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

Atlassian Co. (NASDAQ:TEAM) shares gapped down prior to trading on Monday after an insider sold shares in the company. The stock had previously closed at $224.35, but opened at $216.65. Atlassian shares last traded at $220.14, with a volume of 1,033,711 shares.

Specifically, CEO Michael Cannon-Brookes sold 7,948 shares of Atlassian stock in a transaction that occurred on Friday, November 1st. The shares were sold at an average price of $222.72, for a total transaction of $1,770,178.56. Following the completion of the sale, the chief executive officer now owns 317,920 shares in the company, valued at $70,807,142.40. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CAO Gene Liu sold 1,024 shares of the company’s stock in a transaction dated Friday, November 1st. The shares were sold at an average price of $225.45, for a total value of $230,860.80. Following the completion of the sale, the chief accounting officer now owns 59,168 shares of the company’s stock, valued at $13,339,425.60. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In related news, Director Heather Mirjahangir Fernandez sold 1,500 shares of Atlassian stock in a transaction that occurred on Friday, November 1st. The shares were sold at an average price of $225.45, for a total transaction of $338,175.00. Following the transaction, the director now owns 8,610 shares of the company’s stock, valued at $1,941,124.50. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link.

Wall Street Analyst Weigh In

Several brokerages have recently issued reports on TEAM. Mizuho boosted their price target on shares of Atlassian from $200.00 to $240.00 and gave the company an “outperform” rating in a report on Friday, November 1st. Wells Fargo & Company lifted their price objective on Atlassian from $250.00 to $300.00 and gave the company an “overweight” rating in a report on Friday, November 1st. JMP Securities upgraded shares of Atlassian to a “hold” rating in a report on Friday, August 2nd. Piper Sandler upped their price target on shares of Atlassian from $225.00 to $265.00 and gave the company an “overweight” rating in a report on Friday, November 1st. Finally, Oppenheimer raised their price objective on shares of Atlassian from $230.00 to $270.00 and gave the stock an “outperform” rating in a report on Friday, November 1st. Nine investment analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the stock. Based on data from MarketBeat, Atlassian presently has a consensus rating of “Moderate Buy” and a consensus target price of $243.16.

Atlassian Stock Up 1.5 %

The stock has a 50 day simple moving average of $175.52 and a two-hundred day simple moving average of $171.52. The company has a debt-to-equity ratio of 0.96, a current ratio of 1.18 and a quick ratio of 1.18.

Atlassian (NASDAQ:TEAM) last released its earnings results on Thursday, October 31st. The technology company reported $0.77 earnings per share for the quarter, beating the consensus estimate of $0.64 by $0.13. The business had revenue of $1.19 billion during the quarter, compared to analysts’ expectations of $1.16 billion. Atlassian had a negative net margin of 8.59% and a negative return on equity of 23.35%. The firm’s revenue was up 21.5% on a year-over-year basis. During the same period last year, the business earned ($0.07) earnings per share. On average, research analysts predict that Atlassian Co. will post -0.58 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of TEAM. Plato Investment Management Ltd acquired a new position in shares of Atlassian in the 3rd quarter valued at approximately $1,243,000. ICICI Prudential Asset Management Co Ltd boosted its stake in shares of Atlassian by 19.4% in the 3rd quarter. ICICI Prudential Asset Management Co Ltd now owns 2,089 shares of the technology company’s stock valued at $332,000 after purchasing an additional 340 shares in the last quarter. Oppenheimer & Co. Inc. boosted its holdings in shares of Atlassian by 24.4% during the 3rd quarter. Oppenheimer & Co. Inc. now owns 1,771 shares of the technology company’s stock valued at $281,000 after acquiring an additional 347 shares in the last quarter. Aigen Investment Management LP acquired a new position in Atlassian in the 3rd quarter worth about $2,232,000. Finally, Sumitomo Mitsui Trust Group Inc. increased its stake in shares of Atlassian by 1.8% in the third quarter. Sumitomo Mitsui Trust Group Inc. now owns 366,254 shares of the technology company’s stock valued at $58,165,000 after buying an additional 6,470 shares during the period. Institutional investors 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.