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

Key Points

• Michael Cannon-Brookes sold 7,665 Atlassian shares on Jan. 20 at an average price of $118.19 for $905,926.35, leaving him with 375,585 shares (a 2.00% reduction in his position).
• Between Dec. 26 and Jan. 20 he executed 11 identical sales of 7,665 shares each — a total of 84,315 shares sold for roughly $12.46 million.
• TEAM shares traded up 3.7% to $122.41 (market cap $32.21B); analysts have trimmed targets but the consensus rating remains a "Moderate Buy" with an average target of $235.38.

Atlassian Corporation PLC (NASDAQ:TEAM - Get Free Report) CEO Michael Cannon-Brookes sold 7,665 shares of the company's stock in a transaction dated Tuesday, January 20th. The shares were sold at an average price of $118.19, for a total transaction of $905,926.35. Following the transaction, the chief executive officer owned 375,585 shares in the company, valued at $44,390,391.15. This represents a 2.00% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this link.

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

• On Friday, January 16th, Michael Cannon-Brookes sold 7,665 shares of Atlassian stock. The shares were sold at an average price of $120.82, for a total value of $926,085.30.
• On Wednesday, January 14th, Michael Cannon-Brookes sold 7,665 shares of Atlassian stock. The shares were sold at an average price of $133.66, for a total transaction of $1,024,503.90.
• On Monday, January 12th, Michael Cannon-Brookes sold 7,665 shares of Atlassian stock. The shares were sold at an average price of $147.15, for a total transaction of $1,127,904.75.
• On Friday, January 9th, Michael Cannon-Brookes sold 7,665 shares of Atlassian stock. The shares were sold at an average price of $145.91, for a total value of $1,118,400.15.
• On Wednesday, January 7th, Michael Cannon-Brookes sold 7,665 shares of Atlassian stock. The stock was sold at an average price of $161.11, for a total value of $1,234,908.15.
• 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 value of $1,196,889.75.
• On Wednesday, December 31st, Michael Cannon-Brookes sold 7,665 shares of Atlassian stock. The shares were 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 transaction 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.

Atlassian Trading Up 3.7%

TEAM stock traded up $4.35 during trading on Wednesday, reaching $122.41. The company had a trading volume of 6,239,912 shares, compared to its average volume of 4,449,632. The company has a market cap of $32.21 billion, a P/E ratio of -172.41, a PEG ratio of 18.36 and a beta of 0.88. The company has a debt-to-equity ratio of 0.72, a current ratio of 1.26 and a quick ratio of 1.26. The business has a 50 day moving average of $152.24 and a 200 day moving average of $165.25. Atlassian Corporation PLC has a 52 week low of $115.53 and a 52 week high of $326.00.

Atlassian (NASDAQ:TEAM - Get Free Report) last announced its quarterly earnings data on Thursday, October 30th. The technology company reported $1.04 earnings per share for the quarter, topping analysts' consensus estimates of $0.83 by $0.21. The business had revenue of $1.43 billion for the quarter, compared to analysts' expectations of $1.40 billion. Atlassian had a negative net margin of 3.38% and a negative return on equity of 7.11%. The business's revenue was up 20.6% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.77 earnings per share. As a group, sell-side analysts forecast that Atlassian Corporation PLC will post -0.34 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several analysts recently issued reports on TEAM shares. TD Cowen cut their target price on Atlassian from $205.00 to $175.00 and set a "hold" rating for the company in a research report on Tuesday. Mizuho reduced their price objective on Atlassian from $245.00 to $225.00 and set an "outperform" rating on the stock in a research note on Wednesday. Macquarie dropped their price target on shares of Atlassian from $250.00 to $240.00 and set an "outperform" rating for the company in a research note on Monday, November 3rd. Zacks Research raised Atlassian from a "strong sell" rating to a "hold" rating in a research report on Monday, November 3rd. Finally, BTIG Research reaffirmed a "buy" rating and set a $220.00 price target on shares of Atlassian in a research note on Tuesday, January 13th. One analyst has rated the stock with a Strong Buy rating, twenty have assigned a Buy rating, eight have assigned a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $235.38.

Institutional Inflows and Outflows

Several large investors have recently made changes to their positions in the business. DNB Asset Management AS lifted its position in Atlassian by 266.6% during the third quarter. DNB Asset Management AS now owns 2,806,888 shares of the technology company's stock worth $448,260,000 after buying an additional 2,041,210 shares in the last quarter. Norges Bank purchased a new position in shares of Atlassian in the second quarter valued at approximately $377,794,000. Artisan Partners Limited Partnership grew its stake in shares of Atlassian by 66.3% in the second quarter. Artisan Partners Limited Partnership now owns 3,878,133 shares of the technology company's stock worth $787,610,000 after acquiring an additional 1,545,546 shares in the last quarter. Vanguard Group Inc. grew its position in shares of Atlassian by 6.0% during the third quarter. Vanguard Group Inc. now owns 18,479,561 shares of the technology company's stock worth $2,951,186,000 after buying an additional 1,049,483 shares in the last quarter. Finally, Voyager Global Management LP increased its stake in shares of Atlassian by 181.8% during the third quarter. Voyager Global Management LP now owns 1,550,000 shares of the technology company's stock worth $247,535,000 after buying an additional 1,000,000 shares during the period. 94.45% of the stock is owned by institutional investors and hedge funds.

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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