Atlassian (NASDAQ:TEAM) Stock Price Down 5.6% – Here’s What Happened

Shares of Atlassian Co. (NASDAQ:TEAM) traded down 5.6% on Thursday . The company traded as low as $212.83 and last traded at $213.69. 172,702 shares were traded during trading, a decline of 91% from the average session volume of 1,921,906 shares. The stock had previously closed at $226.44.

Analyst Ratings Changes

Several equities research analysts have recently issued reports on TEAM shares. Scotiabank increased their price objective on shares of Atlassian from $250.00 to $330.00 and gave the stock a “sector perform” rating in a research report on Friday, January 31st. The Goldman Sachs Group raised their price objective on Atlassian from $245.00 to $370.00 and gave the company a “buy” rating in a research report on Monday, February 3rd. BMO Capital Markets raised Atlassian from a “market perform” rating to an “outperform” rating and upped their target price for the stock from $255.00 to $292.00 in a research report on Friday, January 10th. Barclays raised their target price on Atlassian from $275.00 to $350.00 and gave the company an “overweight” rating in a report on Monday, February 3rd. Finally, Citigroup upped their price target on Atlassian from $255.00 to $300.00 and gave the stock a “buy” rating in a report on Friday, January 17th. Eight analysts have rated the stock with a hold rating and seventeen have given a buy rating to the company. According to data from MarketBeat.com, Atlassian has an average rating of “Moderate Buy” and a consensus target price of $319.71.

Atlassian Stock Down 7.1 %

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

Atlassian (NASDAQ:TEAM) last released its earnings results on Thursday, January 30th. The technology company reported ($0.12) EPS for the quarter, missing analysts’ consensus estimates of $0.73 by ($0.85). Atlassian had a negative return on equity of 17.37% and a negative net margin of 7.22%. Research analysts expect that Atlassian Co. will post -0.34 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, President Anutthara Bharadwaj sold 1,520 shares of the company’s stock in a transaction dated Friday, January 17th. The stock was sold at an average price of $259.85, for a total value of $394,972.00. Following the transaction, the president now owns 210,471 shares in the company, valued at $54,690,889.35. This represents a 0.72 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Michael Cannon-Brookes sold 7,948 shares of the firm’s stock in a transaction that occurred on Monday, December 16th. The stock was sold at an average price of $278.13, for a total transaction of $2,210,577.24. Following the sale, the chief executive officer now owns 79,480 shares of the company’s stock, valued at approximately $22,105,772.40. This represents a 9.09 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 264,553 shares of company stock valued at $72,358,556. 38.55% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Atlassian

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Principal Financial Group Inc. raised its holdings in shares of Atlassian by 61.4% during the third quarter. Principal Financial Group Inc. now owns 10,770 shares of the technology company’s stock worth $1,710,000 after acquiring an additional 4,099 shares in the last quarter. Venturi Wealth Management LLC raised its stake in shares of Atlassian by 18.6% during the 3rd quarter. Venturi Wealth Management LLC now owns 1,411 shares of the technology company’s stock worth $224,000 after purchasing an additional 221 shares in the last quarter. GSA Capital Partners LLP lifted its holdings in shares of Atlassian by 140.4% during the 3rd quarter. GSA Capital Partners LLP now owns 4,827 shares of the technology company’s stock valued at $767,000 after buying an additional 2,819 shares during the last quarter. Sumitomo Mitsui Trust Group Inc. raised its position in Atlassian by 1.8% during 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 acquiring an additional 6,470 shares in the last quarter. Finally, Oppenheimer & Co. Inc. lifted its stake in Atlassian by 24.4% in the third 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 during the last quarter. Hedge funds and other institutional investors own 94.45% 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.