Atlassian (NASDAQ:TEAM) Shares Down 5.5% – Here’s What Happened

Atlassian Corporation PLC (NASDAQ:TEAM)’s stock price dropped 5.5% on Tuesday . The stock traded as low as $88.61 and last traded at $90.8430. Approximately 979,946 shares were traded during mid-day trading, a decline of 85% from the average daily volume of 6,510,458 shares. The stock had previously closed at $96.16.

Analyst Ratings Changes

Several research analysts have commented on TEAM shares. Citizens Jmp reiterated a “market perform” rating on shares of Atlassian in a report on Wednesday, July 1st. Mizuho lowered their target price on shares of Atlassian from $185.00 to $145.00 and set an “outperform” rating for the company in a research note on Tuesday, April 14th. Morgan Stanley cut their price target on Atlassian from $290.00 to $120.00 and set an “overweight” rating on the stock in a research note on Thursday, April 16th. BMO Capital Markets decreased their price target on Atlassian from $105.00 to $95.00 and set an “outperform” rating for the company in a report on Thursday, June 25th. Finally, Raymond James Financial set a $130.00 price objective on Atlassian in a report on Friday, May 1st. Twenty-one analysts have rated the stock with a Buy rating, seven have given a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $144.70.

Atlassian Price Performance

The company has a 50-day moving average of $88.71 and a 200-day moving average of $93.38. The company has a debt-to-equity ratio of 1.13, a quick ratio of 0.70 and a current ratio of 0.70. The stock has a market cap of $23.12 billion, a price-to-earnings ratio of -109.86, a PEG ratio of 5.01 and a beta of 1.11.

Atlassian (NASDAQ:TEAM) last released its earnings results on Thursday, April 30th. The technology company reported $1.75 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.33 by $0.42. Atlassian had a positive return on equity of 6.22% and a negative net margin of 3.50%.The business had revenue of $1.79 billion for the quarter, compared to analyst estimates of $1.70 billion. During the same quarter in the previous year, the company posted $0.97 earnings per share. The company’s revenue for the quarter was up 31.7% compared to the same quarter last year. As a group, equities research analysts predict that Atlassian Corporation PLC will post 0.81 earnings per share for the current year.

Insider Activity

In other Atlassian news, CRO Brian Duffy sold 3,000 shares of Atlassian stock in a transaction that occurred on Friday, June 12th. The stock was sold at an average price of $89.71, for a total value of $269,130.00. Following the sale, the executive owned 227,691 shares of the company’s stock, valued at approximately $20,426,159.61. The trade was a 1.30% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO James Chuong sold 8,838 shares of the business’s stock in a transaction that occurred on Tuesday, May 19th. The stock was sold at an average price of $87.75, for a total value of $775,534.50. Following the transaction, the chief financial officer owned 288,272 shares in the company, valued at $25,295,868. The trade was a 2.97% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last ninety days, insiders sold 20,041 shares of company stock worth $1,801,069. Insiders own 36.66% of the company’s stock.

Institutional Trading of Atlassian

A number of institutional investors have recently modified their holdings of TEAM. AQR Capital Management LLC grew its holdings in Atlassian by 291.4% during the fourth quarter. AQR Capital Management LLC now owns 7,749,694 shares of the technology company’s stock worth $1,256,535,000 after acquiring an additional 5,769,788 shares during the period. Norges Bank acquired a new stake in Atlassian in the fourth quarter valued at $323,526,000. Morgan Stanley boosted its position in shares of Atlassian by 52.4% during the 4th quarter. Morgan Stanley now owns 4,822,007 shares of the technology company’s stock worth $781,841,000 after purchasing an additional 1,657,309 shares in the last quarter. Carmignac Gestion boosted its position in shares of Atlassian by 115.8% during the 1st quarter. Carmignac Gestion now owns 2,603,770 shares of the technology company’s stock worth $177,707,000 after purchasing an additional 1,397,402 shares in the last quarter. Finally, KBC Group NV grew its stake in shares of Atlassian by 1,691.2% during the 1st quarter. KBC Group NV now owns 1,440,019 shares of the technology company’s stock worth $98,281,000 after purchasing an additional 1,359,624 shares during the period. 94.45% of the stock is currently owned by hedge funds and other institutional investors.

About Atlassian

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.