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 on August 14 for approximately $1.25 million, decreasing his ownership by 3.03% to 245,280 shares valued at about $40 million.
• Atlassian's stock has experienced a significant drop in value, with recent trades averaging between $163.26 and $202.78, compared to a 52-week high of $326.00.
• Analysts are mixed on Atlassian's outlook, with target prices recently adjusted downwards by several firms, yet the stock maintains a consensus rating of "Moderate Buy" with a target of around $259.76.

Atlassian Corporation PLC (NASDAQ:TEAM - Get Free Report) CEO Michael Cannon-Brookes sold 7,665 shares of the firm's stock in a transaction dated Thursday, August 14th. The shares were sold at an average price of $163.26, for a total value of $1,251,387.90. Following the completion of the transaction, the chief executive officer owned 245,280 shares of the company's stock, valued at $40,044,412.80. The trade was a 3.03% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website.

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

• On Monday, August 11th, Michael Cannon-Brookes sold 7,665 shares of Atlassian stock. The stock was sold at an average price of $163.51, for a total transaction of $1,253,304.15.
• On Friday, August 8th, Michael Cannon-Brookes sold 7,665 shares of Atlassian stock. The shares were 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 shares were sold at an average price of $184.43, for a total transaction 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 transaction 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 transaction 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 stock was sold at an average price of $194.98, for a total transaction of $1,494,521.70.

Atlassian Stock Performance

Shares of NASDAQ:TEAM traded up $2.61 during trading on Friday, hitting $167.00. 2,742,190 shares of the stock traded hands, compared to its average volume of 2,409,158. The company has a market cap of $43.84 billion, a price-to-earnings ratio of -168.69 and a beta of 0.96. The company has a fifty day moving average price of $195.39 and a two-hundred day moving average price of $223.24. 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 52-week low of $145.88 and a 52-week 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 (EPS) for the quarter, topping analysts' consensus estimates of $0.83 by $0.15. Atlassian had a negative net margin of 4.92% and a negative return on equity of 15.19%. The business had revenue of $1.38 billion during the quarter, compared to analyst estimates of $1.36 billion. During the same quarter in the prior year, the firm earned $0.66 earnings per share. The company's revenue for the quarter was up 22.3% compared to the same quarter last year. As a group, equities analysts predict that Atlassian Corporation PLC will post -0.34 EPS for the current year.

Analyst Upgrades and Downgrades

Several analysts recently issued reports on TEAM shares. BMO Capital Markets cut their target price on shares of Atlassian from $225.00 to $200.00 and set an "outperform" rating for the company in a research report on Friday, August 8th. Raymond James Financial set a $250.00 price target on shares of Atlassian and gave the company an "outperform" rating in a report on Friday, August 8th. Oppenheimer reduced their target price on shares of Atlassian from $300.00 to $275.00 and set an "outperform" rating on the stock in a research note on Monday, July 21st. Cantor Fitzgerald reduced their target price on shares of Atlassian from $256.00 to $240.00 and set an "overweight" rating on the stock in a research note on Friday, August 8th. Finally, KeyCorp reduced their target price on shares of Atlassian from $275.00 to $250.00 and set an "overweight" rating on the stock in a research note on Thursday, July 17th. Five investment analysts have rated the stock with a hold rating, nineteen have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $259.76.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of TEAM. Clean Yield Group lifted its position in Atlassian by 372.0% in the first quarter. Clean Yield Group now owns 118 shares of the technology company's stock valued at $25,000 after buying an additional 93 shares during the last quarter. Capco Asset Management LLC purchased a new stake in shares of Atlassian during the second quarter worth approximately $25,000. Colonial Trust Co SC increased its stake in shares of Atlassian by 100.0% during the fourth quarter. Colonial Trust Co SC now owns 138 shares of the technology company's stock worth $34,000 after buying an additional 69 shares during the period. Smithfield Trust Co increased its stake in shares of Atlassian by 90.7% during the first quarter. Smithfield Trust Co now owns 164 shares of the technology company's stock worth $34,000 after buying an additional 78 shares during the period. Finally, Geneos Wealth Management Inc. increased its stake in Atlassian by 447.2% in the first quarter. Geneos Wealth Management Inc. now owns 197 shares of the technology company's stock valued at $42,000 after purchasing an additional 161 shares during the last quarter. Institutional investors and hedge funds own 94.45% of the company's stock.

About Atlassian

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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