Atlassian (NASDAQ:TEAM) Reaches New 1-Year Low Following Insider Selling

Atlassian Co. (NASDAQ:TEAM) shares hit a new 52-week low during mid-day trading on Tuesday after an insider sold shares in the company. The stock traded as low as $153.82 and last traded at $154.53, with a volume of 281914 shares traded. The stock had previously closed at $156.62.

Specifically, CEO Scott Farquhar sold 7,948 shares of the company’s stock in a transaction that occurred on Tuesday, June 18th. The stock was sold at an average price of $153.84, for a total transaction of $1,222,720.32. Following the completion of the sale, the chief executive officer now directly owns 55,636 shares of the company’s stock, valued at approximately $8,559,042.24. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In other Atlassian news, CAO Gene Liu sold 199 shares of the company’s stock in a transaction that occurred on Tuesday, May 14th. The stock was sold at an average price of $184.25, for a total transaction of $36,665.75. Following the completion of the sale, the chief accounting officer now directly owns 45,666 shares of the company’s stock, valued at approximately $8,413,960.50. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Scott Farquhar sold 7,948 shares of the company’s stock in a transaction that occurred on Tuesday, June 18th. The shares were sold at an average price of $153.84, for a total value of $1,222,720.32. Following the sale, the chief executive officer now directly owns 55,636 shares of the company’s stock, valued at $8,559,042.24. The disclosure for this sale can be found here. In the last three months, insiders sold 280,559 shares of company stock valued at $51,114,580. Insiders own 40.48% of the company’s stock.

Analysts Set New Price Targets

Several research firms have issued reports on TEAM. Piper Sandler dropped their target price on Atlassian from $225.00 to $200.00 and set a “neutral” rating on the stock in a research report on Friday, April 26th. KeyCorp began coverage on Atlassian in a research report on Tuesday, March 19th. They set a “sector weight” rating on the stock. Barclays upgraded Atlassian from an “equal weight” rating to an “overweight” rating and boosted their target price for the stock from $235.00 to $275.00 in a research report on Thursday, April 11th. Oppenheimer dropped their target price on Atlassian from $300.00 to $250.00 and set an “outperform” rating on the stock in a research report on Friday, April 26th. Finally, Citigroup dropped their target price on Atlassian from $280.00 to $265.00 and set a “buy” rating on the stock in a research report on Friday, April 12th. Ten equities research analysts have rated the stock with a hold rating and eleven have given a buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $223.22.

Atlassian Trading Down 2.2 %

The business has a fifty day simple moving average of $177.56 and a 200 day simple moving average of $203.15. The stock has a market cap of $39.87 billion, a price-to-earnings ratio of -243.14 and a beta of 0.73. The company has a debt-to-equity ratio of 0.82, a quick ratio of 1.18 and a current ratio of 1.18.

Atlassian (NASDAQ:TEAM) last issued its quarterly earnings results on Thursday, April 25th. The technology company reported $0.89 earnings per share for the quarter, topping analysts’ consensus estimates of $0.62 by $0.27. Atlassian had a negative return on equity of 13.95% and a negative net margin of 3.90%. The company had revenue of $1.19 billion for the quarter, compared to analyst estimates of $1.10 billion. During the same quarter in the prior year, the company posted ($0.40) EPS. The business’s revenue for the quarter was up 29.9% compared to the same quarter last year. As a group, equities analysts anticipate that Atlassian Co. will post -0.23 EPS for the current year.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the business. Hollencrest Capital Management lifted its stake in shares of Atlassian by 383.9% during the 1st quarter. Hollencrest Capital Management now owns 150 shares of the technology company’s stock worth $29,000 after purchasing an additional 119 shares during the period. Edmond DE Rothschild Holding S.A. purchased a new position in shares of Atlassian during the 1st quarter worth $40,000. Crewe Advisors LLC purchased a new position in shares of Atlassian in the 1st quarter worth $43,000. Livforsakringsbolaget Skandia Omsesidigt raised its position in shares of Atlassian by 271.0% in the 4th quarter. Livforsakringsbolaget Skandia Omsesidigt now owns 371 shares of the technology company’s stock worth $88,000 after buying an additional 271 shares during the period. Finally, EverSource Wealth Advisors LLC raised its position in shares of Atlassian by 255.3% in the 4th quarter. EverSource Wealth Advisors LLC now owns 405 shares of the technology company’s stock worth $96,000 after buying an additional 291 shares during the period. Hedge funds and other 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.