Atlassian (NASDAQ:TEAM) Shares Gap Down – What’s Next?

Atlassian Corporation PLC (NASDAQ:TEAM) shares gapped down before the market opened on Thursday . The stock had previously closed at $74.01, but opened at $67.20. Atlassian shares last traded at $66.4240, with a volume of 1,552,486 shares changing hands.

Analyst Ratings Changes

A number of analysts have recently issued reports on TEAM shares. BMO Capital Markets set a $130.00 price target on Atlassian and gave the company an “outperform” rating in a research report on Friday, February 6th. Wells Fargo & Company dropped their price target on Atlassian from $155.00 to $120.00 and set an “overweight” rating for the company in a research report on Tuesday, March 17th. Cantor Fitzgerald dropped their price target on Atlassian from $240.00 to $146.00 and set an “overweight” rating for the company in a research report on Wednesday, February 4th. Weiss Ratings reiterated a “sell (e+)” rating on shares of Atlassian in a research report on Monday. Finally, Robert W. Baird set a $140.00 target price on Atlassian in a research report on Friday, February 6th. Nineteen investment analysts have rated the stock with a Buy rating, six have assigned a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $155.11.

Atlassian Stock Up 5.8%

The company has a quick ratio of 0.89, a current ratio of 0.89 and a debt-to-equity ratio of 0.62. The company has a 50-day simple moving average of $72.01 and a two-hundred day simple moving average of $120.30. The stock has a market cap of $18.87 billion, a P/E ratio of -99.37 and a beta of 0.99.

Atlassian (NASDAQ:TEAM) last announced its quarterly earnings data on Friday, February 6th. The technology company reported $1.22 earnings per share for the quarter, beating the consensus estimate of $1.12 by $0.10. Atlassian had a negative return on equity of 6.33% and a negative net margin of 3.29%.The firm had revenue of $1.59 billion during the quarter, compared to the consensus estimate of $1.54 billion. During the same quarter in the previous year, the company posted $0.96 earnings per share. The business’s revenue was up 23.3% on a year-over-year basis. On average, equities analysts forecast that Atlassian Corporation PLC will post -0.01 EPS for the current year.

Insider Activity at Atlassian

In other news, Director Scott Farquhar sold 7,665 shares of the business’s stock in a transaction that occurred 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 transaction, the director directly owned 275,940 shares of the company’s stock, valued at approximately $26,161,871.40. The trade was a 2.70% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Michael Cannon-Brookes sold 7,665 shares of the business’s stock in a transaction that occurred on Wednesday, February 4th. The shares were sold at an average price of $105.14, for a total value of $805,898.10. Following the transaction, the chief executive officer directly owned 283,605 shares in the company, valued at $29,818,229.70. This trade represents a 2.63% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold 97,993 shares of company stock worth $11,340,805 over the last three months. Insiders own 36.66% of the company’s stock.

Hedge Funds Weigh In On Atlassian

Several hedge funds have recently made changes to their positions in TEAM. AQR Capital Management LLC increased its stake in shares of Atlassian by 291.4% during the fourth quarter. AQR Capital Management LLC now owns 7,749,694 shares of the technology company’s stock valued at $1,256,535,000 after buying an additional 5,769,788 shares during the period. DNB Asset Management AS increased its stake in shares of Atlassian by 266.6% during the third quarter. DNB Asset Management AS now owns 2,806,888 shares of the technology company’s stock valued at $448,260,000 after buying an additional 2,041,210 shares during the period. Norges Bank purchased a new position in shares of Atlassian during the fourth quarter valued at approximately $323,526,000. Morgan Stanley increased its stake in shares of Atlassian by 52.4% during the fourth quarter. Morgan Stanley now owns 4,822,007 shares of the technology company’s stock valued at $781,841,000 after buying an additional 1,657,309 shares during the period. Finally, Carmignac Gestion increased its stake in shares of Atlassian by 6,602.0% during the fourth quarter. Carmignac Gestion now owns 1,206,368 shares of the technology company’s stock valued at $195,601,000 after buying an additional 1,188,368 shares during the period. 94.45% of the stock is owned by hedge funds and other institutional investors.

Atlassian Company Profile

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.