Atlassian (NASDAQ:TEAM) Shares Down 6.3% – Should You Sell?

Atlassian Corporation PLC (NASDAQ:TEAM) shares dropped 6.3% during trading on Monday. The company traded as low as $173.50 and last traded at $175.8750. 473,106 shares were traded during trading, a decline of 92% from the average daily volume of 5,885,006 shares. The stock had previously closed at $187.74.

Analyst Upgrades and Downgrades

A number of brokerages recently issued reports on TEAM. Bank of America increased their price objective on Atlassian from $175.00 to $210.00 and gave the stock a “buy” rating in a research report on Monday, August 31st. Weiss Ratings reissued a “sell (e+)” rating on shares of Atlassian in a report on Friday, July 17th. Guggenheim upped their price objective on shares of Atlassian from $115.00 to $165.00 and gave the stock a “buy” rating in a research report on Friday, August 7th. BTIG Research raised their target price on shares of Atlassian from $180.00 to $230.00 and gave the company a “buy” rating in a research note on Thursday, September 3rd. Finally, Cantor Fitzgerald lifted their target price on shares of Atlassian from $175.00 to $220.00 and gave the company an “overweight” rating in a research report on Monday, September 21st. Twenty-five equities 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.com, Atlassian has a consensus rating of “Moderate Buy” and a consensus target price of $191.56.

Atlassian Trading Down 5.0%

The firm’s 50-day simple moving average is $156.23 and its 200-day simple moving average is $107.33. The company has a quick ratio of 0.78, a current ratio of 0.78 and a debt-to-equity ratio of 0.93. The firm has a market capitalization of $45.25 billion, a PE ratio of -941.09, a price-to-earnings-growth ratio of 14.75 and a beta of 1.15.

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

Insider Buying and Selling at Atlassian

In other news, CRO Brian Duffy sold 1,851 shares of the stock in a transaction that occurred on Wednesday, August 19th. The stock was sold at an average price of $172.45, for a total transaction of $319,204.95. Following the completion of the sale, the executive owned 218,223 shares of the company’s stock, valued at approximately $37,632,556.35. This represents a 0.84% decrease in their ownership of the stock. The transaction was disclosed in a document filed 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, CAO Gene Liu sold 939 shares of Atlassian stock in a transaction on Friday, August 28th. The stock was sold at an average price of $190.00, for a total transaction of $178,410.00. Following the completion of the transaction, the chief accounting officer directly owned 55,868 shares in the company, valued at approximately $10,614,920. The trade was a 1.65% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last 90 days, insiders sold 22,138 shares of company stock worth $3,751,873. 36.66% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the business. MV Capital Management Inc. bought a new stake in shares of Atlassian in the 4th quarter worth approximately $25,000. Basepoint Wealth LLC bought a new position in shares of Atlassian during the fourth quarter valued at approximately $32,000. Reflection Asset Management bought a new position in shares of Atlassian during the fourth quarter valued at approximately $44,000. Manning & Napier Advisors LLC purchased a new stake in Atlassian in the second quarter worth $27,000. Finally, MassMutual Private Wealth & Trust FSB boosted its holdings in Atlassian by 139.2% in the second quarter. MassMutual Private Wealth & Trust FSB now owns 378 shares of the technology company’s stock valued at $29,000 after acquiring an additional 220 shares in the last quarter. Hedge funds and other institutional investors own 94.45% of the company’s stock.

About Atlassian

Atlassian Corporation develops collaboration, productivity and workflow software for software development, information technology, business and other teams. Its products are designed to help organizations plan projects, manage work, share knowledge, improve service delivery and coordinate across departments.

Its product portfolio includes Jira for project and issue tracking, Confluence for collaboration and knowledge management, Jira Service Management for IT and business service workflows, Trello for organizing tasks and projects, Bitbucket for source-code management, and Loom for video messaging.