Atlassian (NASDAQ:TEAM) Shares Gap Down After Insider Selling

Atlassian Co. (NASDAQ:TEAM)’s share price gapped down prior to trading on Tuesday following insider selling activity. The stock had previously closed at $165.15, but opened at $159.88. Atlassian shares last traded at $161.07, with a volume of 248,670 shares traded.

Specifically, CEO Michael Cannon-Brookes sold 7,948 shares of the company’s stock in a transaction on Monday, September 16th. The stock was sold at an average price of $165.03, for a total value of $1,311,658.44. Following the completion of the transaction, the chief executive officer now directly owns 79,480 shares in the company, valued at $13,116,584.40. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website.

Analyst Upgrades and Downgrades

A number of research analysts have recently commented on the stock. Wells Fargo & Company dropped their price objective on shares of Atlassian from $285.00 to $250.00 and set an “overweight” rating for the company in a research note on Friday, June 21st. BMO Capital Markets dropped their price target on Atlassian from $220.00 to $177.00 and set a “market perform” rating for the company in a research note on Friday, August 2nd. Capital One Financial raised Atlassian from an “equal weight” rating to an “overweight” rating and set a $211.00 price objective on the stock in a research note on Thursday, July 11th. StockNews.com downgraded shares of Atlassian from a “buy” rating to a “hold” rating in a research report on Friday, July 12th. Finally, Piper Sandler raised shares of Atlassian from a “neutral” rating to an “overweight” rating and lifted their price target for the company from $200.00 to $225.00 in a research report on Tuesday, July 2nd. Ten research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $217.69.

Atlassian Price Performance

The company has a market capitalization of $41.56 billion, a price-to-earnings ratio of -253.71 and a beta of 0.73. The business has a fifty day moving average price of $162.64 and a 200 day moving average price of $175.93. The company has a debt-to-equity ratio of 0.95, a current ratio of 1.18 and a quick ratio of 1.18.

Atlassian (NASDAQ:TEAM) last released its earnings results on Thursday, August 1st. The technology company reported $0.66 EPS for the quarter, beating the consensus estimate of $0.59 by $0.07. The firm had revenue of $1.13 billion for the quarter, compared to analysts’ expectations of $1.13 billion. Atlassian had a negative net margin of 6.89% and a negative return on equity of 17.69%. Atlassian’s quarterly revenue was up 20.5% on a year-over-year basis. During the same quarter last year, the company earned ($0.21) EPS. On average, research analysts expect that Atlassian Co. will post -0.58 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Atlassian

A number of institutional investors have recently bought and sold shares of TEAM. Hollencrest Capital Management boosted its holdings in shares of Atlassian by 383.9% in the first quarter. Hollencrest Capital Management now owns 150 shares of the technology company’s stock worth $29,000 after buying an additional 119 shares during the period. Asset Dedication LLC boosted its stake in Atlassian by 229.8% in the 2nd quarter. Asset Dedication LLC now owns 155 shares of the technology company’s stock worth $27,000 after purchasing an additional 108 shares during the period. Trust Co. of Vermont boosted its stake in Atlassian by 2,175.0% in the 2nd quarter. Trust Co. of Vermont now owns 182 shares of the technology company’s stock worth $32,000 after purchasing an additional 174 shares during the period. Rothschild Investment LLC purchased a new position in Atlassian during the 2nd quarter worth approximately $36,000. Finally, Edmond DE Rothschild Holding S.A. purchased a new stake in shares of Atlassian in the first quarter valued at $40,000. Hedge funds and other institutional investors own 93.03% 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.