Insider Selling: Atlassian (NASDAQ:TEAM) CFO Sells 9,054 Shares of Stock

Key Points

• Atlassian CFO James Chuong sold 9,054 shares at an average price of $172.45, totaling approximately $1.56 million. The sale covered tax-withholding obligations tied to vested equity awards, reducing his direct holdings by 3.14% to 279,218 shares.
• Atlassian recently reported stronger-than-expected quarterly results, with EPS of $1.87 versus the $1.50 consensus and revenue of $1.77 billion, up 27.6% year over year.
• Analyst sentiment remains positive, with 24 Buy ratings, four Holds and one Sell; the consensus rating is “Moderate Buy” with a $177.23 price target.

Atlassian Corporation PLC (NASDAQ:TEAM - Get Free Report) CFO James Chuong sold 9,054 shares of the firm's stock in a transaction on Wednesday, August 19th. The shares were sold at an average price of $172.45, for a total value of $1,561,362.30. Following the completion of the sale, the chief financial officer directly owned 279,218 shares in the company, valued at approximately $48,151,144.10. This represents a 3.14% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards.

Atlassian Price Performance

Shares of TEAM stock traded up $0.68 on Thursday, hitting $174.91. 5,457,769 shares of the company's stock were exchanged, compared to its average volume of 5,703,645. The company has a debt-to-equity ratio of 0.93, a current ratio of 0.78 and a quick ratio of 0.70. Atlassian Corporation PLC has a 12 month low of $56.01 and a 12 month high of $184.00. The stock has a market cap of $44.39 billion, a P/E ratio of -920.58, a price-to-earnings-growth ratio of 13.69 and a beta of 1.05. The company has a 50 day moving average of $104.18 and a 200 day moving average of $88.91.

Atlassian (NASDAQ:TEAM - Get Free Report) last released its earnings results on Friday, August 7th. The technology company reported $1.87 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.50 by $0.37. The firm had revenue of $1.77 billion for the quarter, compared to analysts' expectations of $1.66 billion. Atlassian had a positive return on equity of 20.99% and a negative net margin of 0.82%.During the same quarter in the previous year, the business posted $0.98 earnings per share. The business's revenue for the quarter was up 27.6% on a year-over-year basis. On average, equities research analysts predict that Atlassian Corporation PLC will post 0.94 EPS for the current year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the stock. MV Capital Management Inc. acquired a new position in shares of Atlassian in the fourth quarter worth approximately $25,000. Geneos Wealth Management Inc. raised its holdings in Atlassian by 447.2% during the first quarter. Geneos Wealth Management Inc. now owns 197 shares of the technology company's stock worth $42,000 after buying an additional 161 shares during the last quarter. Basepoint Wealth LLC acquired a new stake in shares of Atlassian in the 4th quarter worth about $32,000. Garton & Associates Financial Advisors LLC purchased a new position in Atlassian during the 4th quarter worth $32,000. Finally, Bogart Wealth LLC raised its holdings in shares of Atlassian by 76.4% in the fourth quarter. Bogart Wealth LLC now owns 217 shares of the technology company's stock valued at $35,000 after purchasing an additional 94 shares during the last quarter. 94.45% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

TEAM has been the topic of a number of research analyst reports. Sanford C. Bernstein restated an "outperform" rating on shares of Atlassian in a research report on Monday, June 29th. KeyCorp upped their price target on shares of Atlassian from $115.00 to $185.00 and gave the stock an "overweight" rating in a report on Friday, August 7th. BTIG Research raised their price objective on Atlassian from $130.00 to $180.00 and gave the company a "buy" rating in a report on Friday, August 7th. Robert W. Baird set a $200.00 price objective on Atlassian in a research report on Friday, August 7th. Finally, Wall Street Zen cut Atlassian from a "strong-buy" rating to a "buy" rating in a report on Saturday, May 30th. Twenty-four research analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus target price of $177.23.

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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