Atlassian (NASDAQ:TEAM) Shares Down 4.6% on Insider Selling

Atlassian Corporation PLC (NASDAQ:TEAM)’s share price fell 4.6% during trading on Monday after an insider sold shares in the company. The company traded as low as $88.51 and last traded at $90.3280. 1,481,694 shares were traded during mid-day trading, a decline of 72% from the average session volume of 5,342,903 shares. The stock had previously closed at $94.72.

Specifically, CEO Michael Cannon-Brookes sold 7,665 shares of the company’s stock in a transaction on Friday, February 6th. The shares were sold at an average price of $94.81, for a total value of $726,718.65. Following the completion of the transaction, the chief executive officer owned 275,940 shares in the company, valued at approximately $26,161,871.40. This represents a 2.70% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, Director Scott Farquhar sold 7,665 shares of Atlassian stock in a transaction on Friday, February 6th. The stock was sold at an average price of $94.81, for a total transaction of $726,718.65. Following the sale, the director owned 275,940 shares in the company, valued at $26,161,871.40. This represents a 2.70% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In related news, Director Scott Farquhar sold 7,665 shares of the company’s stock in a transaction dated Wednesday, February 4th. The stock was sold at an average price of $105.14, for a total value of $805,898.10. Following the completion of the sale, the director directly owned 283,605 shares of the company’s stock, valued at $29,818,229.70. This represents a 2.63% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website.

Wall Street Analyst Weigh In

A number of analysts recently weighed in on the stock. Piper Sandler reiterated an “overweight” rating and set a $200.00 price target (down previously from $280.00) on shares of Atlassian in a research note on Friday. Truist Financial set a $210.00 price objective on Atlassian in a report on Friday, October 31st. BTIG Research dropped their target price on shares of Atlassian from $220.00 to $140.00 and set a “buy” rating for the company in a report on Friday. Barclays cut their price target on Atlassian from $215.00 to $165.00 and set an “overweight” rating for the company in a research note on Friday. Finally, Wells Fargo & Company lowered their target price on Atlassian from $216.00 to $155.00 and set an “overweight” rating on the stock in a report on Friday. Twenty investment analysts have rated the stock with a Buy rating, six have given a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, Atlassian has a consensus rating of “Moderate Buy” and a consensus target price of $191.32.

Atlassian Trading Down 5.0%

The stock has a market capitalization of $23.68 billion, a price-to-earnings ratio of -125.45, a P/E/G ratio of 14.67 and a beta of 0.88. The company has a debt-to-equity ratio of 0.72, a quick ratio of 1.26 and a current ratio of 1.26. The firm has a fifty day moving average of $144.50 and a 200-day moving average of $157.87.

Atlassian (NASDAQ:TEAM) last released its quarterly earnings results on Thursday, February 5th. The technology company reported $1.22 earnings per share for the quarter, topping analysts’ consensus estimates of $1.12 by $0.10. Atlassian had a negative return on equity of 6.60% and a negative net margin of 3.29%.The firm had revenue of $1.59 billion during the quarter, compared to analysts’ expectations of $1.54 billion. During the same quarter in the prior year, the business earned $0.96 EPS. Atlassian’s quarterly revenue was up 23.3% compared to the same quarter last year. As a group, equities analysts predict that Atlassian Corporation PLC will post -0.34 earnings per share for the current fiscal year.

Institutional Trading of Atlassian

Several large investors have recently modified their holdings of the business. SBI Securities Co. Ltd. grew its position in Atlassian by 50.7% in the 3rd quarter. SBI Securities Co. Ltd. now owns 40,546 shares of the technology company’s stock valued at $6,475,000 after buying an additional 13,643 shares in the last quarter. Mediolanum International Funds Ltd lifted its stake in shares of Atlassian by 108.4% in the 3rd quarter. Mediolanum International Funds Ltd now owns 41,963 shares of the technology company’s stock worth $6,937,000 after acquiring an additional 21,829 shares during the period. Nordea Investment Management AB boosted its holdings in shares of Atlassian by 20.3% in the third quarter. Nordea Investment Management AB now owns 721,690 shares of the technology company’s stock valued at $114,695,000 after acquiring an additional 121,541 shares in the last quarter. Allianz Asset Management GmbH increased its stake in shares of Atlassian by 28.6% during the second quarter. Allianz Asset Management GmbH now owns 102,194 shares of the technology company’s stock valued at $20,755,000 after acquiring an additional 22,701 shares during the period. Finally, Mitsubishi UFJ Trust & Banking Corp increased its stake in shares of Atlassian by 3.7% during the second quarter. Mitsubishi UFJ Trust & Banking Corp now owns 258,299 shares of the technology company’s stock valued at $52,458,000 after acquiring an additional 9,274 shares during the period. 94.45% of the stock is currently owned by institutional investors and hedge funds.

About Atlassian

Atlassian Corporation Plc is a software company headquartered in Sydney, Australia, best known for developing collaboration, project management and software development tools. Founded in 2002 by Mike Cannon-Brookes and Scott Farquhar, Atlassian grew from a small engineering-focused team into a publicly traded company after its initial public offering in 2015. The company serves a global customer base that spans small teams to large enterprises across technology, financial services, government and other sectors.

Atlassian’s product portfolio centers on tools designed to help teams plan, build and support software and business processes.