Atlassian Corporation PLC (NASDAQ:TEAM – Get Free Report)’s stock price dropped 5.1% on Thursday . The stock traded as low as $87.33 and last traded at $86.8960. Approximately 2,199,438 shares traded hands during mid-day trading, a decline of 68% from the average daily volume of 6,926,288 shares. The stock had previously closed at $91.54.
Analysts Set New Price Targets
TEAM has been the subject of several analyst reports. BMO Capital Markets decreased their target price on Atlassian from $130.00 to $105.00 and set an “outperform” rating for the company in a research report on Friday, May 1st. Piper Sandler reduced their price objective on shares of Atlassian from $200.00 to $175.00 and set an “overweight” rating on the stock in a research note on Friday, May 1st. Citigroup decreased their price objective on shares of Atlassian from $160.00 to $110.00 and set a “buy” rating for the company in a report on Friday, May 1st. UBS Group lowered their target price on shares of Atlassian from $105.00 to $95.00 and set a “neutral” rating for the company in a research note on Friday, May 1st. Finally, Sanford C. Bernstein reiterated an “outperform” rating and issued a $295.00 target price on shares of Atlassian in a report on Friday, May 1st. One equities research analyst has rated the stock with a Strong Buy rating, twenty-one have given a Buy rating, five have assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $145.63.
View Our Latest Stock Analysis on TEAM
Atlassian Stock Performance
Atlassian (NASDAQ:TEAM – Get Free Report) last issued its quarterly earnings data on Thursday, April 30th. The technology company reported $1.75 earnings per share (EPS) for the quarter, beating the consensus estimate 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 during the quarter, compared to analyst estimates of $1.70 billion. During the same period in the previous year, the firm earned $0.97 EPS. Atlassian’s quarterly revenue was up 31.7% compared to the same quarter last year. As a group, analysts anticipate that Atlassian Corporation PLC will post 0.81 EPS for the current fiscal year.
Insider Activity at Atlassian
In related news, CRO Brian Duffy sold 3,000 shares of the firm’s stock in a transaction on Friday, June 12th. The shares were sold at an average price of $89.71, for a total transaction of $269,130.00. Following the sale, the executive directly owned 227,691 shares in the company, valued at $20,426,159.61. This trade represents a 1.30% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CFO James Chuong sold 8,838 shares of the company’s stock in a transaction on Tuesday, May 19th. The stock was sold at an average price of $87.75, for a total transaction of $775,534.50. Following the completion of the transaction, the chief financial officer directly owned 288,272 shares of the company’s stock, valued at approximately $25,295,868. The trade was a 2.97% decrease in their ownership of the stock. 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. Insiders sold 20,041 shares of company stock valued at $1,801,069 in the last quarter. Corporate insiders own 36.66% of the company’s stock.
Institutional Trading of Atlassian
Several hedge funds and other institutional investors have recently modified their holdings of the company. MV Capital Management Inc. bought a new position in shares of Atlassian during the fourth quarter worth about $25,000. Western Wealth Management LLC bought a new stake in Atlassian in the 1st quarter valued at approximately $30,000. State of Wyoming lifted its stake in Atlassian by 65.7% in the 1st quarter. State of Wyoming now owns 449 shares of the technology company’s stock valued at $31,000 after acquiring an additional 178 shares in the last quarter. Board of the Pension Protection Fund acquired a new position in Atlassian during the 4th quarter worth approximately $32,000. Finally, Basepoint Wealth LLC acquired a new position in Atlassian during the 4th quarter worth approximately $32,000. Institutional investors and hedge funds own 94.45% of the company’s stock.
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.
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