Atlassian (NASDAQ:TEAM) CEO Michael Cannon-Brookes Buys 13,400 Shares of Stock

Atlassian Corporation PLC (NASDAQ:TEAM) CEO Michael Cannon-Brookes bought 13,400 shares of the business’s stock in a transaction dated Wednesday, November 11th. The shares were purchased at an average cost of $150.30 per share, with a total value of $2,014,020.00. Following the completion of the acquisition, the chief executive officer owned 289,340 shares in the company, valued at approximately $43,487,802. This represents a 4.86% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link.

Atlassian Stock Performance

TEAM opened at $152.29 on Friday. The firm has a fifty day moving average price of $193.05 and a 200 day moving average price of $120.01. Atlassian Corporation PLC has a 1 year low of $56.01 and a 1 year high of $229.96. The stock has a market cap of $38.55 billion, a P/E ratio of 105.13, a P/E/G ratio of 15.80 and a beta of 1.16. The company has a debt-to-equity ratio of 1.09, a current ratio of 0.72 and a quick ratio of 0.78.

Atlassian (NASDAQ:TEAM) last released its quarterly earnings results on Thursday, November 5th. The technology company reported $1.65 EPS for the quarter, beating the consensus estimate of $1.39 by $0.26. Atlassian had a net margin of 1.28% and a return on equity of 33.53%. The company had revenue of $1.77 billion for the quarter, compared to analyst estimates of $1.71 billion. During the same quarter last year, the business earned $1.04 earnings per share. The firm’s revenue was up 23.7% on a year-over-year basis. Equities research analysts anticipate that Atlassian Corporation PLC will post 0.69 earnings per share for the current year.

Top Atlassian Stories

Here are a few of the latest stories about TEAM:

• Positive Sentiment: Recent commentary highlights customer expansion and AI-related growth as reasons the investment case remains intact, despite the stock’s sell-off. Atlassian: Stock Price Falls While Customers Expand Atlassian: AI Growth Keeps The Bull Case Alive
• Positive Sentiment: Morgan Stanley reportedly continues to see merit in Atlassian after the sell-off, providing a counterpoint to more cautious analyst actions. Why Morgan Stanley still believes in Atlassian after the sell-off
• Negative Sentiment: Truist’s Miller cut his price target while maintaining a Buy rating; Citigroup also lowered its target, and Barclays issued a pessimistic forecast. These actions could reinforce concerns about TEAM’s near-term valuation or outlook. Truist target cut Citigroup target cut Barclays forecast

Institutional Trading of Atlassian

Several institutional investors have recently modified their holdings of the stock. Carmignac Gestion increased its stake in shares of Atlassian by 115.8% during the first quarter. Carmignac Gestion now owns 2,603,770 shares of the technology company’s stock worth $177,707,000 after purchasing an additional 1,397,402 shares in the last quarter. KBC Group NV raised its position in shares of Atlassian by 1,691.2% during the 1st quarter. KBC Group NV now owns 1,440,019 shares of the technology company’s stock worth $98,281,000 after purchasing an additional 1,359,624 shares during the last quarter. First Trust Advisors LP lifted its stake in Atlassian by 48.4% in the 1st quarter. First Trust Advisors LP now owns 2,349,842 shares of the technology company’s stock valued at $160,377,000 after buying an additional 766,922 shares in the last quarter. Voya Investment Management LLC lifted its stake in Atlassian by 905.7% in the 3rd quarter. Voya Investment Management LLC now owns 443,628 shares of the technology company’s stock valued at $79,538,000 after buying an additional 399,516 shares in the last quarter. Finally, Quantinno Capital Management LP lifted its stake in Atlassian by 947.7% in the 1st quarter. Quantinno Capital Management LP now owns 283,427 shares of the technology company’s stock valued at $19,344,000 after buying an additional 256,374 shares in the last quarter. Institutional investors and hedge funds own 94.45% of the company’s stock.

Analyst Ratings Changes

TEAM has been the subject of several recent analyst reports. Robert W. Baird lifted their price target on Atlassian from $200.00 to $245.00 and gave the company an “outperform” rating in a research note on Monday, September 28th. Bank of America upped their price target on Atlassian from $175.00 to $210.00 and gave the stock a “buy” rating in a report on Monday, August 31st. Mizuho increased their price target on Atlassian from $215.00 to $235.00 and gave the stock an “outperform” rating in a research report on Thursday, October 15th. BMO Capital Markets reissued an “outperform” rating and issued a $225.00 price objective on shares of Atlassian in a report on Friday, October 30th. Finally, BTIG Research dropped their price objective on Atlassian from $260.00 to $240.00 and set a “buy” rating on the stock in a report on Friday, November 6th. Twenty-four equities research analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $209.48.

Atlassian Company Profile

Atlassian Corporation develops collaboration and productivity software for software, IT and business teams. Its products help organizations plan and track work, manage software development and support services, and share information across teams. Its product portfolio includes Jira for project and issue tracking, Confluence for team documentation and collaboration, Jira Service Management for IT and other service teams, Trello for visual work management, and Bitbucket for code collaboration. Atlassian also offers cloud-based products and tools for distributed teams.