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

Atlassian Co. (NASDAQ:TEAM)’s stock price gapped down prior to trading on Friday after an insider sold shares in the company. 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 changing hands.

Specifically, CAO Gene Liu sold 227 shares of the firm’s stock in a transaction that occurred on Wednesday, February 14th. The shares were sold at an average price of $212.87, for a total transaction of $48,321.49. Following the completion of the sale, the chief accounting officer now owns 47,066 shares of the company’s stock, valued at approximately $10,018,939.42. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. In related news, CAO Gene Liu sold 227 shares of the stock in a transaction on Wednesday, February 14th. The stock was sold at an average price of $212.87, for a total value of $48,321.49. Following the transaction, the chief accounting officer now directly owns 47,066 shares in the company, valued at approximately $10,018,939.42. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CEO Scott Farquhar sold 8,241 shares of the firm’s stock in a transaction on Monday, January 29th. The shares were sold at an average price of $253.53, for a total value of $2,089,340.73. Following the transaction, the chief executive officer now owns 346,122 shares in the company, valued at $87,752,310.66. The disclosure for this sale can be found here. Insiders sold a total of 300,450 shares of company stock valued at $61,721,553 in the last quarter. 40.48% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

Several brokerages recently weighed in on TEAM. Wells Fargo & Company lifted their price objective on Atlassian from $275.00 to $285.00 and gave the stock an “overweight” rating in a report on Wednesday, January 24th. Citigroup decreased their price objective on Atlassian from $280.00 to $265.00 and set a “buy” rating for the company in a report on Friday, April 12th. Canaccord Genuity Group decreased their price objective on Atlassian from $260.00 to $230.00 and set a “buy” rating for the company in a report on Friday. Truist Financial lifted their target price on Atlassian from $180.00 to $220.00 and gave the company a “hold” rating in a report on Tuesday, January 16th. Finally, Robert W. Baird reduced their target price on Atlassian from $270.00 to $230.00 and set an “outperform” rating for the company in a report on Friday. Ten research analysts have rated the stock with a hold rating and ten have given a buy rating to the stock. According to data from MarketBeat, Atlassian has a consensus rating of “Moderate Buy” and an average price target of $223.12.

Atlassian Stock Down 11.4 %

The company has a quick ratio of 1.07, a current ratio of 1.07 and a debt-to-equity ratio of 1.04. The company has a 50-day simple moving average of $200.55 and a two-hundred day simple moving average of $206.69. The stock has a market cap of $45.60 billion, a P/E ratio of -117.98 and a beta of 0.63.

Atlassian (NASDAQ:TEAM) last issued its quarterly earnings results on Thursday, February 1st. The technology company reported ($0.30) earnings per share for the quarter, missing the consensus estimate of ($0.06) by ($0.24). The firm had revenue of $1.06 billion during the quarter, compared to analysts’ expectations of $1.02 billion. Atlassian had a negative return on equity of 34.56% and a negative net margin of 9.87%. On average, equities analysts forecast that Atlassian Co. will post -0.4 EPS for the current year.

Institutional Investors Weigh In On Atlassian

Several hedge funds and other institutional investors have recently added to or reduced their stakes in TEAM. Baillie Gifford & Co. grew its stake in Atlassian by 20.7% in the fourth quarter. Baillie Gifford & Co. now owns 8,807,619 shares of the technology company’s stock worth $2,094,980,000 after purchasing an additional 1,511,318 shares during the period. Morgan Stanley boosted its holdings in Atlassian by 156.8% in the third quarter. Morgan Stanley now owns 1,793,700 shares of the technology company’s stock worth $361,449,000 after acquiring an additional 1,095,297 shares in the last quarter. Norges Bank bought a new stake in Atlassian in the fourth quarter worth $247,740,000. Vanguard Group Inc. boosted its holdings in Atlassian by 3.4% in the fourth quarter. Vanguard Group Inc. now owns 15,355,652 shares of the technology company’s stock worth $3,652,495,000 after acquiring an additional 504,181 shares in the last quarter. Finally, Price T Rowe Associates Inc. MD boosted its holdings in Atlassian by 3.3% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 10,237,507 shares of the technology company’s stock worth $2,435,095,000 after acquiring an additional 326,673 shares in the last quarter. 93.03% of the stock is owned by hedge funds and other institutional investors.

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.