Atlassian (NASDAQ:TEAM) Shares Down 5% – Time to Sell?

Atlassian Corporation PLC (NASDAQ:TEAM)’s share price was down 5% during mid-day trading on Tuesday . The company traded as low as $92.36 and last traded at $91.5650. 627,233 shares traded hands during mid-day trading, a decline of 90% from the average session volume of 6,396,168 shares. The stock had previously closed at $96.43.

Analyst Ratings Changes

A number of analysts recently weighed in on TEAM shares. Piper Sandler decreased their target price on shares of Atlassian from $200.00 to $175.00 and set an “overweight” rating on the stock in a report on Friday, May 1st. Cantor Fitzgerald raised their price target on shares of Atlassian from $98.00 to $107.00 and gave the company an “overweight” rating in a report on Friday, May 1st. Citigroup reduced their price target on shares of Atlassian from $160.00 to $110.00 and set a “buy” rating for the company in a research report on Friday, May 1st. Canaccord Genuity Group decreased their price target on shares of Atlassian from $185.00 to $150.00 and set a “buy” rating on the stock in a report on Wednesday, April 15th. Finally, BTIG Research reiterated a “buy” rating and issued a $130.00 price objective on shares of Atlassian in a research report on Friday, July 10th. Twenty-one equities research analysts have rated the stock with a Buy rating, six have issued a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $138.50.

Atlassian Trading Down 5.7%

The firm has a market capitalization of $21.67 billion, a P/E ratio of -102.89, a price-to-earnings-growth ratio of 5.67 and a beta of 1.11. The company has a quick ratio of 0.70, a current ratio of 0.70 and a debt-to-equity ratio of 1.13. The firm’s 50-day simple moving average is $89.13 and its 200-day simple moving average is $89.89.

Atlassian (NASDAQ:TEAM) last issued its quarterly earnings results on Thursday, April 30th. The technology company reported $1.75 EPS for the quarter, topping analysts’ consensus estimates of $1.33 by $0.42. The firm had revenue of $1.79 billion for the quarter, compared to analyst estimates of $1.70 billion. Atlassian had a negative net margin of 3.50% and a positive return on equity of 6.22%. The business’s revenue for the quarter was up 31.7% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.97 EPS. Analysts anticipate that Atlassian Corporation PLC will post 0.81 EPS for the current year.

Insider Transactions at Atlassian

In other Atlassian news, CRO Brian Duffy sold 3,000 shares of Atlassian stock in a transaction dated Friday, June 12th. The stock was sold at an average price of $89.71, for a total transaction of $269,130.00. Following the completion of the sale, the executive owned 227,691 shares of the company’s stock, valued at $20,426,159.61. The trade was a 1.30% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CFO James Chuong sold 8,838 shares of the company’s stock in a transaction dated Tuesday, May 19th. The stock was sold at an average price of $87.75, for a total value of $775,534.50. Following the completion of the transaction, the chief financial officer owned 288,272 shares of the company’s stock, valued at $25,295,868. The trade was a 2.97% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold 20,041 shares of company stock worth $1,801,069 in the last 90 days. Company insiders own 36.66% of the company’s stock.

Institutional Trading of Atlassian

Hedge funds and other institutional investors have recently bought and sold shares of the company. NewEdge Advisors LLC boosted its stake in shares of Atlassian by 71.6% in the 1st quarter. NewEdge Advisors LLC now owns 5,432 shares of the technology company’s stock valued at $1,153,000 after purchasing an additional 2,267 shares in the last quarter. Empowered Funds LLC boosted its position in Atlassian by 39.5% during the first quarter. Empowered Funds LLC now owns 4,689 shares of the technology company’s stock valued at $995,000 after buying an additional 1,328 shares during the period. Focus Partners Wealth grew its stake in shares of Atlassian by 32.6% during the first quarter. Focus Partners Wealth now owns 4,122 shares of the technology company’s stock valued at $875,000 after buying an additional 1,014 shares during the last quarter. Geneos Wealth Management Inc. lifted its stake in shares of Atlassian by 447.2% in the 1st quarter. Geneos Wealth Management Inc. now owns 197 shares of the technology company’s stock valued at $42,000 after acquiring an additional 161 shares during the last quarter. Finally, Sivia Capital Partners LLC boosted its holdings in Atlassian by 27.5% during the 2nd quarter. Sivia Capital Partners LLC now owns 1,873 shares of the technology company’s stock valued at $380,000 after acquiring an additional 404 shares during the period. Hedge funds and other institutional investors own 94.45% of the company’s stock.

Atlassian Company Profile

Atlassian Corporation Plc is a software company headquartered in Sydney, Australia, best known for developing collaboration, project management and software development tools. Founded in 2002 by Mike Cannon-Brookes and Scott Farquhar, Atlassian grew from a small engineering-focused team into a publicly traded company after its initial public offering in 2015. The company serves a global customer base that spans small teams to large enterprises across technology, financial services, government and other sectors.

Atlassian’s product portfolio centers on tools designed to help teams plan, build and support software and business processes.