Atlassian (NASDAQ:TEAM) Shares Gap Down to $165.15

Atlassian Co. (NASDAQ:TEAM)’s share price gapped down before the market opened on Tuesday . The stock had previously closed at $165.15, but opened at $159.88. Atlassian shares last traded at $161.07, with a volume of 248,670 shares traded.

Wall Street Analysts Forecast Growth

TEAM has been the topic of a number of recent analyst reports. Robert W. Baird cut shares of Atlassian from an “outperform” rating to a “neutral” rating and decreased their price objective for the company from $230.00 to $175.00 in a research note on Friday, August 2nd. Baird R W downgraded Atlassian from a “strong-buy” rating to a “hold” rating in a research report on Friday, August 2nd. Oppenheimer decreased their target price on Atlassian from $250.00 to $230.00 and set an “outperform” rating on the stock in a research report on Friday, August 2nd. Scotiabank dropped their target price on shares of Atlassian from $210.00 to $175.00 and set a “sector perform” rating for the company in a report on Friday, August 2nd. Finally, BMO Capital Markets decreased their price target on shares of Atlassian from $220.00 to $177.00 and set a “market perform” rating on the stock in a report on Friday, August 2nd. Ten analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $217.69.

Atlassian Price Performance

The firm has a market cap of $40.81 billion, a P/E ratio of -262.14 and a beta of 0.73. The company has a quick ratio of 1.18, a current ratio of 1.18 and a debt-to-equity ratio of 0.95. The business’s 50 day moving average is $163.38 and its two-hundred day moving average is $176.42.

Atlassian (NASDAQ:TEAM) last released its earnings results on Thursday, August 1st. The technology company reported $0.66 EPS for the quarter, topping the consensus estimate of $0.59 by $0.07. The business had revenue of $1.13 billion during the quarter, compared to analysts’ expectations of $1.13 billion. Atlassian had a negative return on equity of 17.69% and a negative net margin of 6.89%. The firm’s revenue was up 20.5% on a year-over-year basis. During the same quarter last year, the firm posted ($0.21) earnings per share. As a group, analysts anticipate that Atlassian Co. will post -0.58 earnings per share for the current year.

Insider Buying and Selling

In other news, CEO Scott Farquhar sold 7,948 shares of the stock in a transaction dated Wednesday, August 7th. The shares were sold at an average price of $140.54, for a total transaction of $1,117,011.92. Following the transaction, the chief executive officer now owns 294,076 shares of the company’s stock, valued at approximately $41,329,441.04. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other Atlassian news, President Anutthara Bharadwaj sold 760 shares of the firm’s stock in a transaction on Friday, June 21st. The shares were sold at an average price of $160.00, for a total value of $121,600.00. Following the transaction, the president now directly owns 153,294 shares of the company’s stock, valued at $24,527,040. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Scott Farquhar sold 7,948 shares of the business’s stock in a transaction dated Wednesday, August 7th. The stock was sold at an average price of $140.54, for a total transaction of $1,117,011.92. Following the sale, the chief executive officer now directly owns 294,076 shares of the company’s stock, valued at $41,329,441.04. The disclosure for this sale can be found here. Insiders have sold a total of 232,211 shares of company stock valued at $38,944,173 over the last ninety days. 40.48% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the stock. Vanguard Group Inc. grew its holdings in Atlassian by 3.4% during the fourth quarter. Vanguard Group Inc. now owns 15,355,652 shares of the technology company’s stock worth $3,652,495,000 after buying an additional 504,181 shares in the last quarter. Diversified Trust Co raised its holdings in shares of Atlassian by 27.6% in the first quarter. Diversified Trust Co now owns 14,036 shares of the technology company’s stock valued at $2,739,000 after purchasing an additional 3,035 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. lifted its position in shares of Atlassian by 7.9% during the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 142,087 shares of the technology company’s stock valued at $27,723,000 after purchasing an additional 10,434 shares in the last quarter. State Board of Administration of Florida Retirement System boosted its holdings in Atlassian by 2.1% during the first quarter. State Board of Administration of Florida Retirement System now owns 175,350 shares of the technology company’s stock worth $34,213,000 after purchasing an additional 3,687 shares during the last quarter. Finally, Alberta Investment Management Corp grew its position in Atlassian by 16.1% in the 4th quarter. Alberta Investment Management Corp now owns 96,211 shares of the technology company’s stock worth $22,885,000 after purchasing an additional 13,328 shares in the last quarter. Institutional investors own 93.03% of the company’s stock.

About Atlassian

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.