Atlassian (NASDAQ:TEAM) Shares Down 5.1% – What’s Next?

Atlassian Corporation PLC (NASDAQ:TEAM) shares dropped 5.1% on Thursday . The stock traded as low as $87.33 and last traded at $86.8960. Approximately 2,199,438 shares traded hands during trading, a decline of 68% from the average daily volume of 6,926,288 shares. The stock had previously closed at $91.54.

Analyst Upgrades and Downgrades

Several analysts have commented on TEAM shares. Barclays increased their target price on Atlassian from $106.00 to $112.00 and gave the company an “overweight” rating in a research note on Thursday, May 7th. Guggenheim set a $115.00 price target on Atlassian in a report on Thursday, April 9th. KeyCorp reduced their price objective on Atlassian from $170.00 to $130.00 and set an “overweight” rating for the company in a report on Wednesday, April 1st. BMO Capital Markets decreased their target price on Atlassian from $130.00 to $105.00 and set an “outperform” rating for the company in a research report on Friday, May 1st. Finally, Mizuho lowered their target price on shares of Atlassian from $185.00 to $145.00 and set an “outperform” rating on the stock in a research note on Tuesday, April 14th. One analyst has rated the stock with a Strong Buy rating, twenty-one have issued a Buy rating, five have assigned a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $145.63.

Atlassian Stock Down 3.2%

The company has a current ratio of 0.70, a quick ratio of 0.70 and a debt-to-equity ratio of 1.13. The firm has a market cap of $22.48 billion, a P/E ratio of -106.53, a PEG ratio of 5.42 and a beta of 1.07. The company’s 50 day simple moving average is $80.65 and its 200-day simple moving average is $105.09.

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, beating the consensus estimate of $1.33 by $0.42. Atlassian had a negative net margin of 3.50% and a positive return on equity of 6.22%. The business had revenue of $1.79 billion for the quarter, compared to analysts’ expectations of $1.70 billion. During the same quarter in the prior year, the business earned $0.97 EPS. The business’s revenue for the quarter was up 31.7% compared to the same quarter last year. Research analysts forecast that Atlassian Corporation PLC will post 0.81 earnings per share for the current fiscal year.

Insider Activity at Atlassian

In other news, CRO Brian Duffy sold 1,986 shares of the stock in a transaction that occurred on Tuesday, May 19th. The shares were sold at an average price of $87.75, for a total value of $174,271.50. Following the transaction, the executive owned 236,841 shares in the company, valued at $20,782,797.75. This represents a 0.83% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CFO James Chuong sold 8,838 shares of the stock in a transaction that occurred on Tuesday, May 19th. The stock was sold at an average price of $87.75, for a total transaction of $775,534.50. Following the completion of the transaction, the chief financial officer owned 288,272 shares in the company, valued at $25,295,868. This trade represents a 2.97% decrease in their position. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders sold a total of 13,796 shares of company stock worth $1,236,563 in the last quarter. Company insiders own 36.66% of the company’s stock.

Hedge Funds Weigh In On Atlassian

Several institutional investors have recently made changes to their positions in TEAM. Vanguard Group Inc. raised its stake in Atlassian by 0.3% during the 4th quarter. Vanguard Group Inc. now owns 18,541,267 shares of the technology company’s stock worth $3,006,281,000 after acquiring an additional 61,706 shares during the period. Baillie Gifford & Co. raised its stake 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 acquiring an additional 316,276 shares during the period. AQR Capital Management LLC raised its stake in Atlassian by 291.4% during the 4th quarter. AQR Capital Management LLC now owns 7,749,694 shares of the technology company’s stock worth $1,256,535,000 after acquiring an additional 5,769,788 shares during the period. Pictet Asset Management Holding SA raised its stake in Atlassian by 27.4% during the 1st quarter. Pictet Asset Management Holding SA now owns 5,031,413 shares of the technology company’s stock worth $343,344,000 after acquiring an additional 1,080,561 shares during the period. Finally, Morgan Stanley raised its stake in Atlassian by 52.4% during the 4th quarter. Morgan Stanley now owns 4,822,007 shares of the technology company’s stock worth $781,841,000 after acquiring an additional 1,657,309 shares during the period. Institutional investors 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.