Atlassian (NASDAQ:TEAM) Stock Price Down 3.8% After Insider Selling

Key Points

• Atlassian's stock (NASDAQ:TEAM) dropped by 3.8% following insider selling by its director and CEO, with shares trading at $164.08.
• Both Director Scott Farquhar and CEO Michael Cannon-Brookes sold 7,665 shares at an average price of $169.32, resulting in a significant decrease in their ownership positions.
• A number of analysts upgraded or downgraded Atlassian, with Wall Street Zen upgrading the stock to a "buy" rating while Canaccord Genuity adjusted their price target down from $255 to $230.

Atlassian Corporation PLC (NASDAQ:TEAM - Get Free Report)'s share price was down 3.8% during mid-day trading on Tuesday following insider selling activity. The stock traded as low as $166.00 and last traded at $164.08. Approximately 156,343 shares traded hands during mid-day trading, a decline of 93% from the average daily volume of 2,363,028 shares. The stock had previously closed at $170.63.

Specifically, Director Scott Farquhar sold 7,665 shares of Atlassian stock in a transaction that occurred on Friday, September 19th. The stock was sold at an average price of $169.32, for a total value of $1,297,837.80. Following the sale, the director owned 53,655 shares of the company's stock, valued at $9,084,864.60. The trade was a 12.50% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CEO Michael Cannon-Brookes sold 7,665 shares of the business's stock in a transaction dated Friday, September 19th. The stock was sold at an average price of $169.32, for a total transaction of $1,297,837.80. Following the completion of the sale, the chief executive officer owned 53,655 shares in the company, valued at approximately $9,084,864.60. This trade represents a 12.50% decrease in their ownership of the stock. The disclosure for this sale can be found here. In other Atlassian news, CEO Michael Cannon-Brookes sold 7,665 shares of Atlassian stock in a transaction on Wednesday, September 17th. The shares were sold at an average price of $173.56, for a total transaction of $1,330,337.40. Following the completion of the transaction, the chief executive officer directly owned 61,320 shares of the company's stock, valued at $10,642,699.20. The trade was a 11.11% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink.

Analyst Upgrades and Downgrades

A number of analysts have weighed in on the company. Wall Street Zen upgraded Atlassian from a "hold" rating to a "buy" rating in a research note on Saturday, September 13th. Canaccord Genuity Group lowered their price target on Atlassian from $255.00 to $230.00 and set a "buy" rating for the company in a report on Friday, August 8th. Bank of America started coverage on Atlassian in a report on Tuesday. They issued a "neutral" rating and a $200.00 price objective for the company. Capital One Financial downgraded shares of Atlassian from an "overweight" rating to an "equal weight" rating and set a $211.00 target price on the stock. in a research report on Wednesday, July 16th. Finally, BMO Capital Markets reduced their price objective on shares of Atlassian from $225.00 to $200.00 and set an "outperform" rating for the company in a research note on Friday, August 8th. One research analyst has rated the stock with a Strong Buy rating, nineteen have assigned a Buy rating and seven have issued a Hold rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $253.04.

Atlassian Trading Down 3.9%

The stock has a 50-day simple moving average of $178.22 and a 200 day simple moving average of $199.06. The company has a current ratio of 1.22, a quick ratio of 1.22 and a debt-to-equity ratio of 0.73. The company has a market cap of $42.99 billion, a price-to-earnings ratio of -165.37 and a beta of 0.95.

Atlassian (NASDAQ:TEAM - Get Free Report) last released its quarterly earnings data on Thursday, August 7th. The technology company reported $0.98 EPS for the quarter, beating the consensus estimate of $0.83 by $0.15. The business had revenue of $1.38 billion for the quarter, compared to the consensus estimate of $1.36 billion. Atlassian had a negative net margin of 4.92% and a negative return on equity of 14.77%. The business's revenue for the quarter was up 22.3% on a year-over-year basis. During the same period in the prior year, the firm earned $0.66 EPS. Atlassian has set its Q1 2026 guidance at EPS. FY 2026 guidance at EPS. As a group, equities research analysts predict that Atlassian Corporation PLC will post -0.34 EPS for the current fiscal year.

Institutional Investors Weigh In On Atlassian

A number of institutional investors have recently added to or reduced their stakes in TEAM. Osaic Holdings Inc. increased its stake in shares of Atlassian by 12.8% during the second quarter. Osaic Holdings Inc. now owns 8,082 shares of the technology company's stock worth $1,641,000 after purchasing an additional 916 shares in the last quarter. Orion Porfolio Solutions LLC boosted its stake in shares of Atlassian by 27.2% in the second quarter. Orion Porfolio Solutions LLC now owns 4,460 shares of the technology company's stock worth $906,000 after acquiring an additional 953 shares during the last quarter. Stance Capital LLC acquired a new position in Atlassian in the 2nd quarter valued at $1,329,000. Marex Group plc purchased a new position in Atlassian in the 2nd quarter valued at $309,000. Finally, State of Wyoming grew its holdings in shares of Atlassian by 59.7% during the second quarter. State of Wyoming now owns 444 shares of the technology company's stock worth $90,000 after buying an additional 166 shares in the last quarter. Institutional investors and hedge funds 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.