Atlassian (NASDAQ:TEAM) CFO Sells $1,561,362.30 in Stock

Atlassian Corporation PLC (NASDAQ:TEAM) CFO James Chuong sold 9,054 shares of the business’s stock in a transaction that occurred on Wednesday, August 19th. The stock was sold at an average price of $172.45, for a total value of $1,561,362.30. Following the completion of the transaction, the chief financial officer owned 279,218 shares in the company, valued at $48,151,144.10. The trade was a 3.14% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards.

Atlassian Stock Performance

Shares of TEAM traded up $0.68 on Thursday, reaching $174.91. 5,457,769 shares of the company’s stock traded hands, compared to its average volume of 5,703,645. The stock’s 50 day simple moving average is $104.18 and its two-hundred day simple moving average is $88.91. The stock has a market cap of $44.39 billion, a PE ratio of -920.58, a PEG ratio of 13.69 and a beta of 1.05. Atlassian Corporation PLC has a 52-week low of $56.01 and a 52-week high of $184.00. The company has a current ratio of 0.78, a quick ratio of 0.70 and a debt-to-equity ratio of 0.93.

Atlassian (NASDAQ:TEAM) last announced its earnings results on Friday, August 7th. The technology company reported $1.87 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.50 by $0.37. The firm had revenue of $1.77 billion during the quarter, compared to analyst estimates of $1.66 billion. Atlassian had a positive return on equity of 20.99% and a negative net margin of 0.82%.The business’s revenue was up 27.6% compared to the same quarter last year. During the same period last year, the firm posted $0.98 EPS. On average, analysts forecast that Atlassian Corporation PLC will post 0.94 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Snowden Capital Advisors LLC lifted its stake in Atlassian by 1.6% in the second quarter. Snowden Capital Advisors LLC now owns 4,464 shares of the technology company’s stock worth $907,000 after acquiring an additional 71 shares during the period. Financial Perspectives Inc boosted its stake in shares of Atlassian by 11.7% during the 4th quarter. Financial Perspectives Inc now owns 718 shares of the technology company’s stock valued at $116,000 after purchasing an additional 75 shares in the last quarter. Verdence Capital Advisors LLC increased its position in shares of Atlassian by 3.0% during the fourth quarter. Verdence Capital Advisors LLC now owns 3,079 shares of the technology company’s stock valued at $499,000 after buying an additional 89 shares during the period. Bogart Wealth LLC raised its stake in Atlassian by 76.4% in the fourth quarter. Bogart Wealth LLC now owns 217 shares of the technology company’s stock worth $35,000 after buying an additional 94 shares in the last quarter. Finally, New York Life Investment Management LLC lifted its holdings in Atlassian by 6.7% in the fourth quarter. New York Life Investment Management LLC now owns 2,199 shares of the technology company’s stock worth $357,000 after buying an additional 139 shares during the period. Institutional investors own 94.45% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research analysts have recently commented on the company. Bank of America raised Atlassian from a “neutral” rating to a “buy” rating and set a $175.00 price target on the stock in a research report on Friday, August 7th. Robert W. Baird set a $200.00 price target on shares of Atlassian in a research report on Friday, August 7th. Barclays lifted their price objective on Atlassian from $112.00 to $172.00 and gave the company an “overweight” rating in a research note on Monday, August 10th. Weiss Ratings reiterated a “sell (e+)” rating on shares of Atlassian in a research report on Friday, July 17th. Finally, Zacks Research downgraded shares of Atlassian from a “strong-buy” rating to a “hold” rating in a research note on Monday, June 29th. Twenty-four analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $177.23.

About Atlassian

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.