Atlassian (NASDAQ:TEAM) Sets New 12-Month Low on Insider Selling

Atlassian Co. (NASDAQ:TEAM)’s stock price hit a new 52-week low on Friday following insider selling activity. The stock traded as low as $144.38 and last traded at $148.21, with a volume of 1198932 shares traded. The stock had previously closed at $173.24.

Specifically, CEO Michael Cannon-Brookes sold 8,241 shares of the stock in a transaction that occurred on Monday, May 6th. The shares were sold at an average price of $182.45, for a total value of $1,503,570.45. Following the completion of the transaction, the chief executive officer now directly owns 300,522 shares in the company, valued at $54,830,238.90. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In related news, CEO Michael Cannon-Brookes sold 8,241 shares of the stock in a transaction on Monday, May 6th. The stock was sold at an average price of $182.45, for a total transaction of $1,503,570.45. Following the completion of the sale, the chief executive officer now directly owns 300,522 shares in the company, valued at $54,830,238.90. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, CEO Scott Farquhar sold 7,948 shares of the business’s stock in a transaction that occurred on Monday, July 29th. The shares were sold at an average price of $178.96, for a total value of $1,422,374.08. Following the completion of the sale, the chief executive officer now directly owns 349,712 shares of the company’s stock, valued at approximately $62,584,459.52. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 275,285 shares of company stock valued at $47,692,054. Company insiders own 40.48% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages recently commented on TEAM. Robert W. Baird lowered Atlassian from an “outperform” rating to a “neutral” rating and cut their target price for the company from $230.00 to $175.00 in a research note on Friday. StockNews.com downgraded Atlassian from a “buy” rating to a “hold” rating in a research report on Friday, July 12th. Citigroup dropped their price objective on Atlassian from $280.00 to $265.00 and set a “buy” rating for the company in a research note on Friday, April 12th. Oppenheimer cut their price target on Atlassian from $300.00 to $250.00 and set an “outperform” rating on the stock in a research note on Friday, April 26th. Finally, TD Cowen reduced their price target on Atlassian from $220.00 to $210.00 and set a “hold” rating on the stock in a research report on Friday, April 26th. Eight analysts have rated the stock with a hold rating and eleven have given a buy rating to the company’s stock. According to MarketBeat, Atlassian has an average rating of “Moderate Buy” and an average price target of $223.81.

Atlassian Stock Down 14.4 %

The stock’s fifty day simple moving average is $170.10 and its two-hundred day simple moving average is $192.42. The stock has a market capitalization of $38.58 billion, a P/E ratio of -239.05 and a beta of 0.74. The company has a debt-to-equity ratio of 0.82, a quick ratio of 1.18 and a current ratio of 1.18.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Arkadios Wealth Advisors bought a new stake in Atlassian in the fourth quarter valued at $202,000. Vanguard Group Inc. increased its position in Atlassian by 3.4% in the 4th quarter. Vanguard Group Inc. now owns 15,355,652 shares of the technology company’s stock valued at $3,652,495,000 after buying an additional 504,181 shares in the last quarter. Diversified Trust Co raised its stake in Atlassian by 27.6% during the 1st quarter. Diversified Trust Co now owns 14,036 shares of the technology company’s stock worth $2,739,000 after buying an additional 3,035 shares during the period. Mirae Asset Global Investments Co. Ltd. boosted its holdings in Atlassian by 7.9% in the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 142,087 shares of the technology company’s stock worth $27,723,000 after acquiring an additional 10,434 shares in the last quarter. Finally, International Assets Investment Management LLC acquired a new stake in Atlassian in the fourth quarter valued at approximately $13,805,000. Institutional investors and hedge funds 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.