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

Atlassian Co. (NASDAQ:TEAMGet Free Report) shares were down 5.6% during trading on Thursday after an insider sold shares in the company. The stock traded as low as $212.83 and last traded at $213.69. Approximately 172,702 shares changed 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 Atlassian stock in a transaction that occurred on Wednesday, March 12th. The stock was sold at an average price of $227.55, for a total transaction of $1,808,567.40. Following the completion of the transaction, the chief executive officer now directly owns 103,324 shares in the company, valued at approximately $23,511,376.20. The trade was a 7.14 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Scott Farquhar sold 7,948 shares of the company’s stock in a transaction 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 completion of the transaction, the director now owns 119,220 shares in the company, valued at approximately $25,995,921. This represents a 6.25 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In other Atlassian news, CEO Michael Cannon-Brookes sold 7,948 shares of the stock in a transaction dated Thursday, March 6th. The shares were sold at an average price of $259.69, for a total value 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 $35,088,274.04. This represents a 5.56 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink.

Wall Street Analyst Weigh In

Several equities analysts have recently commented on the company. JMP Securities reaffirmed a “market perform” rating on shares of Atlassian in a research report on Friday, January 31st. Truist Financial reiterated a “buy” rating and set a $350.00 price objective (up previously from $300.00) on shares of Atlassian in a research report on Friday, January 31st. The Goldman Sachs Group boosted their target price on shares of Atlassian from $245.00 to $370.00 and gave the company a “buy” rating in a research report on Monday, February 3rd. Macquarie raised their price target 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. Finally, UBS Group lifted their price objective on shares of Atlassian from $275.00 to $330.00 and gave the stock a “neutral” rating in a research note on Friday, January 31st. Eight investment analysts have rated the stock with a hold rating and seventeen have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $319.71.

View Our Latest Stock Analysis on TEAM

Atlassian Trading Up 5.0 %

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

Atlassian (NASDAQ:TEAMGet Free Report) last issued its 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%. On average, equities analysts predict that Atlassian Co. will post -0.34 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Atlassian

A number of hedge funds and other institutional investors have recently bought and sold shares of TEAM. Principal Financial Group Inc. grew its holdings in shares of Atlassian by 61.4% during the third quarter. Principal Financial Group Inc. now owns 10,770 shares of the technology company’s stock worth $1,710,000 after purchasing an additional 4,099 shares during the last quarter. GSA Capital Partners LLP grew its holdings in Atlassian by 140.4% during the 3rd quarter. GSA Capital Partners LLP now owns 4,827 shares of the technology company’s stock worth $767,000 after acquiring an additional 2,819 shares during the last quarter. Sumitomo Mitsui Trust Group Inc. increased its position in Atlassian by 1.8% in the 3rd quarter. Sumitomo Mitsui Trust Group Inc. now owns 366,254 shares of the technology company’s stock valued at $58,165,000 after acquiring an additional 6,470 shares during the period. Oppenheimer & Co. Inc. raised its stake in shares of Atlassian by 24.4% during the third quarter. Oppenheimer & Co. Inc. now owns 1,771 shares of the technology company’s stock valued at $281,000 after acquiring an additional 347 shares during the last quarter. Finally, Plato Investment Management Ltd acquired a new position in shares of Atlassian during the third quarter worth $1,243,000. Institutional investors own 94.45% of the company’s stock.

Atlassian Company Profile

(Get Free Report)

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.

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