Atlassian (NASDAQ:TEAM) Trading Down 6.7% – Time to Sell?

Atlassian Corporation PLC (NASDAQ:TEAM)’s stock price fell 6.7% on Tuesday . The company traded as low as $177.76 and last traded at $176.7990. 1,550,580 shares were traded during trading, a decline of 75% from the average daily volume of 6,114,296 shares. The stock had previously closed at $189.58.

Analyst Upgrades and Downgrades

A number of brokerages have recently commented on TEAM. Sanford C. Bernstein reaffirmed an “outperform” rating on shares of Atlassian in a report on Monday, June 29th. Cantor Fitzgerald restated an “overweight” rating and issued a $126.00 price target on shares of Atlassian in a research report on Monday, August 3rd. Citizens Jmp reaffirmed a “market perform” rating on shares of Atlassian in a research note on Wednesday, July 1st. FBN Securities reaffirmed an “outperform” rating and set a $170.00 price objective on shares of Atlassian in a research report on Monday, August 10th. Finally, Weiss Ratings reiterated a “sell (e+)” rating on shares of Atlassian in a research note on Friday, July 17th. Twenty-five research analysts have rated the stock with a Buy rating, four have given a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, Atlassian has an average rating of “Moderate Buy” and a consensus price target of $183.81.

Atlassian Stock Performance

The stock’s 50-day moving average is $128.22 and its 200 day moving average is $96.44. The stock has a market cap of $44.87 billion, a price-to-earnings ratio of -930.12, a P/E/G ratio of 14.90 and a beta of 1.15. The company has a debt-to-equity ratio of 0.93, a current ratio of 0.78 and a quick ratio of 0.78.

Atlassian (NASDAQ:TEAM) last released its earnings results on Friday, August 7th. The technology company reported $1.87 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.50 by $0.37. The company had revenue of $1.77 billion for the quarter, compared to analysts’ expectations of $1.66 billion. Atlassian had a positive return on equity of 20.99% and a negative net margin of 0.82%.The firm’s quarterly revenue was up 27.6% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.98 EPS. As a group, analysts predict that Atlassian Corporation PLC will post 0.94 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Atlassian news, CFO James Chuong sold 9,054 shares of the business’s stock in a transaction on Wednesday, August 19th. The shares were sold at an average price of $172.45, for a total transaction of $1,561,362.30. Following the sale, the chief financial officer directly owned 279,218 shares in the company, valued at approximately $48,151,144.10. The trade was a 3.14% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CAO Gene Liu sold 1,125 shares of the business’s stock in a transaction on Wednesday, August 19th. The stock was sold at an average price of $175.00, for a total transaction of $196,875.00. Following the sale, the chief accounting officer owned 56,807 shares in the company, valued at $9,941,225. The trade was a 1.94% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold 28,383 shares of company stock valued at $4,316,379 over the last quarter. Company insiders own 36.66% of the company’s stock.

Institutional Trading of Atlassian

Hedge funds and other institutional investors have recently made changes to their positions in the stock. California State Teachers Retirement System grew its position in Atlassian by 7,498.4% during the second quarter. California State Teachers Retirement System now owns 17,767,858 shares of the technology company’s stock worth $1,382,162,000 after buying an additional 17,534,021 shares during the period. AQR Capital Management LLC lifted its position in shares of Atlassian by 291.4% during the 4th quarter. AQR Capital Management LLC now owns 7,749,694 shares of the technology company’s stock valued at $1,256,535,000 after acquiring an additional 5,769,788 shares during the period. Pictet Asset Management Holding SA boosted its stake in shares of Atlassian by 27.4% during the 1st quarter. Pictet Asset Management Holding SA now owns 5,031,413 shares of the technology company’s stock worth $343,344,000 after acquiring an additional 1,080,561 shares in the last quarter. Morgan Stanley grew its holdings in shares of Atlassian by 52.4% in the 4th quarter. Morgan Stanley now owns 4,822,007 shares of the technology company’s stock worth $781,841,000 after acquiring an additional 1,657,309 shares during the period. Finally, State Street Corp grew its holdings in shares of Atlassian by 3.3% in the 4th quarter. State Street Corp now owns 3,995,100 shares of the technology company’s stock worth $647,766,000 after acquiring an additional 127,105 shares during the period. Institutional investors and hedge funds 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.