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

Atlassian Co. (NASDAQ:TEAM)’s stock price gapped down before the market opened on Monday following insider selling activity. The stock had previously closed at $224.35, but opened at $216.65. Atlassian shares last traded at $220.14, with a volume of 1,033,711 shares traded.

Specifically, CEO Michael Cannon-Brookes sold 7,948 shares of Atlassian stock in a transaction dated Friday, November 1st. The shares were sold at an average price of $222.72, for a total transaction of $1,770,178.56. Following the sale, the chief executive officer now directly owns 317,920 shares in the company, valued at $70,807,142.40. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CAO Gene Liu sold 1,024 shares of the business’s stock in a transaction that occurred on Friday, November 1st. The stock was sold at an average price of $225.45, for a total value of $230,860.80. Following the sale, the chief accounting officer now directly owns 59,168 shares in the company, valued at approximately $13,339,425.60. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. In other Atlassian news, Director Heather Mirjahangir Fernandez sold 1,500 shares of the company’s stock in a transaction on Friday, November 1st. The stock was sold at an average price of $225.45, for a total value of $338,175.00. Following the transaction, the director now owns 8,610 shares of the company’s stock, valued at approximately $1,941,124.50. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink.

Analyst Ratings Changes

A number of equities research analysts have recently issued reports on the company. Oppenheimer boosted their target price on Atlassian from $230.00 to $270.00 and gave the stock an “outperform” rating in a research report on Friday, November 1st. KeyCorp raised shares of Atlassian from a “sector weight” rating to an “overweight” rating and set a $260.00 price objective on the stock in a research report on Friday, November 1st. Mizuho increased their target price on shares of Atlassian from $200.00 to $240.00 and gave the stock an “outperform” rating in a research report on Friday, November 1st. UBS Group boosted their price target on shares of Atlassian from $180.00 to $205.00 and gave the company a “neutral” rating in a report on Tuesday, October 22nd. Finally, Baird R W cut Atlassian from a “strong-buy” rating to a “hold” rating in a research report on Friday, August 2nd. Nine research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the stock. Based on data from MarketBeat, Atlassian currently has an average rating of “Moderate Buy” and an average target price of $243.16.

Atlassian Price Performance

The stock’s fifty day simple moving average is $175.52 and its 200-day simple moving average is $171.52. The company has a current ratio of 1.18, a quick ratio of 1.18 and a debt-to-equity ratio of 0.96.

Atlassian (NASDAQ:TEAM) last released its earnings results on Thursday, October 31st. The technology company reported $0.77 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.64 by $0.13. Atlassian had a negative return on equity of 23.35% and a negative net margin of 8.59%. The firm had revenue of $1.19 billion for the quarter, compared to analyst estimates of $1.16 billion. During the same quarter last year, the firm posted ($0.07) EPS. The company’s revenue was up 21.5% on a year-over-year basis. As a group, equities analysts anticipate that Atlassian Co. will post -0.58 EPS for the current fiscal year.

Hedge Funds Weigh In On Atlassian

Large investors have recently bought and sold shares of the stock. Asset Dedication LLC lifted its stake in shares of Atlassian by 229.8% in the second quarter. Asset Dedication LLC now owns 155 shares of the technology company’s stock valued at $27,000 after buying an additional 108 shares during the period. Trust Co. of Vermont raised its position in Atlassian by 2,175.0% in the 2nd quarter. Trust Co. of Vermont now owns 182 shares of the technology company’s stock valued at $32,000 after purchasing an additional 174 shares during the last quarter. Rothschild Investment LLC acquired a new position in Atlassian in the second quarter worth $36,000. Edmond DE Rothschild Holding S.A. bought a new stake in shares of Atlassian during the first quarter worth $40,000. Finally, Crewe Advisors LLC acquired a new stake in shares of Atlassian in the first quarter valued at $43,000. 93.03% of the stock is currently owned by institutional investors and hedge funds.

About Atlassian

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.