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

Atlassian Co. (NASDAQ:TEAM) shares gapped down before the market opened on Tuesday after an insider sold shares in the company. The stock had previously closed at $165.15, but opened at $159.88. Atlassian shares last traded at $161.07, with a volume of 248,670 shares.

Specifically, CEO Michael Cannon-Brookes sold 7,948 shares of the business’s stock in a transaction that occurred on Monday, September 16th. The stock was sold at an average price of $165.03, for a total transaction of $1,311,658.44. Following the transaction, the chief executive officer now owns 79,480 shares of the company’s stock, valued at approximately $13,116,584.40. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website.

Analyst Ratings Changes

Several equities analysts recently weighed in on the stock. JMP Securities raised shares of Atlassian to a “hold” rating in a research note on Friday, August 2nd. StockNews.com downgraded shares of Atlassian from a “buy” rating to a “hold” rating in a research report on Friday, July 12th. BMO Capital Markets dropped their target price on shares of Atlassian from $220.00 to $177.00 and set a “market perform” rating on the stock in a report on Friday, August 2nd. Scotiabank reduced their price target on Atlassian from $210.00 to $175.00 and set a “sector perform” rating for the company in a report on Friday, August 2nd. Finally, Baird R W lowered Atlassian from a “strong-buy” rating to a “hold” rating in a research note on Friday, August 2nd. Ten equities research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the stock. According to data from MarketBeat.com, Atlassian presently has an average rating of “Moderate Buy” and an average target price of $217.69.

Atlassian Trading Up 2.6 %

The company has a debt-to-equity ratio of 0.95, a current ratio of 1.18 and a quick ratio of 1.18. The firm has a market capitalization of $41.56 billion, a P/E ratio of -253.71 and a beta of 0.73. The business’s 50-day moving average is $162.64 and its 200 day moving average is $175.93.

Atlassian (NASDAQ:TEAM) last released its quarterly earnings results on Thursday, August 1st. The technology company reported $0.66 earnings per share for the quarter, beating analysts’ consensus estimates of $0.59 by $0.07. The company had revenue of $1.13 billion during the quarter, compared to the consensus estimate of $1.13 billion. Atlassian had a negative net margin of 6.89% and a negative return on equity of 17.69%. The firm’s quarterly revenue was up 20.5% on a year-over-year basis. During the same period in the previous year, the business earned ($0.21) earnings per share. As a group, analysts anticipate that Atlassian Co. will post -0.58 EPS for the current fiscal year.

Institutional Trading of Atlassian

Institutional investors have recently modified their holdings of the stock. Dimensional Fund Advisors LP lifted its position in Atlassian by 2.1% during the fourth quarter. Dimensional Fund Advisors LP now owns 142,466 shares of the technology company’s stock worth $33,891,000 after purchasing an additional 2,872 shares during the period. Great Lakes Advisors LLC acquired a new position in shares of Atlassian in the 4th quarter valued at approximately $222,000. Norges Bank bought a new stake in shares of Atlassian during the 4th quarter worth approximately $247,740,000. Coldstream Capital Management Inc. boosted its position in shares of Atlassian by 23.7% during the 4th quarter. Coldstream Capital Management Inc. now owns 2,812 shares of the technology company’s stock worth $669,000 after acquiring an additional 539 shares in the last quarter. Finally, Balentine LLC bought a new position in Atlassian in the fourth quarter valued at approximately $227,000. 93.03% of the stock is currently owned by institutional investors.

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.