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 Atlassian stock in a transaction on Wednesday, April 9th. The shares were sold at an average price of $195.56, for a total value of $1,554,310.88. Following the transaction, the chief executive officer now owns 317,920 shares in the company, valued at $62,172,435.20. This trade represents a 2.44 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link.

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

• On Friday, April 4th, Michael Cannon-Brookes sold 7,948 shares of Atlassian stock. The shares were 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 transaction 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.
• On Friday, March 28th, Michael Cannon-Brookes sold 7,948 shares of Atlassian stock. The shares were sold at an average price of $216.63, for a total value of $1,721,775.24.
• On Thursday, March 20th, Michael Cannon-Brookes sold 7,948 shares of Atlassian stock. The stock was sold at an average price of $226.93, for a total value of $1,803,639.64.
• On Tuesday, March 18th, Michael Cannon-Brookes sold 7,948 shares of Atlassian stock. The shares were sold at an average price of $216.90, for a total value of $1,723,921.20.
• On Wednesday, March 12th, Michael Cannon-Brookes sold 7,948 shares of Atlassian stock. The stock was sold at an average price of $227.55, for a total transaction of $1,808,567.40.
• On Thursday, March 6th, Michael Cannon-Brookes sold 7,948 shares of Atlassian stock. The stock was sold at an average price of $259.69, for a total transaction of $2,064,016.12.
• On Thursday, February 20th, Michael Cannon-Brookes sold 7,948 shares of Atlassian stock. The shares were sold at an average price of $297.51, for a total transaction of $2,364,609.48.
• On Tuesday, February 18th, Michael Cannon-Brookes sold 7,948 shares of Atlassian stock. The stock was sold at an average price of $313.95, for a total transaction of $2,495,274.60.

Atlassian Price Performance

NASDAQ:TEAM traded down $11.59 during mid-day trading on Thursday, hitting $198.03. 3,552,126 shares of the company’s stock traded hands, compared to its average volume of 2,036,975. The firm’s 50 day simple moving average is $255.77 and its 200 day simple moving average is $240.75. The company has a market cap of $51.88 billion, a PE ratio of -147.78 and a beta of 1.07. 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 Co. has a 1 year low of $135.29 and a 1 year high of $326.00.

Atlassian (NASDAQ:TEAM) last issued its quarterly earnings results on Thursday, January 30th. The technology company reported ($0.12) earnings per share for the quarter, missing analysts’ consensus estimates of $0.73 by ($0.85). Atlassian had a negative return on equity of 17.37% and a negative net margin of 7.22%. Sell-side analysts expect that Atlassian Co. will post -0.34 EPS for the current year.

Analyst Upgrades and Downgrades

Several equities research analysts have recently weighed in on the company. Jefferies Financial Group reduced their price target on Atlassian from $330.00 to $262.00 and set a “buy” rating on the stock in a report on Monday. Truist Financial reduced their target price on Atlassian from $350.00 to $300.00 and set a “buy” rating on the stock in a research note on Monday, March 31st. Oppenheimer boosted their target price on shares of Atlassian from $300.00 to $380.00 and gave the company an “outperform” rating in a research note on Friday, January 31st. Barclays raised their price target on shares of Atlassian from $275.00 to $350.00 and gave the stock an “overweight” rating in a research note on Monday, February 3rd. Finally, Stephens initiated coverage on shares of Atlassian in a research report on Wednesday, March 19th. They issued an “equal weight” rating and a $255.00 price objective for the company. Eight analysts have rated the stock with a hold rating and eighteen have assigned a buy rating to the stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $297.50.

Institutional Trading of Atlassian

Hedge funds have recently made changes to their positions in the company. Hennion & Walsh Asset Management Inc. grew its stake in Atlassian by 10.7% during the 1st quarter. Hennion & Walsh Asset Management Inc. now owns 2,563 shares of the technology company’s stock valued at $544,000 after purchasing an additional 247 shares in the last quarter. Juncture Wealth Strategies LLC increased its stake in shares of Atlassian by 60.9% in the first quarter. Juncture Wealth Strategies LLC now owns 1,569 shares of the technology company’s stock worth $333,000 after buying an additional 594 shares during the last quarter. Fulton Bank N.A. raised its holdings in Atlassian by 3.1% in the first quarter. Fulton Bank N.A. now owns 1,892 shares of the technology company’s stock valued at $402,000 after acquiring an additional 57 shares in the last quarter. Merit Financial Group LLC boosted its stake in Atlassian by 224.5% during the 1st quarter. Merit Financial Group LLC now owns 9,679 shares of the technology company’s stock valued at $2,054,000 after acquiring an additional 6,696 shares during the last quarter. Finally, Harbor Investment Advisory LLC boosted its stake in Atlassian by 18.1% during the 1st quarter. Harbor Investment Advisory LLC now owns 1,402 shares of the technology company’s stock valued at $298,000 after acquiring an additional 215 shares during the last quarter. Hedge funds and other institutional investors own 94.45% of the company’s stock.

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.