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

Atlassian Corporation PLC (NASDAQ:TEAM - Get Free Report) dropped 6.5% during mid-day trading on Thursday after an insider sold shares in the company. The company traded as low as $204.29 and last traded at $206.63. Approximately 662,451 shares traded hands during trading, a decline of 71% from the average daily 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 $97,796,508.60. The trade was a 1.69% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, CEO Michael Cannon-Brookes sold 7,665 shares of Atlassian stock in a transaction that occurred on 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 transaction, the chief executive officer directly owned 444,570 shares in the company, valued at $97,796,508.60. This represents a 1.69% decrease in their position. The disclosure for this sale can be found here. In other 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 $98,643,951. The trade was a 1.64% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this link.

Analyst Ratings Changes

TEAM has been the topic of several recent research reports. Stephens lowered their price objective on shares of Atlassian from $255.00 to $221.00 and set an "equal weight" rating on the stock in a research note on Friday, May 2nd. KeyCorp lowered their price objective on shares of Atlassian from $365.00 to $275.00 and set an "overweight" rating on the stock in a research note on Thursday, April 10th. Mizuho lowered their price objective on shares of Atlassian from $325.00 to $290.00 and set an "outperform" rating on the stock in a research note on Thursday, June 12th. Truist Financial lowered their price objective 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. Finally, Morgan Stanley dropped their target price on shares of Atlassian from $370.00 to $320.00 and set an "overweight" rating on the stock in a research report on Wednesday, April 16th. Four equities research analysts have rated the stock with a hold rating, nineteen have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, Atlassian has a consensus 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 stock has a market capitalization of $49.09 billion, a price-to-earnings ratio of -112.66 and a beta of 0.94. The stock's 50 day simple moving average is $207.96 and its 200-day simple moving average is $234.00.

Atlassian (NASDAQ:TEAM - Get Free Report) last posted 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 8.66% and a negative return on equity of 23.41%. The firm 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 company earned $0.89 earnings per share. The company's revenue was up 14.1% compared to the same quarter last year. On average, analysts expect that Atlassian Corporation PLC will post -0.34 EPS for the current fiscal year.

Institutional Trading of Atlassian

A number of institutional investors and hedge funds have recently modified their holdings of the company. Steward Partners Investment Advisory LLC increased its position in Atlassian by 7.6% during the fourth quarter. Steward Partners Investment Advisory LLC now owns 1,252 shares of the technology company's stock worth $305,000 after acquiring an additional 88 shares during the period. Assetmark Inc. increased its position in Atlassian by 30.6% during the fourth quarter. Assetmark Inc. now owns 175 shares of the technology company's stock worth $43,000 after acquiring an additional 41 shares during the period. Proficio Capital Partners LLC bought a new position in Atlassian during the fourth quarter worth $22,390,000. Raymond James Financial Inc. bought a new position in Atlassian during the fourth quarter worth $9,429,000. Finally, Johnson Investment Counsel Inc. bought a new position in Atlassian during the fourth quarter worth $223,000. 94.45% of the stock is currently owned by institutional investors and hedge funds.

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.