Atlassian (NASDAQ:TEAM) Stock Price Down 5.6% Following Insider Selling

Atlassian Co. (NASDAQ:TEAM)’s share price traded down 5.6% during mid-day trading on Wednesday after an insider sold shares in the company. The stock traded as low as $201.49 and last traded at $201.20. 2,206,690 shares were traded during trading, an increase of 5% from the average session volume of 2,107,147 shares. The stock had previously closed at $213.05.

Specifically, CEO Michael Cannon-Brookes sold 7,665 shares of the stock in a transaction dated Monday, June 9th. The shares were sold at an average price of $215.23, for a total transaction of $1,649,737.95. Following the sale, the chief executive officer now owns 107,310 shares in the company, valued at $23,096,331.30. This represents a 6.67% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Scott Farquhar sold 7,665 shares of the company’s stock in a transaction dated Monday, June 9th. The stock was sold at an average price of $215.23, for a total transaction of $1,649,737.95. Following the completion of the transaction, the director now owns 107,310 shares of the company’s stock, valued at approximately $23,096,331.30. This trade represents a 6.67% decrease in their position. The disclosure for this sale can be found here. In related news, CEO Michael Cannon-Brookes sold 7,948 shares of the firm’s stock in a transaction that occurred on Friday, June 6th. The shares were sold at an average price of $216.09, for a total transaction of $1,717,483.32. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink.

Wall Street Analyst Weigh In

Several equities research analysts recently commented on TEAM shares. BMO Capital Markets reduced their price target on shares of Atlassian from $295.00 to $245.00 and set an “outperform” rating for the company in a research report on Friday, May 2nd. Morgan Stanley lowered their target price on shares of Atlassian from $370.00 to $320.00 and set an “overweight” rating on the stock in a research note on Wednesday, April 16th. Raymond James reiterated an “outperform” rating and set a $300.00 target price (down from $330.00) on shares of Atlassian in a research report on Friday, May 2nd. Canaccord Genuity Group lowered their target price on shares of Atlassian from $300.00 to $255.00 and set a “buy” rating for the company in a research note on Friday, May 2nd. Finally, UBS Group lowered their price objective on shares of Atlassian from $230.00 to $215.00 and set a “neutral” rating for the company in a research report on Friday, May 2nd. Four equities research analysts have rated the stock with a hold rating, twenty have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $282.19.

Atlassian Price Performance

The company has a quick ratio of 1.24, a current ratio of 1.24 and a debt-to-equity ratio of 0.81. The firm has a market capitalization of $52.32 billion, a P/E ratio of -148.75 and a beta of 0.96. The business’s 50-day simple moving average is $210.19 and its 200 day simple moving average is $243.79.

Atlassian (NASDAQ:TEAM) last released its quarterly earnings results on Thursday, May 1st. The technology company reported $0.97 earnings per share for the quarter, beating the consensus estimate of $0.93 by $0.04. The business had revenue of $1.36 billion for the quarter, compared to analysts’ expectations of $1.35 billion. Atlassian had a negative net margin of 7.22% and a negative return on equity of 17.37%. The firm’s revenue for the quarter was up 14.1% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.89 earnings per share. Sell-side analysts forecast that Atlassian Co. will post -0.34 earnings per share for the current year.

Hedge Funds Weigh In On Atlassian

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Massachusetts Financial Services Co. MA purchased a new position in shares of Atlassian in the 4th quarter worth about $687,486,000. Voya Investment Management LLC increased its position in shares of Atlassian by 17,941.0% during the 4th quarter. Voya Investment Management LLC now owns 2,172,854 shares of the technology company’s stock valued at $528,693,000 after purchasing an additional 2,160,810 shares during the last quarter. JPMorgan Chase & Co. increased its position in shares of Atlassian by 72.9% during the 4th quarter. JPMorgan Chase & Co. now owns 4,284,400 shares of the technology company’s stock valued at $1,042,737,000 after purchasing an additional 1,806,042 shares during the last quarter. Invesco Ltd. increased its position in shares of Atlassian by 265.9% during the 4th quarter. Invesco Ltd. now owns 2,445,440 shares of the technology company’s stock valued at $595,171,000 after purchasing an additional 1,777,179 shares during the last quarter. Finally, Nuveen LLC bought a new position in shares of Atlassian during the 1st quarter valued at approximately $327,665,000. Hedge funds and other institutional investors own 94.45% of the company’s stock.

Atlassian Company Profile

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.