Atlassian (NASDAQ:TEAM) Shares Down 4.1% After Insider Selling

Shares of Atlassian Co. (NASDAQ:TEAM - Get Free Report) dropped 4.1% during mid-day trading on Thursday following insider selling activity. The company traded as low as $206.01 and last traded at $204.30. Approximately 742,755 shares changed hands during mid-day trading, a decline of 65% from the average daily volume of 2,099,778 shares. The stock had previously closed at $213.03.

Specifically, Director Scott Farquhar sold 7,948 shares of the business's stock in a transaction dated Tuesday, May 27th. The stock was sold at an average price of $210.81, for a total value of $1,675,517.88. Following the completion of the sale, the director now directly owns 63,584 shares of the company's stock, valued at $13,404,143.04. The trade was a 11.11% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, CEO Michael Cannon-Brookes sold 7,948 shares of the business's stock in a transaction dated Tuesday, May 27th. The shares were sold at an average price of $210.81, for a total value of $1,675,517.88. Following the completion of the sale, the chief executive officer now directly owns 63,584 shares of the company's stock, valued at $13,404,143.04. The trade was a 11.11% decrease in their ownership of the stock. The disclosure for this sale can be found here. In related news, Director Scott Farquhar sold 7,948 shares of the business's stock in a transaction dated Friday, May 23rd. The stock was sold at an average price of $206.57, for a total value of $1,641,818.36. Following the completion of the sale, the director now directly owns 71,532 shares of the company's stock, valued at $14,776,365.24. The trade was a 10.00% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website.

Analyst Ratings Changes

A number of analysts recently commented on the company. UBS Group decreased their target price on Atlassian from $230.00 to $215.00 and set a "neutral" rating for the company in a research report on Friday, May 2nd. Wall Street Zen raised Atlassian from a "hold" rating to a "buy" rating in a research report on Friday. Canaccord Genuity Group decreased their target price on Atlassian from $300.00 to $255.00 and set a "buy" rating for the company in a research report on Friday, May 2nd. Barclays decreased their target price on Atlassian from $350.00 to $260.00 and set an "overweight" rating for the company in a research report on Monday, May 5th. Finally, Cantor Fitzgerald upgraded Atlassian from a "neutral" rating to an "overweight" rating and cut their price target for the company from $304.00 to $272.00 in a research note on Wednesday, April 2nd. Four investment 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. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $285.29.

Atlassian Trading Up 1.2%

The company has a quick ratio of 1.24, a current ratio of 1.24 and a debt-to-equity ratio of 0.81. The firm has a 50 day moving average of $210.57 and a 200 day moving average of $245.81. The firm has a market cap of $54.16 billion, a PE ratio of -153.96 and a beta of 1.06.

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

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in TEAM. Clean Yield Group grew its position in Atlassian by 372.0% in the first quarter. Clean Yield Group now owns 118 shares of the technology company's stock worth $25,000 after acquiring an additional 93 shares in the last quarter. Murphy & Mullick Capital Management Corp purchased a new position in Atlassian in the fourth quarter worth $27,000. Colonial Trust Co SC grew its position in Atlassian by 100.0% in the fourth quarter. Colonial Trust Co SC now owns 138 shares of the technology company's stock worth $34,000 after acquiring an additional 69 shares in the last quarter. Smithfield Trust Co grew its position in Atlassian by 90.7% in the first quarter. Smithfield Trust Co now owns 164 shares of the technology company's stock worth $34,000 after acquiring an additional 78 shares in the last quarter. Finally, Summit Securities Group LLC purchased a new position in Atlassian in the fourth quarter worth $38,000. Institutional investors own 94.45% 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.