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

Atlassian Corporation PLC (NASDAQ:TEAM) CEO Michael Cannon-Brookes acquired 13,400 shares of the company’s stock in a transaction on Wednesday, November 11th. The stock was bought 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 directly 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 SEC, which is available at this link.

Atlassian Price Performance

Shares of NASDAQ:TEAM traded down $0.15 during trading on Thursday, reaching $152.29. 2,213,759 shares of the company traded hands, compared to its average volume of 5,468,331. The company’s 50 day moving average is $193.74 and its two-hundred day moving average is $119.94. The firm has a market capitalization of $38.55 billion, a PE ratio of 423.04, a PEG ratio of 15.40 and a beta of 1.16. The company has a quick ratio of 0.78, a current ratio of 0.72 and a debt-to-equity ratio of 1.09. Atlassian Corporation PLC has a 52 week low of $56.01 and a 52 week high of $229.96.

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

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of the stock. Meeder Advisory Services Inc. raised its position in Atlassian by 3.5% during the 3rd quarter. Meeder Advisory Services Inc. now owns 3,650 shares of the technology company’s stock worth $654,000 after purchasing an additional 123 shares during the last quarter. BNP Paribas bought a new stake in shares of Atlassian in the 3rd quarter valued at about $1,586,000. Ilmarinen Mutual Pension Insurance Co grew its position in shares of Atlassian by 11.2% in the 3rd quarter. Ilmarinen Mutual Pension Insurance Co now owns 58,171 shares of the technology company’s stock valued at $10,429,000 after buying an additional 5,849 shares during the last quarter. Advisors Asset Management Inc. acquired a new stake in shares of Atlassian in the third quarter valued at about $3,773,000. Finally, Private Wealth Asset Management LLC increased its stake in shares of Atlassian by 19,118.0% in the third quarter. Private Wealth Asset Management LLC now owns 9,609 shares of the technology company’s stock valued at $1,723,000 after buying an additional 9,559 shares during the period. 94.45% of the stock is owned by institutional investors.

Analyst Ratings Changes

A number of equities research analysts have weighed in on TEAM shares. Royal Bank Of Canada raised their target price on Atlassian from $215.00 to $235.00 and gave the company an “outperform” rating in a report on Monday, October 12th. Oppenheimer reduced their price target on Atlassian from $275.00 to $240.00 and set an “outperform” rating on the stock in a report on Friday, November 6th. Raymond James Financial set a $180.00 price objective on Atlassian in a research note on Friday, August 7th. FBN Securities reiterated an “outperform” rating and issued a $170.00 price objective on shares of Atlassian in a report on Monday, August 10th. Finally, Jefferies Financial Group cut their target price on shares of Atlassian from $245.00 to $190.00 and set a “buy” rating on the stock in a research report on Friday, November 6th. Twenty-four research analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $209.48.

About Atlassian

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.