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

Atlassian Co. (NASDAQ:TEAM) gapped down prior to trading 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 trading hands.

Specifically, CEO Scott Farquhar sold 8,241 shares of the business’s stock in a transaction dated Wednesday, April 24th. The stock was sold at an average price of $199.71, for a total transaction of $1,645,810.11. Following the sale, the chief executive officer now owns 366,450 shares in the company, valued at approximately $73,183,729.50. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In related news, CAO Gene Liu sold 582 shares of Atlassian stock in a transaction dated Monday, March 11th. The stock was sold at an average price of $215.00, for a total value of $125,130.00. Following the completion of the transaction, the chief accounting officer now owns 45,865 shares in the company, valued at approximately $9,860,975. 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 stock in a transaction on Wednesday, April 24th. The shares were sold at an average price of $199.71, for a total transaction of $1,645,810.11. Following the transaction, the chief executive officer now directly owns 366,450 shares in the company, valued at $73,183,729.50. The disclosure for this sale can be found here. Insiders sold 300,450 shares of company stock worth $61,721,553 in the last three months. Corporate insiders own 40.48% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms have recently weighed in on TEAM. Truist Financial decreased their price target on shares of Atlassian from $220.00 to $200.00 and set a “hold” rating on the stock in a research note on Friday. Citigroup dropped their price target on shares of Atlassian from $280.00 to $265.00 and set a “buy” rating for the company in a research note on Friday, April 12th. The Goldman Sachs Group upped their target price on shares of Atlassian from $188.00 to $215.00 and gave the stock a “neutral” rating in a research note on Friday, February 2nd. Barclays raised Atlassian from an “equal weight” rating to an “overweight” rating and increased their target price for the company from $235.00 to $275.00 in a report on Thursday, April 11th. Finally, Canaccord Genuity Group cut their price objective on shares of Atlassian from $260.00 to $230.00 and set a “buy” rating on the stock in a report on Friday. Eleven research analysts have rated the stock with a hold rating and ten have issued a buy rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Hold” and an average target price of $223.22.

Atlassian Price Performance

The company has a market cap of $46.55 billion, a price-to-earnings ratio of -120.44 and a beta of 0.63. The company has a 50-day simple moving average of $199.98 and a 200-day simple moving average of $206.53. The company has a debt-to-equity ratio of 1.04, a quick ratio of 1.07 and a current ratio of 1.07.

Atlassian (NASDAQ:TEAM) last announced its quarterly earnings data on Thursday, February 1st. The technology company reported ($0.30) earnings per share for the quarter, missing analysts’ consensus estimates 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, research analysts predict that Atlassian Co. will post -0.4 earnings per share for the current year.

Hedge Funds Weigh In On Atlassian

A number of large investors have recently made changes to their positions in TEAM. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. grew its stake in Atlassian by 12.4% in the 3rd quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. now owns 73,263 shares of the technology company’s stock valued at $14,763,000 after acquiring an additional 8,073 shares during the last quarter. Arkadios Wealth Advisors acquired a new position in shares of Atlassian in the 4th quarter valued at about $202,000. American Century Companies Inc. grew its stake in Atlassian by 58.7% during the third quarter. American Century Companies Inc. now owns 430,112 shares of the technology company’s stock worth $86,672,000 after buying an additional 159,102 shares during the period. International Assets Investment Management LLC acquired a new stake in Atlassian in the 4th quarter valued at $13,805,000. Finally, Royal Bank of Canada grew its stake in shares of Atlassian by 17.3% in the third quarter. Royal Bank of Canada now owns 381,430 shares of the technology company’s stock valued at $76,862,000 after buying an additional 56,149 shares in the last quarter. Hedge funds and other institutional investors own 93.03% of the company’s stock.

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.