Atlassian (NASDAQ:TEAM) Stock Price Down 7.1% – Should You Sell?

Atlassian Co. (NASDAQ:TEAM) was down 7.1% during mid-day trading on Friday . The stock traded as low as $236.36 and last traded at $232.88. Approximately 961,417 shares were traded during mid-day trading, a decline of 52% from the average daily volume of 1,990,853 shares. The stock had previously closed at $250.66.

Wall Street Analyst Weigh In

A number of brokerages recently commented on TEAM. JMP Securities restated a “market perform” rating on shares of Atlassian in a research note on Friday, January 31st. KeyCorp increased their price objective on shares of Atlassian from $315.00 to $365.00 and gave the stock an “overweight” rating in a report on Friday, January 31st. Macquarie upped their target price on shares of Atlassian from $290.00 to $317.00 and gave the stock a “neutral” rating in a research report on Friday, February 7th. Oppenheimer raised their price target on shares of Atlassian from $300.00 to $380.00 and gave the company an “outperform” rating in a research note on Friday, January 31st. Finally, BMO Capital Markets raised Atlassian from a “market perform” rating to an “outperform” rating and increased their price objective for the stock from $255.00 to $292.00 in a report on Friday, January 10th. Nine equities research analysts have rated the stock with a hold rating and sixteen have issued a buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $319.71.

Atlassian Trading Down 4.1 %

The company has a debt-to-equity ratio of 0.81, a current ratio of 1.24 and a quick ratio of 1.24. The company has a fifty day simple moving average of $276.34 and a two-hundred day simple moving average of $231.09. The company has a market capitalization of $62.98 billion, a P/E ratio of -179.68 and a beta of 0.87.

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

Insider Transactions at Atlassian

In other news, President Anutthara Bharadwaj sold 1,520 shares of Atlassian stock in a transaction dated Friday, December 20th. The shares were sold at an average price of $254.76, for a total transaction of $387,235.20. Following the sale, the president now directly owns 211,991 shares in the company, valued at approximately $54,006,827.16. The trade was a 0.71 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CAO Gene Liu sold 568 shares of the company’s stock in a transaction that occurred on Friday, February 14th. The shares were sold at an average price of $312.08, for a total value of $177,261.44. Following the completion of the sale, the chief accounting officer now owns 52,142 shares in the company, valued at approximately $16,272,475.36. This represents a 1.08 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 264,553 shares of company stock worth $72,913,406. Insiders own 38.55% of the company’s stock.

Institutional Trading of Atlassian

A number of large investors have recently bought and sold shares of TEAM. Corebridge Financial Inc. increased its stake in Atlassian by 0.3% in the 4th quarter. Corebridge Financial Inc. now owns 10,499 shares of the technology company’s stock valued at $2,555,000 after buying an additional 35 shares during the last quarter. GeoWealth Management LLC grew its stake in shares of Atlassian by 26.8% in the fourth quarter. GeoWealth Management LLC now owns 180 shares of the technology company’s stock valued at $44,000 after buying an additional 38 shares in the last quarter. Assetmark Inc. increased its holdings in Atlassian by 30.6% during the fourth quarter. Assetmark Inc. now owns 175 shares of the technology company’s stock worth $43,000 after buying an additional 41 shares during the last quarter. Allworth Financial LP raised its position in Atlassian by 3.1% during the fourth quarter. Allworth Financial LP now owns 1,548 shares of the technology company’s stock worth $404,000 after acquiring an additional 47 shares in the last quarter. Finally, True Wealth Design LLC grew its holdings in Atlassian by 21.6% during the fourth quarter. True Wealth Design LLC now owns 282 shares of the technology company’s stock worth $69,000 after purchasing an additional 50 shares during the period. 94.45% of the stock is currently owned by institutional investors.

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.