Atlassian (NASDAQ:TEAM) Shares Gap Down to $165.15

Atlassian Co. (NASDAQ:TEAM) shares gapped down prior to trading on Tuesday . The stock had previously closed at $165.15, but opened at $159.88. Atlassian shares last traded at $161.07, with a volume of 248,670 shares traded.

Wall Street Analyst Weigh In

TEAM has been the subject of several analyst reports. Wells Fargo & Company cut their price target on shares of Atlassian from $285.00 to $250.00 and set an “overweight” rating for the company in a report on Friday, June 21st. Mizuho decreased their price target on Atlassian from $225.00 to $220.00 and set an “outperform” rating on the stock in a research report on Tuesday, July 16th. BMO Capital Markets reduced their price objective on Atlassian from $220.00 to $177.00 and set a “market perform” rating on the stock in a research note on Friday, August 2nd. StockNews.com lowered Atlassian from a “buy” rating to a “hold” rating in a research note on Friday, July 12th. Finally, Scotiabank decreased their price objective on shares of Atlassian from $210.00 to $175.00 and set a “sector perform” rating on the stock in a report on Friday, August 2nd. Ten equities research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company. According to MarketBeat.com, Atlassian currently has an average rating of “Moderate Buy” and a consensus target price of $217.69.

Atlassian Trading Down 5.1 %

The company has a market capitalization of $40.81 billion, a price-to-earnings ratio of -262.14 and a beta of 0.73. The company has a quick ratio of 1.18, a current ratio of 1.18 and a debt-to-equity ratio of 0.95. The company’s fifty day simple moving average is $163.38 and its two-hundred day simple moving average is $176.42.

Atlassian (NASDAQ:TEAM) last announced its earnings results on Thursday, August 1st. The technology company reported $0.66 EPS for the quarter, topping the consensus estimate of $0.59 by $0.07. Atlassian had a negative net margin of 6.89% and a negative return on equity of 17.69%. The firm had revenue of $1.13 billion for the quarter, compared to the consensus estimate of $1.13 billion. During the same period last year, the company posted ($0.21) EPS. The business’s quarterly revenue was up 20.5% on a year-over-year basis. Research analysts forecast that Atlassian Co. will post -0.58 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, CEO Scott Farquhar sold 7,948 shares of the business’s stock in a transaction dated Friday, July 5th. The stock was sold at an average price of $186.48, for a total value of $1,482,143.04. Following the sale, the chief executive officer now directly owns 476,880 shares in the company, valued at $88,928,582.40. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. In other Atlassian news, CEO Scott Farquhar sold 7,948 shares of the company’s stock in a transaction that occurred on Friday, July 5th. The stock was sold at an average price of $186.48, for a total value of $1,482,143.04. Following the sale, the chief executive officer now owns 476,880 shares in the company, valued at $88,928,582.40. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CTO Rajeev Bashyam Rajan sold 199 shares of Atlassian stock in a transaction that occurred on Friday, August 16th. The stock was sold at an average price of $146.08, for a total value of $29,069.92. Following the transaction, the chief technology officer now owns 128,957 shares of the company’s stock, valued at $18,838,038.56. The disclosure for this sale can be found here. In the last 90 days, insiders sold 232,211 shares of company stock worth $38,944,173. Corporate insiders own 40.48% of the company’s stock.

Hedge Funds Weigh In On Atlassian

A number of hedge funds have recently bought and sold shares of the business. Sanctuary Advisors LLC bought a new position in shares of Atlassian during the second quarter worth approximately $1,022,000. New Century Financial Group LLC bought a new position in Atlassian during the 2nd quarter worth $397,000. Truist Financial Corp raised its holdings in Atlassian by 2.5% in the 2nd quarter. Truist Financial Corp now owns 84,358 shares of the technology company’s stock valued at $14,921,000 after acquiring an additional 2,050 shares in the last quarter. Point72 Asset Management L.P. bought a new stake in shares of Atlassian during the 2nd quarter valued at $14,364,000. Finally, Quarry LP increased its position in shares of Atlassian by 143.8% in the second quarter. Quarry LP now owns 373 shares of the technology company’s stock worth $66,000 after purchasing an additional 220 shares during the period. 93.03% of the stock is owned by institutional investors.

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.