Atlassian (NASDAQ:TEAM) Shares Down 7.1% Following Insider Selling

Atlassian Co. (NASDAQ:TEAM) shares were down 7.1% on Friday following insider selling activity. The stock traded as low as $236.36 and last traded at $232.88. Approximately 961,417 shares traded hands during mid-day trading, a decline of 52% from the average daily volume of 1,990,853 shares. The stock had previously closed at $250.66.

Specifically, CEO Michael Cannon-Brookes sold 7,948 shares of the business’s stock in a transaction dated 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 sale, the chief executive officer now directly owns 135,116 shares of the company’s stock, valued at $35,088,274.04. The trade was a 5.56 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link. Also, Director Scott Farquhar sold 7,948 shares of the business’s stock in a transaction dated Friday, February 28th. The stock was sold at an average price of $278.61, for a total transaction of $2,214,392.28. Following the transaction, the director now owns 166,908 shares in the company, valued at $46,502,237.88. This represents a 4.55 % decrease in their ownership of the stock. The disclosure for this sale can be found here.

Analyst Upgrades and Downgrades

A number of research analysts have commented on the company. Jefferies Financial Group upped their price objective on Atlassian from $300.00 to $325.00 and gave the company a “buy” rating in a report on Friday, January 24th. Piper Sandler upped their price objective on Atlassian from $310.00 to $365.00 and gave the stock an “overweight” rating in a research report on Friday, January 31st. The Goldman Sachs Group upped their price objective on Atlassian from $245.00 to $370.00 and gave the stock a “buy” rating in a research report on Monday, February 3rd. Wells Fargo & Company upped their target price on Atlassian from $350.00 to $375.00 and gave the stock an “overweight” rating in a report on Friday, January 31st. Finally, Morgan Stanley increased their price target on Atlassian from $315.00 to $370.00 and gave the company an “overweight” rating in a research note on Friday, January 31st. Nine investment analysts have rated the stock with a hold rating and sixteen have given a buy rating to the stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $319.71.

Atlassian Trading Down 4.7 %

The company’s fifty day moving average is $276.11 and its 200-day moving average is $232.17. 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 company has a market capitalization of $62.58 billion, a PE ratio of -178.25 and a beta of 0.91.

Atlassian (NASDAQ:TEAM) last announced its quarterly earnings data 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, analysts anticipate that Atlassian Co. will post -0.34 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of TEAM. Murphy & Mullick Capital Management Corp acquired a new position in shares of Atlassian in the fourth quarter worth about $27,000. Colonial Trust Co SC raised its position in shares of Atlassian by 100.0% in the fourth quarter. Colonial Trust Co SC now owns 138 shares of the technology company’s stock worth $34,000 after acquiring an additional 69 shares during the period. True Wealth Design LLC raised its position in shares of Atlassian by 23,100.0% in the third quarter. True Wealth Design LLC now owns 232 shares of the technology company’s stock worth $37,000 after acquiring an additional 231 shares during the period. Summit Securities Group LLC purchased a new stake in shares of Atlassian during the fourth quarter worth about $38,000. Finally, Pilgrim Partners Asia Pte Ltd purchased a new stake in shares of Atlassian during the fourth quarter worth about $39,000. Institutional investors and hedge funds 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.