Atlassian (NASDAQ:TEAM) Trading Down 5.6% - What's Next?

Atlassian Co. (NASDAQ:TEAM - Get Free Report)'s stock price dropped 5.6% during trading on Thursday . The stock traded as low as $212.83 and last traded at $213.69. Approximately 172,702 shares traded hands during mid-day trading, a decline of 91% from the average daily volume of 1,921,906 shares. The stock had previously closed at $226.44.

Wall Street Analyst Weigh In

Several brokerages recently commented on TEAM. Cantor Fitzgerald boosted their price target on shares of Atlassian from $264.00 to $304.00 and gave the stock a "neutral" rating in a report on Friday, January 31st. Jefferies Financial Group raised their price target on shares of Atlassian from $300.00 to $325.00 and gave the company a "buy" rating in a research note on Friday, January 24th. William Blair reiterated an "outperform" rating on shares of Atlassian in a research note on Friday, January 31st. Citigroup raised their target price on Atlassian from $255.00 to $300.00 and gave the company a "buy" rating in a research report on Friday, January 17th. Finally, The Goldman Sachs Group boosted their price target on Atlassian from $245.00 to $370.00 and gave the stock a "buy" rating in a research report on Monday, February 3rd. Eight investment analysts have rated the stock with a hold rating and seventeen have issued a buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average target price of $319.71.

Atlassian Stock Down 7.1 %

The stock has a market capitalization of $55.12 billion, a price-to-earnings ratio of -156.37 and a beta of 0.91. The business has a 50-day moving average of $274.77 and a 200-day moving average of $233.52. The company has a debt-to-equity ratio of 0.81, a quick ratio of 1.24 and a current ratio of 1.24.

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Atlassian (NASDAQ:TEAM - Get Free Report) last announced its quarterly 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%. On average, sell-side analysts expect that Atlassian Co. will post -0.34 EPS for the current year.

Insider Transactions at Atlassian

In other news, Director Scott Farquhar sold 7,948 shares of the firm's stock in a transaction on Wednesday, December 18th. The shares were sold at an average price of $258.33, for a total value of $2,053,206.84. Following the sale, the director now directly owns 63,584 shares in the company, valued at approximately $16,425,654.72. This trade represents a 11.11 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Michael Cannon-Brookes sold 15,896 shares of the business's stock in a transaction on Friday, January 10th. The stock was sold at an average price of $243.55, for a total transaction of $3,871,470.80. Following the transaction, the chief executive officer now owns 429,192 shares of the company's stock, valued at approximately $104,529,711.60. The trade was a 3.57 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 264,553 shares of company stock valued at $72,358,556. 38.55% of the stock is currently owned by company insiders.

Institutional Trading of Atlassian

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. JPMorgan Chase & Co. raised its position in shares of Atlassian by 72.9% during the 4th quarter. JPMorgan Chase & Co. now owns 4,284,400 shares of the technology company's stock worth $1,042,737,000 after acquiring an additional 1,806,042 shares in the last quarter. State Street Corp grew its position in shares of Atlassian by 0.3% in the third quarter. State Street Corp now owns 3,560,381 shares of the technology company's stock valued at $565,424,000 after purchasing an additional 8,957 shares during the last quarter. Massachusetts Financial Services Co. MA purchased a new stake in Atlassian during the 4th quarter worth about $687,486,000. Invesco Ltd. raised its position in shares of Atlassian by 265.9% in the fourth quarter. Invesco Ltd. now owns 2,445,440 shares of the technology company's stock valued at $595,171,000 after buying an additional 1,777,179 shares during the last quarter. Finally, FMR LLC raised its holdings in Atlassian by 7.4% in the 3rd quarter. FMR LLC now owns 2,182,980 shares of the technology company's stock valued at $346,679,000 after acquiring an additional 150,237 shares during the last quarter. 94.45% 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.

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