Insider Selling: Atlassian (NASDAQ:TEAM) Director Sells 7,665 Shares of Stock

Atlassian Corporation PLC (NASDAQ:TEAM) Director Scott Farquhar sold 7,665 shares of Atlassian stock in a transaction that occurred on Monday, December 29th. The stock was sold at an average price of $163.66, for a total value of $1,254,453.90. Following the sale, the director directly owned 15,330 shares of the company’s stock, valued at approximately $2,508,907.80. The trade was a 33.33% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website.

Scott Farquhar also recently made the following trade(s):

• On Friday, December 26th, Scott Farquhar sold 7,665 shares of Atlassian stock. The stock was sold at an average price of $162.53, for a total value of $1,245,792.45.
• On Friday, December 19th, Scott Farquhar sold 7,665 shares of Atlassian stock. The stock was sold at an average price of $162.40, for a total value of $1,244,796.00.
• On Tuesday, December 23rd, Scott Farquhar sold 7,665 shares of Atlassian stock. The shares were sold at an average price of $161.30, for a total transaction of $1,236,364.50.
• On Wednesday, December 17th, Scott Farquhar sold 7,665 shares of Atlassian stock. The stock was sold at an average price of $163.16, for a total transaction of $1,250,621.40.
• On Monday, December 15th, Scott Farquhar sold 7,665 shares of Atlassian stock. The shares were sold at an average price of $158.92, for a total transaction of $1,218,121.80.
• On Friday, December 12th, Scott Farquhar sold 7,665 shares of Atlassian stock. The stock was sold at an average price of $162.11, for a total transaction of $1,242,573.15.
• On Wednesday, December 10th, Scott Farquhar sold 7,665 shares of Atlassian stock. The stock was sold at an average price of $161.79, for a total transaction of $1,240,120.35.
• On Monday, December 8th, Scott Farquhar sold 7,665 shares of Atlassian stock. The shares were sold at an average price of $160.70, for a total transaction of $1,231,765.50.
• On Friday, December 5th, Scott Farquhar sold 7,665 shares of Atlassian stock. The stock was sold at an average price of $160.48, for a total value of $1,230,079.20.
• On Wednesday, December 3rd, Scott Farquhar sold 7,665 shares of Atlassian stock. The stock was sold at an average price of $155.08, for a total value of $1,188,688.20.

Atlassian Price Performance

Shares of NASDAQ:TEAM traded up $0.84 during trading on Monday, reaching $163.99. 1,252,752 shares of the company traded hands, compared to its average volume of 2,475,155. The firm has a market capitalization of $43.15 billion, a PE ratio of -230.97, a PEG ratio of 25.27 and a beta of 0.89. Atlassian Corporation PLC has a 52 week low of $139.70 and a 52 week high of $326.00. 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’s 50 day moving average is $158.22 and its two-hundred day moving average is $171.86.

Atlassian (NASDAQ:TEAM) last issued its quarterly earnings results on Thursday, October 30th. The technology company reported $1.04 EPS for the quarter, topping analysts’ consensus estimates of $0.83 by $0.21. Atlassian had a negative return on equity of 7.11% and a negative net margin of 3.38%.The company had revenue of $1.43 billion for the quarter, compared to analysts’ expectations of $1.40 billion. During the same quarter last year, the business earned $0.77 earnings per share. Atlassian’s revenue was up 20.6% on a year-over-year basis. As a group, sell-side analysts predict that Atlassian Corporation PLC will post -0.34 earnings per share for the current year.

Institutional Investors Weigh In On Atlassian

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. DNB Asset Management AS raised its position in Atlassian by 266.6% in the third quarter. DNB Asset Management AS now owns 2,806,888 shares of the technology company’s stock valued at $448,260,000 after purchasing an additional 2,041,210 shares during the last quarter. Norges Bank acquired a new position in shares of Atlassian in the second quarter valued at approximately $377,794,000. Artisan Partners Limited Partnership raised its holdings in Atlassian by 66.3% in the 2nd quarter. Artisan Partners Limited Partnership now owns 3,878,133 shares of the technology company’s stock valued at $787,610,000 after buying an additional 1,545,546 shares during the last quarter. Vanguard Group Inc. boosted its position in Atlassian by 6.0% during the 3rd quarter. Vanguard Group Inc. now owns 18,479,561 shares of the technology company’s stock worth $2,951,186,000 after buying an additional 1,049,483 shares during the period. Finally, AQR Capital Management LLC grew its holdings in Atlassian by 145.6% during the 1st quarter. AQR Capital Management LLC now owns 1,715,287 shares of the technology company’s stock worth $354,858,000 after acquiring an additional 1,016,902 shares during the last quarter. Institutional investors own 94.45% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts have recently weighed in on TEAM shares. Wall Street Zen raised shares of Atlassian from a “hold” rating to a “buy” rating in a report on Saturday, September 13th. BTIG Research began coverage on Atlassian in a research note on Tuesday, December 16th. They set a “buy” rating and a $220.00 target price for the company. Macquarie reduced their target price on Atlassian from $250.00 to $240.00 and set an “outperform” rating on the stock in a report on Monday, November 3rd. Truist Financial set a $210.00 price target on Atlassian in a report on Friday, October 31st. Finally, TD Cowen reduced their price objective on Atlassian from $220.00 to $205.00 and set a “hold” rating on the stock in a research note on Monday, October 27th. One equities research analyst has rated the stock with a Strong Buy rating, twenty-one have issued a Buy rating, nine have assigned a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, Atlassian currently has an average rating of “Moderate Buy” and a consensus price target of $239.23.

About Atlassian

Atlassian Corporation Plc is a software company headquartered in Sydney, Australia, best known for developing collaboration, project management and software development tools. Founded in 2002 by Mike Cannon-Brookes and Scott Farquhar, Atlassian grew from a small engineering-focused team into a publicly traded company after its initial public offering in 2015. The company serves a global customer base that spans small teams to large enterprises across technology, financial services, government and other sectors.

Atlassian’s product portfolio centers on tools designed to help teams plan, build and support software and business processes.