Michael Cannon-Brookes Sells 7,665 Shares of Atlassian Corporation PLC (NASDAQ:TEAM) Stock

Key Points

• Michael Cannon-Brookes, CEO of Atlassian, sold 7,665 shares of the company at an average price of $163.51, bringing his total ownership to 268,275 shares, a 2.78% decrease.
• Atlassian recently reported $1.38 billion in quarterly revenue, exceeding analyst expectations, with earnings per share of $0.98 against a consensus estimate of $0.83.
• Multiple analysts have adjusted their price targets for Atlassian, with Cantor Fitzgerald lowering its target from $256.00 to $240.00 while maintaining an "overweight" rating.

Atlassian Corporation PLC (NASDAQ:TEAM - Get Free Report) CEO Michael Cannon-Brookes sold 7,665 shares of the stock in a transaction that occurred on Monday, August 11th. The shares were sold at an average price of $163.51, for a total transaction of $1,253,304.15. Following the completion of the transaction, the chief executive officer owned 268,275 shares in the company, valued at $43,865,645.25. This represents a 2.78% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink.

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

• On Friday, August 8th, Michael Cannon-Brookes sold 7,665 shares of Atlassian stock. The stock was sold at an average price of $171.02, for a total transaction of $1,310,868.30.
• On Wednesday, August 6th, Michael Cannon-Brookes sold 7,665 shares of Atlassian stock. The stock was sold at an average price of $185.81, for a total transaction of $1,424,233.65.
• On Monday, August 4th, Michael Cannon-Brookes sold 7,665 shares of Atlassian stock. The shares were sold at an average price of $185.43, for a total transaction of $1,421,320.95.
• On Friday, August 1st, Michael Cannon-Brookes sold 7,665 shares of Atlassian stock. The stock was sold at an average price of $184.43, for a total value of $1,413,655.95.
• On Wednesday, July 30th, Michael Cannon-Brookes sold 7,665 shares of Atlassian stock. The shares were 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 shares were 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 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 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 transaction of $1,477,965.30.

Atlassian Stock Performance

Shares of Atlassian stock traded down $1.28 on Tuesday, hitting $158.00. 5,758,007 shares of the company's stock traded hands, compared to its average volume of 2,531,947. Atlassian Corporation PLC has a 52-week low of $139.23 and a 52-week high of $326.00. The company has a debt-to-equity ratio of 0.72, a quick ratio of 1.26 and a current ratio of 1.26. The firm's 50-day moving average is $197.41 and its 200 day moving average is $224.37.

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

Analyst Upgrades and Downgrades

TEAM has been the topic of a number of analyst reports. Cantor Fitzgerald decreased their price target on Atlassian from $256.00 to $240.00 and set an "overweight" rating on the stock in a research note on Friday. BMO Capital Markets decreased their price target on Atlassian from $225.00 to $200.00 and set an "outperform" rating on the stock in a research note on Friday. Barclays dropped their price objective on Atlassian from $244.00 to $215.00 and set an "overweight" rating for the company in a research note on Friday. Mizuho set a $235.00 price objective on Atlassian and gave the stock an "outperform" rating in a report on Friday. Finally, Piper Sandler reissued an "overweight" rating and issued a $300.00 target price (down previously from $365.00) on shares of Atlassian in a report on Friday, May 2nd. Five investment analysts have rated the stock with a hold rating, nineteen have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and an average price target of $259.76.

Institutional Investors Weigh In On Atlassian

A number of institutional investors have recently made changes to their positions in TEAM. Vanguard Group Inc. boosted its holdings in Atlassian by 2.6% in the second quarter. Vanguard Group Inc. now owns 17,430,078 shares of the technology company's stock worth $3,539,875,000 after purchasing an additional 436,541 shares during the period. Baillie Gifford & Co. lifted its position in shares of 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 last quarter. Artisan Partners Limited Partnership boosted its holdings in shares of Atlassian by 66.3% in the 2nd quarter. Artisan Partners Limited Partnership now owns 3,878,133 shares of the technology company's stock valued at $787,610,000 after buying an additional 1,545,546 shares during the period. Massachusetts Financial Services Co. MA grew its position in shares of Atlassian by 21.8% during the 1st quarter. Massachusetts Financial Services Co. MA now owns 3,440,813 shares of the technology company's stock valued at $730,175,000 after buying an additional 616,071 shares during the last quarter. Finally, Voya Investment Management LLC raised its stake in Atlassian by 24.1% during the first quarter. Voya Investment Management LLC now owns 2,695,889 shares of the technology company's stock worth $571,894,000 after acquiring an additional 523,035 shares during the period. 94.45% of the stock is currently owned by institutional investors.

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.

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