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

Atlassian Co. (NASDAQ:TEAM) dropped 5.6% during mid-day trading on Wednesday following insider selling activity. The company traded as low as $201.49 and last traded at $201.20. Approximately 2,206,690 shares traded hands during trading, an increase of 5% from the average daily 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 company’s stock in a transaction that occurred on 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 chief executive officer now owns 107,310 shares in the company, valued at approximately $23,096,331.30. This represents a 6.67% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Scott Farquhar sold 7,665 shares of the company’s stock in a transaction that occurred 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 completion of the transaction, the director now 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 company’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 value of $1,717,483.32. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink.

Wall Street Analysts Forecast Growth

Several equities analysts recently commented on the company. Stephens dropped their price objective on Atlassian from $255.00 to $221.00 and set an “equal weight” rating on the stock in a research note on Friday, May 2nd. Macquarie dropped their price objective on shares of Atlassian from $270.00 to $250.00 and set an “outperform” rating on the stock in a report on Friday, May 2nd. Piper Sandler reaffirmed an “overweight” rating and set a $300.00 price objective (down from $365.00) on shares of Atlassian in a report on Friday, May 2nd. Raymond James reaffirmed an “outperform” rating and set a $300.00 price objective (down from $330.00) on shares of Atlassian in a report on Friday, May 2nd. Finally, Canaccord Genuity Group dropped their price objective on shares of Atlassian from $300.00 to $255.00 and set a “buy” rating on the stock in a report on Friday, May 2nd. Four analysts have rated the stock with a hold rating, twenty have given a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $285.29.

Atlassian Stock Down 5.4%

The company has a market cap of $52.89 billion, a P/E ratio of -150.37 and a beta of 0.96. The company has a 50 day moving average of $210.19 and a 200-day moving average of $243.79. The company has a debt-to-equity ratio of 0.81, a current ratio of 1.24 and a quick ratio of 1.24.

Atlassian (NASDAQ:TEAM) last posted its quarterly earnings data on Thursday, May 1st. The technology company reported $0.97 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.93 by $0.04. The company had revenue of $1.36 billion during the quarter, compared to analyst estimates of $1.35 billion. Atlassian had a negative return on equity of 17.37% and a negative net margin of 7.22%. The firm’s quarterly revenue was up 14.1% on a year-over-year basis. During the same quarter last year, the company earned $0.89 earnings per share. On average, equities analysts predict that Atlassian Co. will post -0.34 earnings per share for the current year.

Institutional Investors Weigh In On Atlassian

Large investors have recently added to or reduced their stakes in the business. Clean Yield Group lifted its position in Atlassian by 372.0% during the first quarter. Clean Yield Group now owns 118 shares of the technology company’s stock valued at $25,000 after purchasing an additional 93 shares during the last quarter. Murphy & Mullick Capital Management Corp bought a new stake in Atlassian during the fourth quarter valued at approximately $27,000. Colonial Trust Co SC lifted its position in Atlassian by 100.0% during the fourth quarter. Colonial Trust Co SC now owns 138 shares of the technology company’s stock valued at $34,000 after purchasing an additional 69 shares during the last quarter. Smithfield Trust Co lifted its stake in Atlassian by 90.7% during the first quarter. Smithfield Trust Co now owns 164 shares of the technology company’s stock worth $34,000 after purchasing an additional 78 shares during the last quarter. Finally, Summit Securities Group LLC bought a new stake in Atlassian during the fourth quarter worth about $38,000. Institutional investors 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.