Atlassian (NASDAQ:TEAM) Trading Down 4.6% Following Insider Selling

Shares of Atlassian Corporation PLC (NASDAQ:TEAM) traded down 4.6% during mid-day trading on Monday following insider selling activity. The company traded as low as $88.51 and last traded at $90.3280. 1,481,694 shares were traded during mid-day trading, a decline of 72% from the average session 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 stock in a transaction that occurred on Friday, February 6th. The shares were sold at an average price of $94.81, for a total transaction of $726,718.65. Following the completion of the sale, the chief executive officer directly owned 275,940 shares of the company’s stock, valued at $26,161,871.40. This trade represents a 2.70% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Scott Farquhar 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 transaction of $726,718.65. Following the completion of the transaction, the director directly owned 275,940 shares in the company, valued at $26,161,871.40. This trade represents a 2.70% decrease in their position. The SEC filing for this sale provides additional information. In related news, Director Scott Farquhar sold 7,665 shares of the firm’s stock in a transaction on Wednesday, February 4th. The shares were sold at an average price of $105.14, for a total transaction of $805,898.10. Following the completion of the transaction, the director directly owned 283,605 shares of the company’s stock, valued at approximately $29,818,229.70. This trade represents a 2.63% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link.

Wall Street Analysts Forecast Growth

TEAM has been the subject of several research reports. Cantor Fitzgerald dropped their price objective on shares of Atlassian from $240.00 to $146.00 and set an “overweight” rating for the company in a report on Wednesday, February 4th. UBS Group reissued a “neutral” rating and set a $105.00 price target on shares of Atlassian in a research note on Friday. Mizuho reduced their price objective on Atlassian from $225.00 to $205.00 and set an “outperform” rating on the stock in a research note on Friday, February 6th. Jefferies Financial Group set a $150.00 target price on Atlassian in a research report on Friday. Finally, TD Cowen reduced their price target on shares of Atlassian from $205.00 to $175.00 and set a “hold” rating on the stock in a research report on Tuesday, January 20th. Twenty equities research analysts have rated the stock with a Buy rating, six have given a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, Atlassian presently has an average rating of “Moderate Buy” and a consensus price target of $189.32.

More Atlassian News

Here are the key news stories impacting Atlassian this week:

• Positive Sentiment: Jim Cramer called Atlassian “absurdly cheap” unless the business is about to collapse — a high-profile endorsement that can attract value-seeking buyers. Read More.
• Positive Sentiment: Strategists say recent software pullbacks driven by AI disruption fears created buying opportunities in higher-quality names, benefiting stocks like Atlassian as investors reposition. Read More.
• Positive Sentiment: Broad market improvement in software sentiment (Nasdaq bounce; Fear & Greed index moving toward neutral) is supporting demand for software stocks, including TEAM. Read More.
• Neutral Sentiment: Atlassian’s new marketing exposure via the Atlassian Williams F1 Team partnership with Estrella Galicia 0,0 could boost brand awareness internationally but is unlikely to materially change near-term revenue. Read More.
• Neutral Sentiment: Analysts and investors should monitor Atlassian’s international revenue mix as highlighted by Zacks; geographic exposure can affect growth durability and FX sensitivity. Read More.
• Negative Sentiment: Short interest rose materially in January to ~9.51M shares (about 5.7% of shares outstanding) with a ~1.6 days-to-cover — increased short activity can add selling pressure and volatility.
• Negative Sentiment: Guggenheim cut its price target to $190, and BTIG trimmed its target to $140 — analyst downgrades/target cuts can weigh on sentiment and cap near-term upside. Read More. Read More.

Atlassian Stock Performance

The stock has a market capitalization of $24.45 billion, a PE ratio of -129.05, a PEG ratio of 15.52 and a beta of 0.88. The business’s 50 day moving average is $142.07 and its 200 day moving average is $156.33. The company has a current ratio of 0.89, a quick ratio of 1.26 and a debt-to-equity ratio of 0.62.

Atlassian (NASDAQ:TEAM) last announced its quarterly earnings data on Thursday, February 5th. The technology company reported $1.22 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.12 by $0.10. Atlassian had a negative net margin of 3.29% and a negative return on equity of 6.33%. The business had revenue of $1.59 billion during the quarter, compared to the consensus estimate of $1.54 billion. During the same quarter last year, the firm earned $0.96 earnings per share. The firm’s quarterly revenue was up 23.3% compared to the same quarter last year. On average, equities research analysts predict that Atlassian Corporation PLC will post -0.34 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in TEAM. Vanguard Group Inc. boosted its position in Atlassian by 0.3% in the 4th quarter. Vanguard Group Inc. now owns 18,541,267 shares of the technology company’s stock valued at $3,006,281,000 after buying an additional 61,706 shares during the period. Baillie Gifford & Co. raised its stake in shares of Atlassian by 3.9% during the fourth quarter. Baillie Gifford & Co. now owns 8,431,802 shares of the technology company’s stock valued at $1,367,132,000 after acquiring an additional 316,276 shares in the last quarter. DNB Asset Management AS boosted its holdings in shares of Atlassian by 42.2% in the fourth quarter. DNB Asset Management AS now owns 3,990,216 shares of the technology company’s stock valued at $646,974,000 after purchasing an additional 1,183,328 shares during the period. Pictet Asset Management Holding SA grew its stake in Atlassian by 38.1% in the fourth quarter. Pictet Asset Management Holding SA now owns 3,950,852 shares of the technology company’s stock worth $640,628,000 after purchasing an additional 1,090,787 shares in the last quarter. Finally, Artisan Partners Limited Partnership increased its holdings in Atlassian by 66.3% during the 2nd quarter. Artisan Partners Limited Partnership now owns 3,878,133 shares of the technology company’s stock worth $787,610,000 after purchasing an additional 1,545,546 shares during the period. 94.45% of the stock is currently owned by institutional investors.

About Atlassian

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.