Atlassian (NASDAQ:TEAM) Shares Gap Down Following Insider Selling

Atlassian Co. (NASDAQ:TEAM)’s share price gapped down prior to trading on Friday after an insider sold shares in the company. The stock had previously closed at $198.41, but opened at $182.73. Atlassian shares last traded at $173.90, with a volume of 1,249,591 shares.

Specifically, CAO Gene Liu sold 227 shares of the company’s stock in a transaction that occurred on Wednesday, February 14th. The shares were sold at an average price of $212.87, for a total value of $48,321.49. Following the completion of the sale, the chief accounting officer now owns 47,066 shares of the company’s stock, valued at $10,018,939.42. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, CAO Gene Liu sold 227 shares of the stock in a transaction that occurred on Wednesday, February 14th. The stock was sold at an average price of $212.87, for a total transaction of $48,321.49. Following the completion of the sale, the chief accounting officer now directly owns 47,066 shares of the company’s stock, valued at approximately $10,018,939.42. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CEO Scott Farquhar sold 8,241 shares of the firm’s stock in a transaction on Wednesday, April 24th. The stock was sold at an average price of $199.71, for a total transaction of $1,645,810.11. Following the sale, the chief executive officer now owns 366,450 shares in the company, valued at $73,183,729.50. The disclosure for this sale can be found here. Insiders sold a total of 300,450 shares of company stock valued at $61,721,553 over the last three months. Company insiders own 40.48% of the company’s stock.

Analyst Upgrades and Downgrades

A number of analysts recently issued reports on TEAM shares. Barclays raised Atlassian from an “equal weight” rating to an “overweight” rating and lifted their target price for the company from $235.00 to $275.00 in a research report on Thursday, April 11th. Wells Fargo & Company upped their price target on shares of Atlassian from $275.00 to $285.00 and gave the company an “overweight” rating in a research note on Wednesday, January 24th. The Goldman Sachs Group increased their price target on Atlassian from $188.00 to $215.00 and gave the stock a “neutral” rating in a research report on Friday, February 2nd. KeyCorp started coverage on shares of Atlassian in a report on Tuesday, March 19th. They issued a “sector weight” rating on the stock. Finally, Truist Financial lowered their price target on Atlassian from $220.00 to $200.00 and set a “hold” rating for the company in a report on Friday. Eleven research analysts have rated the stock with a hold rating and ten have given a buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $223.22.

Atlassian Stock Performance

The stock has a 50 day moving average of $199.98 and a 200 day moving average of $206.53. The company has a quick ratio of 1.07, a current ratio of 1.07 and a debt-to-equity ratio of 1.04. The company has a market capitalization of $46.55 billion, a price-to-earnings ratio of -120.44 and a beta of 0.63.

Atlassian (NASDAQ:TEAM) last issued its quarterly earnings results on Thursday, February 1st. The technology company reported ($0.30) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.06) by ($0.24). The business had revenue of $1.06 billion during the quarter, compared to analyst estimates of $1.02 billion. Atlassian had a negative net margin of 9.87% and a negative return on equity of 34.56%. As a group, analysts predict that Atlassian Co. will post -0.4 EPS for the current year.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. National Bank of Canada FI grew its holdings in Atlassian by 15.0% during the third quarter. National Bank of Canada FI now owns 1,057 shares of the technology company’s stock worth $209,000 after buying an additional 138 shares in the last quarter. CWM LLC boosted its position in shares of Atlassian by 61.3% during the 3rd quarter. CWM LLC now owns 2,028 shares of the technology company’s stock valued at $409,000 after acquiring an additional 771 shares during the last quarter. SG Americas Securities LLC grew its position in Atlassian by 40.3% in the third quarter. SG Americas Securities LLC now owns 8,517 shares of the technology company’s stock worth $1,716,000 after acquiring an additional 2,448 shares in the last quarter. Exchange Traded Concepts LLC raised its stake in shares of Atlassian by 63.7% during the third quarter. Exchange Traded Concepts LLC now owns 6,221 shares of the technology company’s stock worth $1,254,000 after acquiring an additional 2,420 shares in the last quarter. Finally, Oak Thistle LLC bought a new stake in Atlassian in the third quarter worth $738,000. Institutional investors own 93.03% of the company’s stock.

Atlassian Company Profile

Atlassian Corporation, through its subsidiaries, designs, develops, licenses, and maintains various software products worldwide. Its product portfolio includes Jira Software and Jira Work Management, a project management system that connects technical and business teams so they can better plan, organize, track and manage their work and projects; Confluence, a connected workspace that organizes knowledge across all teams to move work forward; and Trello, a collaboration and organization product that captures and adds structure to fluid and fast-forming work for teams.