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

Atlassian Co. (NASDAQ:TEAM - Get Free Report) gapped down prior to trading on Friday after an insider sold shares in the company. The stock had previously closed at $229.07, but opened at $204.73. Atlassian shares last traded at $211.51, with a volume of 3,146,350 shares.

Specifically, CEO Michael Cannon-Brookes sold 7,948 shares of the company's stock in a transaction dated Wednesday, April 30th. The shares were sold at an average price of $225.64, for a total transaction of $1,793,386.72. Following the completion of the transaction, the chief executive officer now owns 206,648 shares of the company's stock, valued at $46,628,054.72. This represents a 3.70 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO Michael Cannon-Brookes sold 7,948 shares of the firm's stock in a transaction that occurred on Monday, April 28th. The stock was sold at an average price of $229.59, for a total transaction of $1,824,781.32. Following the completion of the sale, the chief executive officer now directly owns 222,544 shares in the company, valued at $51,093,876.96. This represents a 3.45 % 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 company's stock in a transaction that occurred on Friday, April 25th. The shares were sold at an average price of $229.11, for a total transaction of $1,820,966.28. Following the completion of the transaction, the director now owns 230,492 shares of the company's stock, valued at approximately $52,808,022.12. This represents a 3.33 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink.

Analyst Ratings Changes

Several brokerages recently weighed in on TEAM. Baird R W raised Atlassian from a "hold" rating to a "strong-buy" rating in a research report on Monday, April 14th. Piper Sandler restated an "overweight" rating and issued a $300.00 price objective (down from $365.00) on shares of Atlassian in a report on Friday. Barclays boosted their target price on Atlassian from $275.00 to $350.00 and gave the stock an "overweight" rating in a report on Monday, February 3rd. Mizuho raised their price target on shares of Atlassian from $285.00 to $355.00 and gave the company an "outperform" rating in a report on Friday, January 31st. Finally, UBS Group decreased their price objective on shares of Atlassian from $230.00 to $215.00 and set a "neutral" rating for the company in a research note on Friday. Five analysts have rated the stock with a hold rating, nineteen have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, Atlassian currently has an average rating of "Moderate Buy" and an average target price of $289.57.

Atlassian Stock Performance

The company has a debt-to-equity ratio of 0.81, a quick ratio of 1.24 and a current ratio of 1.24. The stock has a market cap of $54.62 billion, a price-to-earnings ratio of -155.58 and a beta of 1.06. The company's 50 day simple moving average is $222.61 and its 200 day simple moving average is $245.84.

Atlassian (NASDAQ:TEAM - Get Free Report) last issued its quarterly earnings results on Thursday, May 1st. The technology company reported $0.97 EPS for the quarter, topping the consensus estimate 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 firm had revenue of $1.36 billion for the quarter, compared to analysts' expectations of $1.35 billion. During the same period in the previous year, the business earned $0.89 earnings per share. Atlassian's revenue for the quarter was up 14.1% compared to the same quarter last year. On average, equities research analysts anticipate that Atlassian Co. will post -0.34 earnings per share for the current year.

Institutional Investors Weigh In On Atlassian

Several hedge funds have recently modified their holdings of the stock. Massachusetts Financial Services Co. MA acquired a new position in Atlassian in the 4th quarter worth approximately $687,486,000. Voya Investment Management LLC boosted its position in 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 acquiring an additional 2,160,810 shares during the period. JPMorgan Chase & Co. grew its stake in Atlassian by 72.9% during 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 in the last quarter. Invesco Ltd. increased its holdings in shares of Atlassian by 265.9% in the 4th quarter. Invesco Ltd. now owns 2,445,440 shares of the technology company's stock valued at $595,171,000 after purchasing an additional 1,777,179 shares during the period. Finally, Durable Capital Partners LP boosted its holdings in shares of Atlassian by 499.7% during the fourth quarter. Durable Capital Partners LP now owns 1,575,546 shares of the technology company's stock worth $383,456,000 after purchasing an additional 1,312,820 shares during the period. 94.45% 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.