Atlassian (NASDAQ:TEAM) Trading Down 5.6% After Insider Selling

Atlassian Co. (NASDAQ:TEAM) shares dropped 5.6% during trading on Thursday following insider selling activity. The stock traded as low as $212.83 and last traded at $213.69. Approximately 172,702 shares traded hands during trading, a decline of 91% from the average daily volume of 1,921,906 shares. The stock had previously closed at $226.44.

Specifically, CEO Michael Cannon-Brookes sold 7,948 shares of the business’s stock in a transaction that occurred on Wednesday, March 12th. The shares were sold at an average price of $227.55, for a total transaction of $1,808,567.40. Following the transaction, the chief executive officer now directly owns 103,324 shares of the company’s stock, valued at approximately $23,511,376.20. The trade was a 7.14 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Scott Farquhar sold 7,948 shares of the business’s stock in a transaction that occurred on Monday, March 10th. The shares were sold at an average price of $218.05, for a total transaction of $1,733,061.40. Following the transaction, the director now directly owns 119,220 shares in the company, valued at $25,995,921. The trade was a 6.25 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In related news, CEO Michael Cannon-Brookes sold 7,948 shares of the business’s stock in a transaction that occurred on Thursday, March 6th. The shares were sold at an average price of $259.69, for a total transaction of $2,064,016.12. Following the transaction, the chief executive officer now directly owns 135,116 shares of the company’s stock, valued at approximately $35,088,274.04. The trade was a 5.56 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website.

Wall Street Analyst Weigh In

TEAM has been the topic of a number of research analyst reports. Canaccord Genuity Group boosted their price objective on shares of Atlassian from $255.00 to $285.00 and gave the company a “buy” rating in a research report on Friday, December 20th. Scotiabank boosted their target price on shares of Atlassian from $250.00 to $330.00 and gave the stock a “sector perform” rating in a research report on Friday, January 31st. KeyCorp boosted their target price on shares of Atlassian from $315.00 to $365.00 and gave the stock an “overweight” rating in a research report on Friday, January 31st. Piper Sandler boosted their target price on shares of Atlassian from $310.00 to $365.00 and gave the stock an “overweight” rating in a research report on Friday, January 31st. Finally, Macquarie boosted their target price on shares of Atlassian from $290.00 to $317.00 and gave the stock a “neutral” rating in a research report on Friday, February 7th. Eight analysts have rated the stock with a hold rating and seventeen have assigned a buy rating to the company’s stock. Based on data from MarketBeat, Atlassian currently has an average rating of “Moderate Buy” and a consensus price target of $319.71.

Atlassian Price Performance

The company’s 50-day simple moving average is $273.44 and its 200-day simple moving average is $233.71. The company has a debt-to-equity ratio of 0.81, a current ratio of 1.24 and a quick ratio of 1.24. The stock has a market capitalization of $57.23 billion, a price-to-earnings ratio of -163.01 and a beta of 0.91.

Atlassian (NASDAQ:TEAM) last released its quarterly earnings results on Thursday, January 30th. The technology company reported ($0.12) earnings per share for the quarter, missing analysts’ consensus estimates of $0.73 by ($0.85). Atlassian had a negative net margin of 7.22% and a negative return on equity of 17.37%. Research analysts forecast that Atlassian Co. will post -0.34 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Atlassian

Several hedge funds and other institutional investors have recently bought and sold shares of TEAM. Principal Financial Group Inc. lifted its holdings in Atlassian by 61.4% in the third quarter. Principal Financial Group Inc. now owns 10,770 shares of the technology company’s stock valued at $1,710,000 after buying an additional 4,099 shares during the period. GSA Capital Partners LLP lifted its holdings in Atlassian by 140.4% in the third quarter. GSA Capital Partners LLP now owns 4,827 shares of the technology company’s stock valued at $767,000 after buying an additional 2,819 shares during the period. Sumitomo Mitsui Trust Group Inc. lifted its holdings in Atlassian by 1.8% in the third quarter. Sumitomo Mitsui Trust Group Inc. now owns 366,254 shares of the technology company’s stock valued at $58,165,000 after buying an additional 6,470 shares during the period. Oppenheimer & Co. Inc. lifted its holdings in Atlassian by 24.4% in the third quarter. Oppenheimer & Co. Inc. now owns 1,771 shares of the technology company’s stock valued at $281,000 after buying an additional 347 shares during the period. Finally, Plato Investment Management Ltd acquired a new position in Atlassian in the third quarter valued at $1,243,000. Institutional investors and hedge funds own 94.45% of the company’s stock.

About Atlassian

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.