Atlassian (NASDAQ:TEAM) Shares Down 3.1% After Insider Selling

Atlassian Corporation PLC (NASDAQ:TEAM) fell 3.1% during mid-day trading on Friday following insider selling activity. The company traded as low as $168.01 and last traded at $169.49. Approximately 336,050 shares were traded during trading, a decline of 95% from the average daily volume of 6,261,089 shares. The stock had previously closed at $174.91.

Specifically, CAO Gene Liu sold 1,125 shares of the business’s stock in a transaction dated Wednesday, August 19th. The stock was sold at an average price of $175.00, for a total transaction of $196,875.00. Following the completion of the transaction, the chief accounting officer directly owned 56,807 shares in the company, valued at approximately $9,941,225. The trade was a 1.94% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CRO Brian Duffy sold 1,851 shares of the company’s stock in a transaction dated Wednesday, August 19th. The shares were sold at an average price of $172.45, for a total value of $319,204.95. Following the completion of the sale, the executive directly owned 218,223 shares of the company’s stock, valued at approximately $37,632,556.35. This trade represents a 0.84% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In related news, CFO James Chuong sold 9,054 shares of Atlassian stock in a transaction that occurred on Wednesday, August 19th. The shares were sold at an average price of $172.45, for a total transaction of $1,561,362.30. Following the transaction, the chief financial officer owned 279,218 shares of the company’s stock, valued at $48,151,144.10. This trade represents a 3.14% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards.

Analyst Ratings Changes

TEAM has been the subject of several recent analyst reports. BTIG Research upped their target price on shares of Atlassian from $130.00 to $180.00 and gave the company a “buy” rating in a research note on Friday, August 7th. FBN Securities reissued an “outperform” rating and issued a $170.00 price target on shares of Atlassian in a report on Monday, August 10th. Guggenheim upped their price objective on shares of Atlassian from $115.00 to $165.00 and gave the company a “buy” rating in a research report on Friday, August 7th. Citigroup raised their price objective on Atlassian from $110.00 to $170.00 and gave the stock a “buy” rating in a research note on Monday, August 10th. Finally, TD Cowen lifted their target price on Atlassian from $105.00 to $145.00 and gave the stock a “hold” rating in a report on Friday, August 7th. Twenty-four research analysts have rated the stock with a Buy rating, four have given a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, Atlassian has a consensus rating of “Moderate Buy” and an average target price of $177.23.

Atlassian Price Performance

The company’s fifty day moving average price is $104.18 and its two-hundred day moving average price is $88.91. The company has a quick ratio of 0.70, a current ratio of 0.78 and a debt-to-equity ratio of 0.93. The company has a market cap of $43.22 billion, a price-to-earnings ratio of -896.42, a PEG ratio of 13.69 and a beta of 1.05.

Atlassian (NASDAQ:TEAM) last issued its quarterly earnings data on Friday, August 7th. The technology company reported $1.87 EPS for the quarter, topping analysts’ consensus estimates of $1.50 by $0.37. The business had revenue of $1.77 billion for the quarter, compared to analyst estimates of $1.66 billion. Atlassian had a negative net margin of 0.82% and a positive return on equity of 20.99%. The firm’s quarterly revenue was up 27.6% on a year-over-year basis. During the same period last year, the business posted $0.98 earnings per share. On average, equities research analysts forecast that Atlassian Corporation PLC will post 0.94 EPS for the current fiscal year.

Institutional Trading of Atlassian

Several hedge funds and other institutional investors have recently modified their holdings of the company. AQR Capital Management LLC lifted its stake in Atlassian by 291.4% in the 4th quarter. AQR Capital Management LLC now owns 7,749,694 shares of the technology company’s stock valued at $1,256,535,000 after acquiring an additional 5,769,788 shares in the last quarter. Norges Bank bought a new position in shares of Atlassian during the 4th quarter worth approximately $323,526,000. Morgan Stanley raised its holdings in shares of Atlassian by 52.4% in the fourth quarter. Morgan Stanley now owns 4,822,007 shares of the technology company’s stock valued at $781,841,000 after purchasing an additional 1,657,309 shares during the last quarter. Carmignac Gestion raised its holdings in shares of Atlassian by 115.8% in the first quarter. Carmignac Gestion now owns 2,603,770 shares of the technology company’s stock valued at $177,707,000 after purchasing an additional 1,397,402 shares during the last quarter. Finally, KBC Group NV lifted its position in shares of Atlassian by 1,691.2% in the first quarter. KBC Group NV now owns 1,440,019 shares of the technology company’s stock worth $98,281,000 after purchasing an additional 1,359,624 shares in the last quarter. Institutional investors and hedge funds own 94.45% of the company’s stock.

Atlassian Company Profile

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.