Atlassian (NASDAQ:TEAM) Trading Down 6.5% - Here's Why

Shares of Atlassian Corporation PLC (NASDAQ:TEAM - Get Free Report) were down 6.5% during mid-day trading on Thursday . The company traded as low as $204.29 and last traded at $206.63. Approximately 662,451 shares changed hands during mid-day trading, a decline of 71% from the average daily volume of 2,306,179 shares. The stock had previously closed at $220.89.

Analyst Ratings Changes

Several research firms have commented on TEAM. Piper Sandler reissued an "overweight" rating and set a $300.00 target price (down previously from $365.00) on shares of Atlassian in a research report on Friday, May 2nd. KeyCorp decreased their price target on Atlassian from $365.00 to $275.00 and set an "overweight" rating for the company in a research report on Thursday, April 10th. Baird R W raised Atlassian from a "hold" rating to a "strong-buy" rating in a research report on Monday, April 14th. Raymond James Financial reaffirmed an "outperform" rating and set a $300.00 price target (down from $330.00) on shares of Atlassian in a research report on Friday, May 2nd. Finally, Wells Fargo & Company decreased their price target on Atlassian from $330.00 to $315.00 and set an "overweight" rating for the company in a research report on Friday, May 2nd. Four investment analysts have rated the stock with a hold rating, twenty have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average price target of $282.19.

Atlassian Stock Performance

The company has a market capitalization of $52.52 billion, a PE ratio of -120.51 and a beta of 0.94. The company has a quick ratio of 1.26, a current ratio of 1.26 and a debt-to-equity ratio of 0.72. The company has a 50-day moving average price of $208.39 and a two-hundred day moving average price of $234.49.

Atlassian (NASDAQ:TEAM - Get Free Report) last announced its quarterly earnings results 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. Atlassian had a negative return on equity of 23.41% and a negative net margin of 8.66%. The company had revenue of $1.36 billion during 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. The firm's quarterly revenue was up 14.1% compared to the same quarter last year. Analysts predict that Atlassian Corporation PLC will post -0.34 EPS for the current fiscal year.

Insider Activity

In other Atlassian news, CEO Michael Cannon-Brookes sold 7,665 shares of Atlassian stock in a transaction dated Wednesday, July 9th. The stock was sold at an average price of $219.98, for a total transaction of $1,686,146.70. Following the completion of the sale, the chief executive officer owned 444,570 shares of the company's stock, valued at $97,796,508.60. The trade was a 1.69% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Scott Farquhar sold 7,665 shares of Atlassian stock in a transaction dated Wednesday, July 9th. The stock was sold at an average price of $219.98, for a total value of $1,686,146.70. Following the sale, the director directly owned 444,570 shares of the company's stock, valued at approximately $97,796,508.60. This trade represents a 1.69% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 425,579 shares of company stock valued at $89,163,758. Corporate insiders own 38.55% of the company's stock.

Institutional Investors Weigh In On Atlassian

Hedge funds have recently added to or reduced their stakes in the company. Jones Financial Companies Lllp lifted its stake in shares of Atlassian by 51.5% in the 4th quarter. Jones Financial Companies Lllp now owns 1,227 shares of the technology company's stock valued at $299,000 after acquiring an additional 417 shares during the last quarter. Steward Partners Investment Advisory LLC lifted its stake in shares of Atlassian by 7.6% in the 4th quarter. Steward Partners Investment Advisory LLC now owns 1,252 shares of the technology company's stock valued at $305,000 after acquiring an additional 88 shares during the last quarter. Assetmark Inc. lifted its stake in shares of Atlassian by 30.6% in the 4th quarter. Assetmark Inc. now owns 175 shares of the technology company's stock valued at $43,000 after acquiring an additional 41 shares during the last quarter. Atria Investments Inc lifted its stake in shares of Atlassian by 13.1% in the 4th quarter. Atria Investments Inc now owns 5,356 shares of the technology company's stock valued at $1,303,000 after acquiring an additional 620 shares during the last quarter. Finally, Proficio Capital Partners LLC bought a new stake in shares of Atlassian in the 4th quarter valued at about $22,390,000. 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.