Atlassian (NASDAQ:TEAM) Shares Gap Down on Insider Selling

Atlassian Co. (NASDAQ:TEAM) shares gapped down before the market opened on Friday following insider selling activity. The stock had previously closed at $198.41, but opened at $182.73. Atlassian shares last traded at $173.90, with a volume of 1,249,591 shares.

Specifically, CEO Scott Farquhar sold 8,241 shares of the business’s stock in a transaction on Monday, January 29th. The stock was sold at an average price of $253.53, for a total transaction of $2,089,340.73. Following the transaction, the chief executive officer now directly owns 346,122 shares in the company, valued at approximately $87,752,310.66. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. In related news, CEO Scott Farquhar sold 8,241 shares of the business’s stock in a transaction on Monday, January 29th. The stock was sold at an average price of $253.53, for a total transaction of $2,089,340.73. Following the transaction, the chief executive officer now directly owns 346,122 shares in the company, valued at approximately $87,752,310.66. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, CTO Rajeev Bashyam Rajan sold 872 shares of the business’s stock in a transaction on Wednesday, February 14th. The stock was sold at an average price of $212.87, for a total value of $185,622.64. Following the transaction, the chief technology officer now owns 142,103 shares in the company, valued at $30,249,465.61. The disclosure for this sale can be found here. In the last three months, insiders have sold 300,450 shares of company stock worth $61,721,553. 40.48% of the stock is currently owned by company insiders.

Analyst Ratings Changes

A number of analysts have commented on TEAM shares. Citigroup lowered their price target on Atlassian from $280.00 to $265.00 and set a “buy” rating for the company in a research report on Friday, April 12th. The Goldman Sachs Group lifted their price target on Atlassian from $188.00 to $215.00 and gave the stock a “neutral” rating in a research report on Friday, February 2nd. Barclays raised Atlassian from an “equal weight” rating to an “overweight” rating and lifted their price target for the stock from $235.00 to $275.00 in a research report on Thursday, April 11th. Mizuho lowered their price target on Atlassian from $240.00 to $225.00 and set a “buy” rating for the company in a research report on Friday. Finally, William Blair reaffirmed an “outperform” rating on shares of Atlassian in a report on Friday, February 2nd. Ten analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $223.12.

Atlassian Stock Performance

The firm has a 50 day simple moving average of $200.55 and a 200-day simple moving average of $206.69. The company has a debt-to-equity ratio of 1.04, a current ratio of 1.07 and a quick ratio of 1.07. The company has a market cap of $45.60 billion, a price-to-earnings ratio of -117.98 and a beta of 0.63.

Atlassian (NASDAQ:TEAM) last posted its earnings results on Thursday, February 1st. The technology company reported ($0.30) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.06) by ($0.24). The business had revenue of $1.06 billion for the quarter, compared to analyst estimates of $1.02 billion. Atlassian had a negative return on equity of 34.56% and a negative net margin of 9.87%. As a group, analysts predict that Atlassian Co. will post -0.4 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of the company. Graypoint LLC boosted its position in shares of Atlassian by 2.4% during the fourth quarter. Graypoint LLC now owns 1,784 shares of the technology company’s stock worth $424,000 after buying an additional 42 shares during the period. Legacy Wealth Asset Management LLC boosted its position in shares of Atlassian by 1.4% during the fourth quarter. Legacy Wealth Asset Management LLC now owns 3,095 shares of the technology company’s stock worth $736,000 after buying an additional 43 shares during the period. Park National Corp OH boosted its position in shares of Atlassian by 3.5% during the fourth quarter. Park National Corp OH now owns 1,439 shares of the technology company’s stock worth $342,000 after buying an additional 48 shares during the period. First Trust Direct Indexing L.P. boosted its position in shares of Atlassian by 1.5% during the first quarter. First Trust Direct Indexing L.P. now owns 3,693 shares of the technology company’s stock worth $721,000 after buying an additional 55 shares during the period. Finally, UMB Bank n.a. boosted its position in shares of Atlassian by 5.7% during the fourth quarter. UMB Bank n.a. now owns 1,041 shares of the technology company’s stock worth $248,000 after buying an additional 56 shares during the period. 93.03% of the stock is currently owned by hedge funds and other 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.