Atlassian (NASDAQ:TEAM) Stock Price Down 7.1% After Insider Selling

Atlassian Co. (NASDAQ:TEAM - Get Free Report)'s stock price traded down 7.1% during mid-day trading on Friday after an insider sold shares in the company. The stock traded as low as $236.36 and last traded at $232.88. 961,417 shares changed hands during trading, a decline of 52% from the average session volume of 1,990,853 shares. The stock had previously closed at $250.66.

Specifically, CEO Michael Cannon-Brookes sold 7,948 shares of Atlassian stock in a transaction that occurred on Thursday, March 6th. The stock was sold at an average price of $259.69, for a total transaction of $2,064,016.12. Following the sale, the chief executive officer now directly owns 135,116 shares of the company's stock, valued at approximately $35,088,274.04. The trade was a 5.56 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Scott Farquhar sold 7,948 shares of Atlassian stock in a transaction that occurred on Friday, February 28th. The shares were sold at an average price of $278.61, for a total value of $2,214,392.28. Following the sale, the director now owns 166,908 shares in the company, valued at $46,502,237.88. This represents a 4.55 % decrease in their ownership of the stock. The disclosure for this sale can be found here.

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Wall Street Analyst Weigh In

A number of brokerages have recently commented on TEAM. Oppenheimer boosted their target price on shares of Atlassian from $300.00 to $380.00 and gave the company an "outperform" rating in a report on Friday, January 31st. Macquarie boosted their price objective on shares of Atlassian from $290.00 to $317.00 and gave the stock a "neutral" rating in a research note on Friday, February 7th. StockNews.com lowered shares of Atlassian from a "buy" rating to a "hold" rating in a research note on Tuesday, March 4th. Truist Financial reissued a "buy" rating and issued a $350.00 price target (up from $300.00) on shares of Atlassian in a research report on Friday, January 31st. Finally, Jefferies Financial Group boosted their price target on Atlassian from $300.00 to $325.00 and gave the stock a "buy" rating in a research report on Friday, January 24th. Nine investment analysts have rated the stock with a hold rating and sixteen have assigned a buy rating to the stock. Based on data from MarketBeat, Atlassian has an average rating of "Moderate Buy" and an average price target of $319.71.

Atlassian Price Performance

The firm has a fifty day moving average price of $276.11 and a two-hundred day moving average price of $232.69. The stock has a market capitalization of $62.58 billion, a P/E ratio of -178.25 and a beta of 0.91. The company has a debt-to-equity ratio of 0.81, a quick ratio of 1.24 and a current ratio of 1.24.

Atlassian (NASDAQ:TEAM - Get Free Report) last posted its earnings results on Thursday, January 30th. The technology company reported ($0.12) earnings per share for the quarter, missing analysts' consensus estimates of $0.73 by ($0.85). Atlassian had a negative net margin of 7.22% and a negative return on equity of 17.37%. As a group, analysts expect that Atlassian Co. will post -0.34 EPS for the current fiscal year.

Hedge Funds Weigh In On Atlassian

Several institutional investors have recently made changes to their positions in TEAM. Murphy & Mullick Capital Management Corp bought a new position in Atlassian in the fourth quarter worth approximately $27,000. Colonial Trust Co SC raised its holdings in Atlassian by 100.0% in the 4th quarter. Colonial Trust Co SC now owns 138 shares of the technology company's stock worth $34,000 after purchasing an additional 69 shares during the period. True Wealth Design LLC raised its stake in shares of Atlassian by 23,100.0% in the third quarter. True Wealth Design LLC now owns 232 shares of the technology company's stock worth $37,000 after buying an additional 231 shares during the period. Summit Securities Group LLC bought a new position in shares of Atlassian in the fourth quarter worth about $38,000. Finally, Pilgrim Partners Asia Pte Ltd bought a new position in shares of Atlassian in the fourth quarter worth about $39,000. Institutional investors own 94.45% 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.