Atlassian (NASDAQ:TEAM) Stock Price Down 5.5% – Here’s Why

Atlassian Corporation PLC (NASDAQ:TEAM) traded down 5.5% during mid-day trading on Tuesday . The stock traded as low as $88.61 and last traded at $90.8430. Approximately 979,946 shares traded hands during mid-day trading, a decline of 85% from the average daily volume of 6,510,458 shares. The stock had previously closed at $96.16.

Wall Street Analysts Forecast Growth

Several research analysts recently weighed in on the stock. Robert W. Baird set a $120.00 price target on shares of Atlassian in a research report on Friday, May 1st. Mizuho lowered their price objective on Atlassian from $185.00 to $145.00 and set an “outperform” rating on the stock in a report on Tuesday, April 14th. Barclays boosted their price objective on Atlassian from $106.00 to $112.00 and gave the stock an “overweight” rating in a research note on Thursday, May 7th. TD Cowen increased their target price on Atlassian from $85.00 to $105.00 and gave the company a “hold” rating in a report on Friday, May 1st. Finally, BMO Capital Markets decreased their target price on Atlassian from $105.00 to $95.00 and set an “outperform” rating on the stock in a research report on Thursday, June 25th. Twenty-one analysts have rated the stock with a Buy rating, seven have issued a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $144.70.

Atlassian Stock Performance

The firm’s 50-day moving average price is $88.71 and its two-hundred day moving average price is $93.38. The company has a debt-to-equity ratio of 1.13, a quick ratio of 0.70 and a current ratio of 0.70. The stock has a market cap of $23.12 billion, a price-to-earnings ratio of -109.86, a PEG ratio of 5.01 and a beta of 1.11.

Atlassian (NASDAQ:TEAM) last posted its earnings results on Thursday, April 30th. The technology company reported $1.75 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.33 by $0.42. Atlassian had a positive return on equity of 6.22% and a negative net margin of 3.50%.The company had revenue of $1.79 billion during the quarter, compared to analysts’ expectations of $1.70 billion. During the same quarter last year, the firm earned $0.97 earnings per share. The firm’s quarterly revenue was up 31.7% compared to the same quarter last year. On average, analysts expect that Atlassian Corporation PLC will post 0.81 EPS for the current fiscal year.

Insider Buying and Selling at Atlassian

In other news, CFO James Chuong sold 8,838 shares of Atlassian stock in a transaction on Tuesday, May 19th. The stock was sold at an average price of $87.75, for a total value of $775,534.50. Following the completion of the sale, the chief financial officer directly owned 288,272 shares of the company’s stock, valued at approximately $25,295,868. The trade was a 2.97% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CRO Brian Duffy sold 3,000 shares of the business’s stock in a transaction on Friday, June 12th. The shares were sold at an average price of $89.71, for a total value of $269,130.00. Following the completion of the sale, the executive owned 227,691 shares in the company, valued at $20,426,159.61. This represents a 1.30% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last 90 days, insiders have sold 20,041 shares of company stock valued at $1,801,069. Company insiders own 36.66% of the company’s stock.

Institutional Trading of Atlassian

Several hedge funds have recently made changes to their positions in TEAM. OFI Invest Asset Management boosted its holdings in Atlassian by 16.3% in the fourth quarter. OFI Invest Asset Management now owns 254,551 shares of the technology company’s stock valued at $41,273,000 after purchasing an additional 35,682 shares during the period. Baillie Gifford & Co. increased its holdings in Atlassian by 3.9% during the 4th quarter. Baillie Gifford & Co. now owns 8,431,802 shares of the technology company’s stock worth $1,367,132,000 after purchasing an additional 316,276 shares during the period. Exane Asset Management increased its holdings in Atlassian by 419.9% during the 4th quarter. Exane Asset Management now owns 31,363 shares of the technology company’s stock worth $5,085,000 after purchasing an additional 25,330 shares during the period. Nicholas Company Inc. increased its holdings in Atlassian by 8.7% during the 4th quarter. Nicholas Company Inc. now owns 306,819 shares of the technology company’s stock worth $49,748,000 after purchasing an additional 24,490 shares during the period. Finally, Fisher Funds Management LTD raised its position in Atlassian by 11.1% in the 4th quarter. Fisher Funds Management LTD now owns 334,011 shares of the technology company’s stock valued at $54,440,000 after purchasing an additional 33,485 shares in the last quarter. Institutional investors and hedge funds own 94.45% of the company’s stock.

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.