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

Michael Cannon-Brookes, the CEO of Atlassian Co. (NASDAQ:TEAM), recently sold 7,948 shares of the company on Friday, March 28th. The shares were sold at an average price of $216.63 each, resulting in a total transaction value of $1,721,775.24. After this sale, Cannon-Brookes now holds directly 7,948 shares of Atlassian, which corresponds to the same value after the sale. Notably, this transaction signifies a 50% reduction in his ownership stake in the company.

This sale was documented in a official filing with the Securities and Exchange Commission (SEC) and can be viewed directly on their website.

Recent Trading Activity by Cannon-Brookes

In addition to the recent sale, Cannon-Brookes has conducted several recent transactions involving Atlassian stock:

• On March 20th, he sold 7,948 shares at an average price of $226.93, totaling $1,803,639.64.
• On March 18th, he sold 7,948 shares at an average price of $216.90, totaling $1,723,921.20.
• On March 12th, he sold 7,948 shares at an average price of $227.55, bringing in $1,808,567.40.
• On March 6th, he sold 7,948 shares at an average price of $259.69, with a total value of $2,064,016.12.
• On February 20th, he sold 7,948 shares at an average price of $297.51, totaling $2,364,609.48.
• On February 18th, he sold 7,948 shares at an average price of $313.95, amounting to $2,495,274.60.
• On February 14th, he sold 7,948 shares at an average price of $311.90, totaling $2,478,981.20.
• On February 12th, he sold 7,948 shares at an average price of $315.74, resulting in $2,509,501.52.
• On February 10th, he sold 7,948 shares at an average price of $322.31, totaling $2,561,719.88.
• On February 5th, he sold 7,948 shares at an average price of $318.91, amounting to $2,534,696.68.

Atlassian's Stock Performance

On the trading day following Cannon-Brookes' recent transactions, Atlassian's stock decreased by $5.78 to a price of $212.21. Approximately 2,397,572 shares were traded, exceeding the average trading volume of 1,978,401. The company has a market capitalization of $55.60 billion, with a price-to-earnings ratio of -158.36 and a beta of 0.91. Atlassian's current stock situation shows a 52-week low of $135.29 and a high of $326.00.

Corporate Outlook and Analyst Ratings

Atlassian's latest earnings data, released on January 30th, showed a loss of ($0.12) per share, falling short of analysts' expectations of $0.73. The company is projected to post -0.34 EPS for the current fiscal year.

Numerous analyst reports have emerged regarding Atlassian's future. Goldman Sachs raised their target price from $245.00 to $370.00, indicating a "buy" rating. Cantor Fitzgerald increased their target price from $264.00 to $304.00, maintaining a "neutral" rating. Other analysts have similarly adjusted their ratings and price targets for the company's stock.

Institutional Holdings in Atlassian

Institutional investors currently own approximately 94.45% of Atlassian. Recently, hedge funds have adjusted their positions, with Virtu Financial acquiring a new stake worth $606,000, and Fulton Bank N.A. investing $447,000. Additionally, several other firms have modified their holdings, reflecting consistent interest in Atlassian from institutional players.

Conclusion

The recent sales by CEO Michael Cannon-Brookes highlight significant trading activity around Atlassian stock. Despite the decrease in his ownership, the company exhibits growth potential, as evidenced by positive analyst forecasts and institutional interest. With these trends in play, stakeholders remain watchful of Atlassian's future performance in the market.

Atlassian, Cannon-Brookes, Shares