Atlassian (NASDAQ:TEAM) Stock Price Down 5.6% on Insider Selling

Atlassian Co. (NASDAQ:TEAM - Get Free Report) traded down 5.6% during mid-day trading on Wednesday after an insider sold shares in the company. The company traded as low as $201.49 and last traded at $201.20. 2,206,690 shares changed hands during trading, an increase of 5% from the average session volume of 2,107,147 shares. The stock had previously closed at $213.05.

Specifically, CEO Michael Cannon-Brookes sold 7,665 shares of the stock in a transaction on Monday, June 9th. The shares were sold at an average price of $215.23, for a total value of $1,649,737.95. Following the transaction, the chief executive officer now directly owns 107,310 shares of the company's stock, valued at $23,096,331.30. This trade represents a 6.67% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Scott Farquhar sold 7,665 shares of the firm's stock in a transaction dated Monday, June 9th. The stock was sold at an average price of $215.23, for a total value of $1,649,737.95. Following the transaction, the director now directly owns 107,310 shares in the company, valued at approximately $23,096,331.30. The trade was a 6.67% decrease in their position. The disclosure for this sale can be found here. In related news, CEO Michael Cannon-Brookes sold 7,948 shares of the firm's stock in a transaction that occurred on Friday, June 6th. The stock was sold at an average price of $216.09, for a total transaction of $1,717,483.32. The transaction was disclosed in a filing with the SEC, which is available at this link.

Analyst Upgrades and Downgrades

A number of research analysts have commented on TEAM shares. Truist Financial dropped 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. Piper Sandler restated an "overweight" rating and issued a $300.00 price target (down previously from $365.00) on shares of Atlassian in a research report on Friday, May 2nd. Canaccord Genuity Group decreased their price objective on Atlassian from $300.00 to $255.00 and set a "buy" rating for the company in a research report on Friday, May 2nd. Robert W. Baird upgraded Atlassian from a "neutral" rating to an "outperform" rating and lowered their target price for the company from $320.00 to $255.00 in a research note on Monday, April 14th. Finally, Mizuho cut their price target on Atlassian from $325.00 to $290.00 and set an "outperform" rating for the company in a research note on Thursday. Four analysts have rated the stock with a hold rating, twenty have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, Atlassian currently has an average rating of "Moderate Buy" and a consensus price target of $282.19.

Atlassian Price Performance

The stock has a market capitalization of $52.32 billion, a price-to-earnings ratio of -148.75 and a beta of 0.96. The company has a current ratio of 1.24, a quick ratio of 1.24 and a debt-to-equity ratio of 0.81. The stock has a 50-day simple moving average of $210.19 and a 200 day simple moving average of $243.79.

Atlassian (NASDAQ:TEAM - Get Free Report) last announced its quarterly earnings data 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. The company had revenue of $1.36 billion during the quarter, compared to analysts' expectations of $1.35 billion. Atlassian had a negative net margin of 7.22% and a negative return on equity of 17.37%. The business's revenue was up 14.1% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.89 EPS. On average, equities research analysts forecast that Atlassian Co. will post -0.34 EPS for the current fiscal year.

Institutional Trading of Atlassian

Several hedge funds have recently modified their holdings of TEAM. 1248 Management LLC bought a new stake in shares of Atlassian during the first quarter worth $413,000. First Hawaiian Bank bought a new position in shares of Atlassian in the first quarter valued at about $292,000. Strs Ohio acquired a new position in Atlassian during the 1st quarter worth about $21,914,000. Diker Management LLC bought a new stake in Atlassian during the 1st quarter worth about $849,000. Finally, Acadian Asset Management LLC grew its holdings in Atlassian by 68.9% during the 1st quarter. Acadian Asset Management LLC now owns 951,429 shares of the technology company's stock worth $201,875,000 after acquiring an additional 388,196 shares during the last quarter. Institutional investors and hedge funds own 94.45% of the company's stock.

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.