology company's stock worth $32,000 after acquiring an additional 199 shares during the period. Board of the Pension Protection Fund acquired a new stake in Atlassian in the fourth quarter worth $32,000. Finally, Geneos Wealth Management Inc. increased its position in Atlassian by 447.2% in the 1st quarter. Geneos Wealth Management Inc. now owns 197 shares of the technology company's stock valued at $42,000 after acquiring an additional 161 shares during the period. Institutional investors and hedge funds own 94.45% of the company's stock.

Atlassian Company Profile

Atlassian Corporation Plc is a software company headquartered in Sydney, Australia, best known for developing collaboration, project management and software development tools. Founded in 2002 by Mike Cannon-Brookes and Scott Farquhar, Atlassian grew from a small engineering-focused team into a publicly traded company after its initial public offering in 2015. The company serves a global customer base that spans small teams to large enterprises across technology, financial services, government and other sectors.

Atlassian's product portfolio centers on tools designed to help teams plan, build and support software and business processes.

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