Atlassian (NASDAQ:TEAM) Shares Down 7.1% on Insider Selling

Shares of Atlassian Co. (NASDAQ:TEAM) traded down 7.1% on Friday following insider selling activity. The company traded as low as $236.36 and last traded at $232.88. 961,417 shares traded 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 on Thursday, March 6th. The shares were sold at an average price of $259.69, for a total value of $2,064,016.12. Following the sale, the chief executive officer now owns 135,116 shares in the company, valued at $35,088,274.04. The trade was a 5.56 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Scott Farquhar sold 7,948 shares of Atlassian stock in a transaction dated Friday, February 28th. The stock was sold at an average price of $278.61, for a total value of $2,214,392.28. Following the completion of the transaction, the director now directly owns 166,908 shares of the company’s stock, valued at approximately $46,502,237.88. This represents a 4.55 % decrease in their position. The disclosure for this sale can be found here.

Analysts Set New Price Targets

A number of equities analysts have weighed in on the company. Jefferies Financial Group boosted their target price on Atlassian from $300.00 to $325.00 and gave the stock a “buy” rating in a research report on Friday, January 24th. Barclays boosted their price objective on Atlassian from $275.00 to $350.00 and gave the company an “overweight” rating in a research note on Monday, February 3rd. Oppenheimer upped their price target on Atlassian from $300.00 to $380.00 and gave the stock an “outperform” rating in a research note on Friday, January 31st. Canaccord Genuity Group increased their target price on Atlassian from $255.00 to $285.00 and gave the company a “buy” rating in a research report on Friday, December 20th. Finally, BMO Capital Markets upgraded Atlassian from a “market perform” rating to an “outperform” rating and increased their target price for the company from $255.00 to $292.00 in a research report on Friday, January 10th. Nine equities research analysts have rated the stock with a hold rating and sixteen have issued a buy rating to the company. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $319.71.

Atlassian Stock Performance

The company has a 50 day moving average of $276.11 and a 200 day moving average of $232.17. The firm has a market cap of $62.58 billion, a price-to-earnings ratio of -178.25 and a beta of 0.91. The company has a quick ratio of 1.24, a current ratio of 1.24 and a debt-to-equity ratio of 0.81.

Atlassian (NASDAQ:TEAM) last posted its earnings results on Thursday, January 30th. The technology company reported ($0.12) EPS for the quarter, missing the consensus estimate 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, equities research analysts expect that Atlassian Co. will post -0.34 EPS for the current fiscal year.

Institutional Trading of Atlassian

Several hedge funds and other institutional investors have recently modified their holdings of the company. Murphy & Mullick Capital Management Corp acquired a new stake in shares of Atlassian in the fourth quarter valued at about $27,000. Colonial Trust Co SC lifted its stake in Atlassian by 100.0% during the fourth 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. Summit Securities Group LLC bought a new position in Atlassian during the fourth quarter worth about $38,000. Pilgrim Partners Asia Pte Ltd bought a new position in Atlassian during the fourth quarter worth about $39,000. Finally, Avion Wealth raised its stake in shares of Atlassian by 1,308.3% in the fourth quarter. Avion Wealth now owns 169 shares of the technology company’s stock valued at $41,000 after acquiring an additional 157 shares during the last quarter. 94.45% of the stock is currently owned by hedge funds and other institutional investors.

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.