Insider Selling: Atlassian Co. (NASDAQ:TEAM) CEO Sells 7,948 Shares of Stock

Atlassian Co. (NASDAQ:TEAM) CEO Michael Cannon-Brookes sold 7,948 shares of the company’s stock in a transaction dated Thursday, May 8th. The stock was sold at an average price of $209.19, for a total value of $1,662,642.12. Following the completion of the transaction, the chief executive officer now directly owns 158,960 shares of the company’s stock, valued at approximately $33,252,842.40. The trade was a 4.76% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website.

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

• On Wednesday, April 30th, Michael Cannon-Brookes sold 7,948 shares of Atlassian stock. The stock was sold at an average price of $225.64, for a total value of $1,793,386.72.
• On Monday, April 28th, Michael Cannon-Brookes sold 7,948 shares of Atlassian stock. The stock was sold at an average price of $229.59, for a total value of $1,824,781.32.
• On Wednesday, April 23rd, Michael Cannon-Brookes sold 7,948 shares of Atlassian stock. The stock was sold at an average price of $210.23, for a total value of $1,670,908.04.
• On Monday, April 21st, Michael Cannon-Brookes sold 7,948 shares of Atlassian stock. The shares were sold at an average price of $192.50, for a total value of $1,529,990.00.
• On Wednesday, April 16th, Michael Cannon-Brookes sold 7,948 shares of Atlassian stock. The shares were sold at an average price of $205.94, for a total value of $1,636,811.12.
• On Friday, April 11th, Michael Cannon-Brookes sold 7,948 shares of Atlassian stock. The shares were sold at an average price of $195.91, for a total value of $1,557,092.68.
• On Wednesday, April 9th, Michael Cannon-Brookes sold 7,948 shares of Atlassian stock. The stock was sold at an average price of $195.56, for a total value of $1,554,310.88.
• On Friday, April 4th, Michael Cannon-Brookes sold 7,948 shares of Atlassian stock. The stock was sold at an average price of $188.28, for a total value of $1,496,449.44.
• On Wednesday, April 2nd, Michael Cannon-Brookes sold 7,948 shares of Atlassian stock. The stock was sold at an average price of $222.68, for a total value of $1,769,860.64.
• On Monday, March 31st, Michael Cannon-Brookes sold 7,948 shares of Atlassian stock. The stock was sold at an average price of $209.73, for a total value of $1,666,934.04.

Atlassian Price Performance

NASDAQ:TEAM opened at $207.25 on Monday. The firm has a market capitalization of $54.30 billion, a price-to-earnings ratio of -154.66 and a beta of 1.06. Atlassian Co. has a 52-week low of $135.29 and a 52-week high of $326.00. The stock has a fifty day moving average of $215.36 and a 200 day moving average of $246.41. The company has a debt-to-equity ratio of 0.81, a quick ratio of 1.24 and a current ratio of 1.24.

Atlassian (NASDAQ:TEAM) last issued its quarterly earnings results on Thursday, May 1st. The technology company reported $0.97 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.93 by $0.04. Atlassian had a negative return on equity of 17.37% and a negative net margin of 7.22%. The firm had revenue of $1.36 billion during the quarter, compared to analyst estimates of $1.35 billion. During the same quarter in the previous year, the company posted $0.89 earnings per share. The company’s revenue was up 14.1% compared to the same quarter last year. On average, research analysts expect that Atlassian Co. will post -0.34 EPS for the current fiscal year.

Institutional Investors Weigh In On Atlassian

Hedge funds have recently added to or reduced their stakes in the company. JPMorgan Chase & Co. increased its stake in Atlassian by 5.6% in the 3rd quarter. JPMorgan Chase & Co. now owns 2,478,358 shares of the technology company’s stock worth $393,588,000 after purchasing an additional 131,621 shares during the period. GAMMA Investing LLC lifted its stake in Atlassian by 22.9% in the fourth quarter. GAMMA Investing LLC now owns 290 shares of the technology company’s stock worth $71,000 after acquiring an additional 54 shares during the period. Nordea Investment Management AB grew its holdings in shares of Atlassian by 20.1% during the 4th quarter. Nordea Investment Management AB now owns 30,442 shares of the technology company’s stock worth $7,458,000 after acquiring an additional 5,088 shares during the period. Park National Corp OH purchased a new position in shares of Atlassian during the 4th quarter worth approximately $206,000. Finally, Fulton Bank N.A. purchased a new position in shares of Atlassian during the 4th quarter worth approximately $447,000. Institutional investors own 94.45% of the company’s stock.

Analyst Ratings Changes

A number of research analysts have recently weighed in on TEAM shares. Citigroup raised their target price on Atlassian from $255.00 to $300.00 and gave the company a “buy” rating in a report on Friday, January 17th. Cantor Fitzgerald upgraded shares of Atlassian from a “neutral” rating to an “overweight” rating and reduced their target price for the stock from $304.00 to $272.00 in a research note on Wednesday, April 2nd. Morgan Stanley dropped their price target on shares of Atlassian from $370.00 to $320.00 and set an “overweight” rating on the stock in a research note on Wednesday, April 16th. Raymond James reiterated an “outperform” rating and issued a $300.00 price objective (down from $330.00) on shares of Atlassian in a research note on Friday, May 2nd. Finally, Macquarie cut their price target on Atlassian from $270.00 to $250.00 and set an “outperform” rating for the company in a report on Friday, May 2nd. Five analysts have rated the stock with a hold rating, nineteen have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $285.29.

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.