Atlassian (NASDAQ:TEAM) Shares Down 6.5% Following Insider Selling

Atlassian Corporation PLC (NASDAQ:TEAM - Get Free Report)'s share price fell 6.5% during trading on Thursday following insider selling activity. The stock traded as low as $204.29 and last traded at $206.63. 662,451 shares were traded during trading, a decline of 71% from the average session volume of 2,306,179 shares. The stock had previously closed at $220.89.

Specifically, Director Scott Farquhar sold 7,665 shares of Atlassian stock in a transaction that occurred on Wednesday, July 9th. The shares were sold at an average price of $219.98, for a total value of $1,686,146.70. Following the transaction, the director owned 444,570 shares of the company's stock, valued at approximately $97,796,508.60. The trade was a 1.69% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CEO Michael Cannon-Brookes sold 7,665 shares of Atlassian stock in a transaction that occurred on Wednesday, July 9th. The shares were sold at an average price of $219.98, for a total transaction of $1,686,146.70. Following the completion of the transaction, the chief executive officer directly owned 444,570 shares in the company, valued at approximately $97,796,508.60. The trade was a 1.69% decrease in their position. The disclosure for this sale can be found here. In other Atlassian news, Director Scott Farquhar sold 7,665 shares of Atlassian stock in a transaction that occurred on Monday, July 7th. The shares were sold at an average price of $214.49, for a total value of $1,644,065.85. Following the transaction, the director owned 459,900 shares of the company's stock, valued at approximately $98,643,951. The trade was a 1.64% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website.

Analysts Set New Price Targets

A number of brokerages have weighed in on TEAM. Truist Financial cut their price target on shares of Atlassian from $350.00 to $300.00 and set a "buy" rating on the stock in a research note on Monday, March 31st. Jefferies Financial Group cut their price objective on shares of Atlassian from $330.00 to $262.00 and set a "buy" rating on the stock in a research report on Monday, April 7th. UBS Group reissued a "hold" rating on shares of Atlassian in a research report on Monday, July 7th. Wall Street Zen raised shares of Atlassian from a "hold" rating to a "buy" rating in a research report on Sunday, June 22nd. Finally, Cantor Fitzgerald raised shares of Atlassian from a "neutral" rating to an "overweight" rating and cut their price objective for the stock from $304.00 to $272.00 in a research report on Wednesday, April 2nd. Four research analysts have rated the stock with a hold rating, nineteen have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, Atlassian presently has an average rating of "Moderate Buy" and a consensus target price of $285.75.

Atlassian Price Performance

The company has a debt-to-equity ratio of 0.72, a current ratio of 1.26 and a quick ratio of 1.26. The company's 50-day simple moving average is $207.96 and its 200-day simple moving average is $233.70. The stock has a market capitalization of $49.09 billion, a P/E ratio of -112.66 and a beta of 0.94.

Atlassian (NASDAQ:TEAM - Get Free Report) last issued its quarterly earnings data on Thursday, May 1st. The technology company reported $0.97 earnings per share for the quarter, beating the consensus estimate of $0.93 by $0.04. The company had revenue of $1.36 billion for the quarter, compared to analyst estimates of $1.35 billion. Atlassian had a negative net margin of 8.66% and a negative return on equity of 23.41%. The company's revenue was up 14.1% on a year-over-year basis. During the same period in the prior year, the firm earned $0.89 earnings per share. As a group, sell-side analysts expect that Atlassian Corporation PLC will post -0.34 EPS for the current fiscal year.

Hedge Funds Weigh In On Atlassian

Several large investors have recently modified their holdings of the stock. Vanguard Group Inc. raised its position in shares of Atlassian by 3.5% in the first quarter. Vanguard Group Inc. now owns 16,993,537 shares of the technology company's stock valued at $3,606,198,000 after purchasing an additional 580,583 shares during the period. Baillie Gifford & Co. raised its position in shares of Atlassian by 7.1% in the first quarter. Baillie Gifford & Co. now owns 8,694,755 shares of the technology company's stock valued at $1,845,114,000 after purchasing an additional 573,696 shares during the period. JPMorgan Chase & Co. raised its position in shares of Atlassian by 72.9% in the fourth quarter. JPMorgan Chase & Co. now owns 4,284,400 shares of the technology company's stock valued at $1,042,737,000 after purchasing an additional 1,806,042 shares during the period. Massachusetts Financial Services Co. MA raised its position in shares of Atlassian by 21.8% in the first quarter. Massachusetts Financial Services Co. MA now owns 3,440,813 shares of the technology company's stock valued at $730,175,000 after purchasing an additional 616,071 shares during the period. Finally, Voya Investment Management LLC raised its position in shares of Atlassian by 24.1% in the first quarter. Voya Investment Management LLC now owns 2,695,889 shares of the technology company's stock valued at $571,894,000 after purchasing an additional 523,035 shares during the period. 94.45% of the stock is owned by institutional investors.

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.