Atlassian (NASDAQ:TEAM) Stock Price Down 4.6% on Insider Selling

Atlassian Corporation PLC (NASDAQ:TEAM) shares were down 4.6% on Monday following insider selling activity. The stock traded as low as $88.51 and last traded at $90.3280. Approximately 1,481,694 shares traded hands during mid-day trading, a decline of 72% from the average daily volume of 5,342,903 shares. The stock had previously closed at $94.72.

Specifically, CEO Michael Cannon-Brookes sold 7,665 shares of the business’s stock in a transaction on Friday, February 6th. The stock was sold at an average price of $94.81, for a total value of $726,718.65. Following the sale, the chief executive officer owned 275,940 shares of the company’s stock, valued at approximately $26,161,871.40. The trade was a 2.70% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Scott Farquhar sold 7,665 shares of the firm’s stock in a transaction dated Friday, February 6th. The shares were sold at an average price of $94.81, for a total value of $726,718.65. Following the transaction, the director directly owned 275,940 shares of the company’s stock, valued at $26,161,871.40. This represents a 2.70% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In related news, Director Scott Farquhar sold 7,665 shares of Atlassian stock in a transaction dated Wednesday, February 4th. The stock was sold at an average price of $105.14, for a total transaction of $805,898.10. Following the transaction, the director directly owned 283,605 shares of the company’s stock, valued at $29,818,229.70. The trade was a 2.63% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website.

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on TEAM. Mizuho reduced their price objective on shares of Atlassian from $225.00 to $205.00 and set an “outperform” rating for the company in a research report on Friday. Jefferies Financial Group set a $150.00 price target on shares of Atlassian in a research report on Friday. The Goldman Sachs Group reiterated a “buy” rating and set a $260.00 price objective on shares of Atlassian in a research report on Friday, October 31st. BMO Capital Markets set a $130.00 target price on Atlassian and gave the stock an “outperform” rating in a report on Friday. Finally, BTIG Research cut their target price on Atlassian from $220.00 to $140.00 and set a “buy” rating on the stock in a research report on Friday. Twenty research analysts have rated the stock with a Buy rating, six have given a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $191.32.

Atlassian Price Performance

The company has a debt-to-equity ratio of 0.72, a quick ratio of 1.26 and a current ratio of 1.26. The company has a market capitalization of $23.68 billion, a PE ratio of -125.45, a P/E/G ratio of 14.67 and a beta of 0.88. The stock has a 50 day moving average price of $144.50 and a two-hundred day moving average price of $157.87.

Atlassian (NASDAQ:TEAM) last announced its quarterly earnings results on Thursday, February 5th. The technology company reported $1.22 EPS for the quarter, topping the consensus estimate of $1.12 by $0.10. The company had revenue of $1.59 billion for the quarter, compared to analyst estimates of $1.54 billion. Atlassian had a negative net margin of 3.29% and a negative return on equity of 6.60%. Atlassian’s quarterly revenue was up 23.3% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.96 EPS. Equities analysts forecast that Atlassian Corporation PLC will post -0.34 earnings per share for the current year.

Hedge Funds Weigh In On Atlassian

Several institutional investors have recently bought and sold shares of TEAM. NewEdge Advisors LLC boosted its stake in shares of Atlassian by 71.6% during the 1st quarter. NewEdge Advisors LLC now owns 5,432 shares of the technology company’s stock worth $1,153,000 after acquiring an additional 2,267 shares in the last quarter. Empowered Funds LLC lifted its holdings in Atlassian by 39.5% in the 1st quarter. Empowered Funds LLC now owns 4,689 shares of the technology company’s stock worth $995,000 after purchasing an additional 1,328 shares during the last quarter. Focus Partners Wealth boosted its position in Atlassian by 32.6% during the first quarter. Focus Partners Wealth now owns 4,122 shares of the technology company’s stock worth $875,000 after purchasing an additional 1,014 shares during the period. Geneos Wealth Management Inc. boosted its position in Atlassian by 447.2% during the first quarter. Geneos Wealth Management Inc. now owns 197 shares of the technology company’s stock worth $42,000 after purchasing an additional 161 shares during the period. Finally, Sivia Capital Partners LLC grew its holdings in Atlassian by 27.5% during the second quarter. Sivia Capital Partners LLC now owns 1,873 shares of the technology company’s stock valued at $380,000 after purchasing an additional 404 shares during the last quarter. 94.45% of the stock is currently owned by institutional investors.

Atlassian Company Profile

Atlassian Corporation Plc is a software company headquartered in Sydney, Australia, best known for developing collaboration, project management and software development tools. Founded in 2002 by Mike Cannon-Brookes and Scott Farquhar, Atlassian grew from a small engineering-focused team into a publicly traded company after its initial public offering in 2015. The company serves a global customer base that spans small teams to large enterprises across technology, financial services, government and other sectors.

Atlassian’s product portfolio centers on tools designed to help teams plan, build and support software and business processes.