Atlassian (NASDAQ:TEAM) Stock Price Down 6.7% – Here’s Why

Atlassian Corporation PLC (NASDAQ:TEAM)’s stock price was down 6.7% on Tuesday . The company traded as low as $177.76 and last traded at $176.7990. Approximately 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 Ratings Changes

A number of brokerages have commented on TEAM. BMO Capital Markets lifted their target price on Atlassian from $95.00 to $175.00 and gave the company an “outperform” rating in a research note on Friday, August 7th. Zacks Research cut Atlassian from a “strong-buy” rating to a “hold” rating in a research report on Monday, June 29th. Jefferies Financial Group reissued a “buy” rating and issued a $200.00 price target on shares of Atlassian in a report on Friday, August 7th. Weiss Ratings restated a “sell (e+)” rating on shares of Atlassian in a research report on Friday, July 17th. Finally, Citigroup upped their price objective on Atlassian from $170.00 to $225.00 and gave the stock a “buy” rating in a research note on Tuesday, September 1st. Twenty-five analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $183.81.

Atlassian Stock Up 2.3%

The firm has a market cap of $46.13 billion, a price-to-earnings ratio of -959.02, a P/E/G ratio of 13.86 and a beta of 1.15. The firm’s fifty day moving average is $132.08 and its two-hundred day moving average is $97.78. 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 EPS for the quarter, beating the consensus estimate of $1.50 by $0.37. The firm had revenue of $1.77 billion for the quarter, compared to analysts’ expectations of $1.66 billion. Atlassian had a negative net margin of 0.82% and a positive return on equity of 20.99%. Atlassian’s quarterly revenue was up 27.6% on a year-over-year basis. During the same quarter last year, the company earned $0.98 EPS. On average, sell-side analysts expect that Atlassian Corporation PLC will post 0.94 EPS for the current fiscal year.

Insider Activity at Atlassian

In related news, CFO James Chuong sold 9,054 shares of the business’s stock in a transaction that occurred on Wednesday, August 19th. The stock was sold at an average price of $172.45, for a total transaction of $1,561,362.30. Following the sale, the chief financial officer owned 279,218 shares of the company’s stock, valued at $48,151,144.10. The trade was a 3.14% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CRO Brian Duffy sold 7,617 shares of the company’s stock in a transaction that occurred on Friday, August 14th. The stock was sold at an average price of $163.00, for a total value of $1,241,571.00. Following the completion of the sale, the executive owned 220,074 shares of the company’s stock, valued at $35,872,062. This trade represents a 3.35% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold 25,138 shares of company stock worth $4,021,003 over the last quarter. 36.66% of the stock is currently owned by company insiders.

Institutional Trading of Atlassian

Institutional investors have recently modified their holdings of the company. California State Teachers Retirement System raised its holdings in shares of Atlassian by 7,498.4% in the 2nd quarter. California State Teachers Retirement System now owns 17,767,858 shares of the technology company’s stock worth $1,382,162,000 after purchasing an additional 17,534,021 shares in the last quarter. AQR Capital Management LLC boosted 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 buying an additional 5,769,788 shares in the last quarter. Norges Bank acquired a new position in Atlassian in the fourth quarter worth approximately $323,526,000. Morgan Stanley grew its position in Atlassian by 52.4% in the fourth quarter. Morgan Stanley now owns 4,822,007 shares of the technology company’s stock worth $781,841,000 after buying an additional 1,657,309 shares during the last quarter. Finally, Carmignac Gestion increased its holdings in shares of Atlassian by 115.8% in the first quarter. Carmignac Gestion now owns 2,603,770 shares of the technology company’s stock valued at $177,707,000 after buying an additional 1,397,402 shares in the last quarter. Institutional investors and hedge funds own 94.45% of the company’s stock.

About Atlassian

Atlassian Corporation develops collaboration, productivity and workflow software for software development, information technology, business and other teams. Its products are designed to help organizations plan projects, manage work, share knowledge, improve service delivery and coordinate across departments.

Its product portfolio includes Jira for project and issue tracking, Confluence for collaboration and knowledge management, Jira Service Management for IT and business service workflows, Trello for organizing tasks and projects, Bitbucket for source-code management, and Loom for video messaging.