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 Wednesday, June 12th. The shares were sold at an average price of $163.54, for a total transaction of $1,299,815.92. Following the sale, the chief executive officer now owns 87,428 shares of the company’s stock, valued at $14,297,975.12. The transaction 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 Tuesday, May 28th, Michael Cannon-Brookes sold 8,241 shares of Atlassian stock. The shares were sold at an average price of $165.51, for a total value of $1,363,967.91.
• On Tuesday, May 21st, Michael Cannon-Brookes sold 8,241 shares of Atlassian stock. The stock was sold at an average price of $178.45, for a total value of $1,470,606.45.
• On Tuesday, May 14th, Michael Cannon-Brookes sold 8,241 shares of Atlassian stock. The stock was sold at an average price of $184.26, for a total transaction of $1,518,486.66.
• On Friday, May 10th, Michael Cannon-Brookes sold 8,241 shares of Atlassian stock. The stock was sold at an average price of $179.88, for a total value of $1,482,391.08.
• On Wednesday, May 8th, Michael Cannon-Brookes sold 8,241 shares of Atlassian stock. The shares were sold at an average price of $178.93, for a total value of $1,474,562.13.
• On Monday, May 6th, Michael Cannon-Brookes sold 8,241 shares of Atlassian stock. The stock was sold at an average price of $182.45, for a total value of $1,503,570.45.
• On Wednesday, May 1st, Michael Cannon-Brookes sold 8,241 shares of Atlassian stock. The stock was sold at an average price of $172.99, for a total value of $1,425,610.59.
• On Friday, April 26th, Michael Cannon-Brookes sold 8,241 shares of Atlassian stock. The stock was sold at an average price of $178.95, for a total value of $1,474,726.95.
• On Friday, April 19th, Michael Cannon-Brookes sold 8,241 shares of Atlassian stock. The stock was sold at an average price of $191.53, for a total value of $1,578,398.73.
• On Wednesday, April 17th, Michael Cannon-Brookes sold 8,241 shares of Atlassian stock. The stock was sold at an average price of $196.26, for a total value of $1,617,378.66.

Atlassian Trading Down 4.3 %

Shares of NASDAQ TEAM traded down $7.01 during midday trading on Thursday, hitting $155.82. The stock had a trading volume of 1,283,320 shares, compared to its average volume of 1,752,003. The company’s 50-day simple moving average is $180.85 and its 200 day simple moving average is $204.00. The firm has a market cap of $40.56 billion, a P/E ratio of -256.81 and a beta of 0.73. Atlassian Co. has a fifty-two week low of $154.02 and a fifty-two week high of $258.69. The company has a debt-to-equity ratio of 0.82, a current ratio of 1.18 and a quick ratio of 1.18.

Atlassian (NASDAQ:TEAM) last released its earnings results on Thursday, April 25th. The technology company reported $0.89 EPS for the quarter, beating the consensus estimate of $0.62 by $0.27. The company had revenue of $1.19 billion during the quarter, compared to analysts’ expectations of $1.10 billion. Atlassian had a negative return on equity of 13.95% and a negative net margin of 3.90%. The business’s revenue for the quarter was up 29.9% on a year-over-year basis. During the same period last year, the firm earned ($0.40) EPS. Research analysts anticipate that Atlassian Co. will post -0.23 EPS for the current year.

Analyst Ratings Changes

A number of brokerages have commented on TEAM. Mizuho reduced their price objective on Atlassian from $240.00 to $225.00 and set a “buy” rating for the company in a research report on Friday, April 26th. KeyCorp began coverage on Atlassian in a research report on Tuesday, March 19th. They set a “sector weight” rating for the company. Canaccord Genuity Group cut their target price on Atlassian from $260.00 to $230.00 and set a “buy” rating for the company in a research report on Friday, April 26th. Oppenheimer cut their target price on Atlassian from $300.00 to $250.00 and set an “outperform” rating for the company in a research report on Friday, April 26th. Finally, TD Cowen cut their target price on Atlassian from $220.00 to $210.00 and set a “hold” rating for the company in a research report on Friday, April 26th. Ten investment analysts have rated the stock with a hold rating and eleven have given a buy rating to the company. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $223.22.

Institutional Investors Weigh In On Atlassian

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Hollencrest Capital Management lifted its holdings in Atlassian by 383.9% during the first quarter. Hollencrest Capital Management now owns 150 shares of the technology company’s stock worth $29,000 after acquiring an additional 119 shares in the last quarter. Edmond DE Rothschild Holding S.A. bought a new position in Atlassian during the first quarter worth about $40,000. Crewe Advisors LLC bought a new position in Atlassian during the first quarter worth about $43,000. Livforsakringsbolaget Skandia Omsesidigt lifted its holdings in Atlassian by 271.0% during the fourth quarter. Livforsakringsbolaget Skandia Omsesidigt now owns 371 shares of the technology company’s stock worth $88,000 after acquiring an additional 271 shares in the last quarter. Finally, EverSource Wealth Advisors LLC lifted its holdings in Atlassian by 255.3% during the fourth quarter. EverSource Wealth Advisors LLC now owns 405 shares of the technology company’s stock worth $96,000 after acquiring an additional 291 shares in the last quarter. 93.03% of the stock is owned by institutional investors and hedge funds.

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.