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

Atlassian Co. (NASDAQ:TEAM) 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.

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:TEAM) 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

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.