Atlassian (NASDAQ:TEAM) Stock Price Down 5.6% on Insider Selling

Atlassian Co. (NASDAQ:TEAM) shares were down 5.6% during trading on Wednesday following insider selling activity. The company traded as low as $201.49 and last traded at $201.20. Approximately 2,206,690 shares changed hands during trading, an increase of 5% from the average daily volume of 2,107,147 shares. The stock had previously closed at $213.05.

Specifically, CEO Michael Cannon-Brookes sold 7,665 shares of the company’s stock in a transaction that occurred on Monday, June 9th. The stock was sold at an average price of $215.23, for a total transaction of $1,649,737.95. Following the transaction, the chief executive officer now directly owns 107,310 shares of the company’s stock, valued at $23,096,331.30. This represents a 6.67% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Scott Farquhar sold 7,665 shares of the firm’s stock in a transaction on Monday, June 9th. The shares were sold at an average price of $215.23, for a total value of $1,649,737.95. Following the sale, the director now directly owns 107,310 shares of the company’s stock, valued at approximately $23,096,331.30. This represents a 6.67% decrease in their ownership of the stock. The disclosure for this sale can be found here. In other news, CEO Michael Cannon-Brookes sold 7,948 shares of the stock in a transaction on Friday, June 6th. The stock was sold at an average price of $216.09, for a total transaction of $1,717,483.32. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink.

Wall Street Analyst Weigh In

Several research analysts have commented on TEAM shares. Canaccord Genuity Group cut their target price on Atlassian from $300.00 to $255.00 and set a “buy” rating for the company in a research note on Friday, May 2nd. Robert W. Baird raised Atlassian from a “neutral” rating to an “outperform” rating and reduced their price target for the stock from $320.00 to $255.00 in a research note on Monday, April 14th. Macquarie dropped their target price on Atlassian from $270.00 to $250.00 and set an “outperform” rating on the stock in a report on Friday, May 2nd. UBS Group lowered their target price on Atlassian from $230.00 to $215.00 and set a “neutral” rating on the stock in a report on Friday, May 2nd. Finally, Morgan Stanley reduced their price target on Atlassian from $370.00 to $320.00 and set an “overweight” rating for the company in a research report on Wednesday, April 16th. Four analysts have rated the stock with a hold rating, twenty have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $282.19.

Atlassian Price Performance

The firm has a fifty day simple moving average of $210.19 and a 200 day simple moving average of $243.79. The company has a market capitalization of $52.32 billion, a PE ratio of -148.75 and a beta of 0.96. The company has a debt-to-equity ratio of 0.81, a quick ratio of 1.24 and a current ratio of 1.24.

Atlassian (NASDAQ:TEAM) last released its quarterly earnings results on Thursday, May 1st. The technology company reported $0.97 earnings per share for the quarter, topping analysts’ consensus estimates of $0.93 by $0.04. The company had revenue of $1.36 billion during the quarter, compared to analysts’ expectations of $1.35 billion. Atlassian had a negative return on equity of 17.37% and a negative net margin of 7.22%. Atlassian’s quarterly revenue was up 14.1% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.89 EPS. Equities analysts anticipate that Atlassian Co. will post -0.34 EPS for the current year.

Institutional Trading of Atlassian

Several hedge funds have recently modified their holdings of TEAM. Massachusetts Financial Services Co. MA purchased a new position in shares of Atlassian during the fourth quarter worth about $687,486,000. Voya Investment Management LLC raised its position in shares of Atlassian by 17,941.0% during the 4th quarter. Voya Investment Management LLC now owns 2,172,854 shares of the technology company’s stock worth $528,693,000 after purchasing an additional 2,160,810 shares during the last quarter. JPMorgan Chase & Co. raised its holdings in Atlassian by 72.9% in the 4th quarter. JPMorgan Chase & Co. now owns 4,284,400 shares of the technology company’s stock valued at $1,042,737,000 after acquiring an additional 1,806,042 shares during the last quarter. Invesco Ltd. grew its stake in shares of Atlassian by 265.9% during the 4th quarter. Invesco Ltd. now owns 2,445,440 shares of the technology company’s stock valued at $595,171,000 after buying an additional 1,777,179 shares during the period. Finally, Nuveen LLC purchased a new stake in Atlassian during the 1st quarter worth $327,665,000. 94.45% of the stock is currently owned by institutional investors and hedge funds.

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.