Michael Cannon-Brookes Sells 7,948 Shares of Atlassian Co. (NASDAQ:TEAM) Stock

Atlassian Co. (NASDAQ:TEAM) CEO Michael Cannon-Brookes sold 7,948 shares of the stock in a transaction on Monday, February 3rd. The shares were sold at an average price of $311.20, for a total value of $2,473,417.60. Following the completion of the transaction, the chief executive officer now directly owns 309,972 shares of the company’s stock, valued at approximately $96,463,286.40. This represents a 2.50 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink.

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

• On Monday, January 27th, Michael Cannon-Brookes sold 7,948 shares of Atlassian stock. The shares were sold at an average price of $269.01, for a total transaction of $2,138,091.48.
• On Thursday, January 23rd, Michael Cannon-Brookes sold 7,948 shares of Atlassian stock. The stock was sold at an average price of $265.33, for a total value of $2,108,842.84.
• On Wednesday, January 15th, Michael Cannon-Brookes sold 7,948 shares of Atlassian stock. The stock was sold at an average price of $251.20, for a total value of $1,996,537.60.
• On Monday, January 13th, Michael Cannon-Brookes sold 7,948 shares of Atlassian stock. The shares were sold at an average price of $236.89, for a total transaction of $1,882,801.72.
• On Friday, January 10th, Michael Cannon-Brookes sold 15,896 shares of Atlassian stock. The stock was sold at an average price of $243.55, for a total transaction of $3,871,470.80.
• On Wednesday, January 8th, Michael Cannon-Brookes sold 7,948 shares of Atlassian stock. The shares were sold at an average price of $243.35, for a total transaction of $1,934,145.80.
• On Monday, January 6th, Michael Cannon-Brookes sold 7,948 shares of Atlassian stock. The shares were sold at an average price of $254.95, for a total transaction of $2,026,342.60.
• On Thursday, January 2nd, Michael Cannon-Brookes sold 7,948 shares of Atlassian stock. The stock was sold at an average price of $242.27, for a total transaction of $1,925,561.96.
• On Monday, December 30th, Michael Cannon-Brookes sold 7,948 shares of Atlassian stock. The shares were sold at an average price of $246.97, for a total value of $1,962,917.56.
• On Thursday, December 26th, Michael Cannon-Brookes sold 7,948 shares of Atlassian stock. The shares were sold at an average price of $255.45, for a total transaction of $2,030,316.60.

Atlassian Price Performance

Shares of NASDAQ TEAM traded up $5.33 during midday trading on Tuesday, hitting $316.73. The company had a trading volume of 1,927,463 shares, compared to its average volume of 2,219,008. Atlassian Co. has a twelve month low of $135.29 and a twelve month high of $324.37. The company has a quick ratio of 1.18, a current ratio of 1.18 and a debt-to-equity ratio of 0.96. The firm has a market capitalization of $82.49 billion, a price-to-earnings ratio of -236.36 and a beta of 0.87. The business has a 50-day simple moving average of $262.61 and a two-hundred day simple moving average of $210.38.

Atlassian (NASDAQ:TEAM) last issued its quarterly earnings data on Thursday, January 30th. The technology company reported ($0.12) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.73 by ($0.85). Atlassian had a negative return on equity of 18.00% and a negative net margin of 7.22%. Equities research analysts anticipate that Atlassian Co. will post -0.55 earnings per share for the current year.

Institutional Investors Weigh In On Atlassian

A number of large investors have recently added to or reduced their stakes in TEAM. Thrivent Financial for Lutherans purchased a new stake in Atlassian in the 2nd quarter worth approximately $677,000. Sanctuary Advisors LLC purchased a new stake in shares of Atlassian in the second quarter valued at $1,022,000. Handelsbanken Fonder AB increased its stake in Atlassian by 2.6% in the third quarter. Handelsbanken Fonder AB now owns 69,552 shares of the technology company’s stock valued at $11,046,000 after purchasing an additional 1,760 shares during the last quarter. GAMMA Investing LLC grew its holdings in shares of Atlassian by 68.6% during the 3rd quarter. GAMMA Investing LLC now owns 236 shares of the technology company’s stock worth $37,000 after purchasing an additional 96 shares during the period. Finally, Azzad Asset Management Inc. ADV increased its position in Atlassian by 100.5% during the 3rd quarter. Azzad Asset Management Inc. ADV now owns 3,451 shares of the technology company’s stock worth $548,000 after purchasing an additional 1,730 shares in the last quarter. 94.45% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of equities research analysts have commented on TEAM shares. BMO Capital Markets raised shares of Atlassian from a “market perform” rating to an “outperform” rating and increased their price objective for the company from $255.00 to $292.00 in a research report on Friday, January 10th. Truist Financial restated a “buy” rating and issued a $350.00 price target (up from $300.00) on shares of Atlassian in a research note on Friday. Piper Sandler upped their price objective on Atlassian from $310.00 to $365.00 and gave the stock an “overweight” rating in a research report on Friday. Mizuho raised their target price on Atlassian from $285.00 to $355.00 and gave the stock an “outperform” rating in a research report on Friday. Finally, Macquarie began coverage on Atlassian in a research report on Thursday, December 12th. They issued a “neutral” rating and a $290.00 target price for the company. Eight analysts have rated the stock with a hold rating and seventeen have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $318.43.

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.