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

Posted by Defense World Staff on May 6th, 2023

Atlassian Co. (NASDAQ:TEAM – Get Rating) gapped down prior to trading on Friday after an insider sold shares in the company. The stock had previously closed at $150.05, but opened at $134.50. Atlassian shares last traded at $133.53, with a volume of 1,470,677 shares changing hands.

Specifically, CEO Michael Cannon-Brookes sold 8,614 shares of the stock in a transaction that occurred on Friday, May 5th. The shares were sold at an average price of $134.28, for a total value of $1,156,687.92. Following the completion of the sale, the chief executive officer now directly owns 320,990 shares of the company’s stock, valued at approximately $43,102,537.20. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In other Atlassian news, insider Gene Liu sold 238 shares of the stock in a transaction that occurred on Tuesday, February 14th. The shares were sold at an average price of $180.79, for a total transaction of $43,028.02. Following the completion of the sale, the insider now directly owns 50,413 shares of the company’s stock, valued at approximately $9,114,166.27. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO Michael Cannon-Brookes sold 8,614 shares of the stock in a transaction that occurred on Friday, May 5th. The shares were sold at an average price of $134.28, for a total transaction of $1,156,687.92. Following the sale, the chief executive officer now directly owns 320,990 shares of the company’s stock, valued at $43,102,537.20. The disclosure for this sale can be found here. In the last ninety days, insiders sold 289,943 shares of company stock valued at $46,795,230. 43.11% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

TEAM has been the subject of a number of recent research reports. Wells Fargo & Company reduced their target price on shares of Atlassian from $250.00 to $200.00 and set an “overweight” rating for the company in a report on Friday, January 6th. KeyCorp upped their price objective on shares of Atlassian from $174.00 to $187.00 and gave the company an “overweight” rating in a report on Thursday, April 20th. StockNews.com initiated coverage on shares of Atlassian in a report on Thursday, March 16th. They set a “hold” rating on the stock. Mizuho cut their price target on shares of Atlassian from $235.00 to $215.00 in a report on Friday. Finally, Morgan Stanley decreased their target price on Atlassian from $190.00 to $185.00 and set an “overweight” rating on the stock in a research report on Friday, February 3rd. Seven equities research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $199.05.

Atlassian Stock Down 9.5 %

The firm has a market capitalization of $34.79 billion, a price-to-earnings ratio of -98.36 and a beta of 0.82. The business has a 50 day simple moving average of $158.93 and a 200-day simple moving average of $153.68. The company has a debt-to-equity ratio of 1.73, a quick ratio of 1.30 and a current ratio of 1.30.

Atlassian (NASDAQ:TEAM – Get Rating) last issued its earnings results on Thursday, February 2nd. The technology company reported ($0.59) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.26) by ($0.33). Atlassian had a negative return on equity of 73.57% and a negative net margin of 11.17%. The company had revenue of $872.70 million during the quarter, compared to analyst estimates of $842.45 million. On average, equities analysts expect that Atlassian Co. will post -0.86 EPS for the current year.

Institutional Trading of Atlassian

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Red Spruce Capital LLC lifted its stake in Atlassian by 3.4% during the first quarter. Red Spruce Capital LLC now owns 2,177 shares of the technology company’s stock worth $373,000 after purchasing an additional 72 shares during the last quarter. E Fund Management Co. Ltd. lifted its stake in Atlassian by 6.0% during the third quarter. E Fund Management Co. Ltd. now owns 1,447 shares of the technology company’s stock worth $305,000 after purchasing an additional 82 shares during the last quarter. Raymond James Trust N.A. lifted its stake in Atlassian by 2.3% during the third quarter. Raymond James Trust N.A. now owns 3,707 shares of the technology company’s stock worth $781,000 after purchasing an additional 83 shares during the last quarter. First Horizon Advisors Inc. lifted its stake in Atlassian by 21.0% during the fourth quarter. First Horizon Advisors Inc. now owns 490 shares of the technology company’s stock worth $63,000 after purchasing an additional 85 shares during the last quarter. Finally, Pacer Advisors Inc. lifted its stake in Atlassian by 2.1% during the fourth quarter. Pacer Advisors Inc. now owns 4,333 shares of the technology company’s stock worth $558,000 after purchasing an additional 88 shares during the last quarter. 45.50% of the stock is owned by institutional investors and hedge funds.

Atlassian Company Profile

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Atlassian Corp. is a holding company, which engages in providing team collaboration and productivity software. Its software helps teams organize, discuss, and complete shared work. Its products include Jira Software, Confluence, Jira Service Management, and Trello. The company was founded by Michael Cannon-Brookes and Scott Farquhar in October 2002 and is headquartered in San Francisco, CA.