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

Atlassian Corporation PLC (NASDAQ:TEAM) CEO Michael Cannon-Brookes sold 7,665 shares of Atlassian stock in a transaction that occurred on Wednesday, December 10th. The shares were sold at an average price of $161.79, for a total transaction of $1,240,120.35. Following the completion of the transaction, the chief executive officer owned 107,310 shares of the company’s stock, valued at $17,361,684.90. This trade represents a 6.67% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link.

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

• On Monday, December 8th, Michael Cannon-Brookes sold 7,665 shares of Atlassian stock. The stock was sold at an average price of $160.70, for a total transaction of $1,231,765.50.
• On Friday, December 5th, Michael Cannon-Brookes sold 7,665 shares of Atlassian stock. The shares were sold at an average price of $160.48, for a total transaction of $1,230,079.20.
• On Wednesday, December 3rd, Michael Cannon-Brookes sold 7,665 shares of Atlassian stock. The stock was sold at an average price of $155.08, for a total transaction of $1,188,688.20.
• On Friday, November 28th, Michael Cannon-Brookes sold 7,665 shares of Atlassian stock. The stock was sold at an average price of $150.12, for a total transaction of $1,150,669.80.
• On Wednesday, November 26th, Michael Cannon-Brookes sold 7,665 shares of Atlassian stock. The shares were sold at an average price of $148.29, for a total value of $1,136,642.85.
• On Monday, November 24th, Michael Cannon-Brookes sold 7,665 shares of Atlassian stock. The stock was sold at an average price of $146.62, for a total value of $1,123,842.30.
• On Friday, November 21st, Michael Cannon-Brookes sold 7,665 shares of Atlassian stock. The stock was sold at an average price of $144.02, for a total value of $1,103,913.30.
• On Wednesday, November 19th, Michael Cannon-Brookes sold 7,665 shares of Atlassian stock. The stock was sold at an average price of $147.63, for a total value of $1,131,583.95.
• On Monday, November 17th, Michael Cannon-Brookes sold 7,665 shares of Atlassian stock. The stock was sold at an average price of $147.41, for a total value of $1,129,897.65.
• On Thursday, November 13th, Michael Cannon-Brookes sold 7,665 shares of Atlassian stock. The shares were sold at an average price of $153.77, for a total transaction of $1,178,647.05.

Atlassian Stock Up 0.9%

TEAM stock traded up $1.53 during midday trading on Thursday, reaching $163.26. 1,510,413 shares of the company were exchanged, compared to its average volume of 2,498,918. The company has a market cap of $42.96 billion, a price-to-earnings ratio of -229.94, a price-to-earnings-growth ratio of 30.44 and a beta of 0.89. The company has a debt-to-equity ratio of 0.72, a quick ratio of 1.26 and a current ratio of 1.26. Atlassian Corporation PLC has a 1-year low of $139.70 and a 1-year high of $326.00. The stock’s 50-day simple moving average is $155.39 and its 200 day simple moving average is $176.17.

Atlassian (NASDAQ:TEAM) last issued its earnings results on Thursday, October 30th. The technology company reported $1.04 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.83 by $0.21. Atlassian had a negative net margin of 3.38% and a negative return on equity of 7.11%. The business had revenue of $1.43 billion during the quarter, compared to analysts’ expectations of $1.40 billion. During the same quarter in the prior year, the business posted $0.77 EPS. The company’s revenue for the quarter was up 20.6% on a year-over-year basis. On average, equities analysts forecast that Atlassian Corporation PLC will post -0.34 earnings per share for the current year.

Institutional Investors Weigh In On Atlassian

Institutional investors have recently modified their holdings of the company. DNB Asset Management AS increased its stake in Atlassian by 266.6% in the 3rd quarter. DNB Asset Management AS now owns 2,806,888 shares of the technology company’s stock valued at $448,260,000 after purchasing an additional 2,041,210 shares in the last quarter. Norges Bank acquired a new stake in Atlassian in the second quarter valued at $377,794,000. Artisan Partners Limited Partnership increased its position 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 valued at $787,610,000 after buying an additional 1,545,546 shares in the last quarter. Vanguard Group Inc. raised its stake in shares of Atlassian by 6.0% during the 3rd 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 during the last quarter. Finally, AQR Capital Management LLC raised its stake in shares of Atlassian by 145.6% during the 1st quarter. AQR Capital Management LLC now owns 1,715,287 shares of the technology company’s stock worth $354,858,000 after buying an additional 1,016,902 shares during the last quarter. Hedge funds and other institutional investors own 94.45% of the company’s stock.

Analysts Set New Price Targets

TEAM has been the topic of a number of research analyst reports. Sanford C. Bernstein lifted their target price on Atlassian from $290.00 to $304.00 and gave the stock an “outperform” rating in a research report on Tuesday, November 18th. Canaccord Genuity Group restated a “buy” rating and set a $230.00 price target on shares of Atlassian in a research note on Wednesday, October 22nd. Weiss Ratings reiterated a “sell (e+)” rating on shares of Atlassian in a research note on Wednesday, October 8th. Citigroup restated a “buy” rating on shares of Atlassian in a research report on Wednesday, October 22nd. Finally, UBS Group cut their target price on shares of Atlassian from $215.00 to $185.00 and set a “neutral” rating on the stock in a report on Friday, October 24th. One equities research analyst has rated the stock with a Strong Buy rating, twenty have given a Buy rating, nine have given a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $240.00.

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.