Atlassian (NASDAQ:TEAM) Hits New 12-Month Low – What’s Next?

Shares of Atlassian Corporation PLC (NASDAQ:TEAM) reached a new 52-week low on Tuesday . The stock traded as low as $82.60 and last traded at $81.42, with a volume of 1204561 shares. The stock had previously closed at $84.38.

Analyst Upgrades and Downgrades

Several research analysts have commented on the stock. Wells Fargo & Company cut their price target on shares of Atlassian from $216.00 to $155.00 and set an “overweight” rating for the company in a report on Friday, February 6th. Canaccord Genuity Group set a $185.00 price objective on Atlassian in a research report on Friday, February 6th. Jefferies Financial Group set a $150.00 price target on shares of Atlassian in a research report on Friday, February 6th. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Atlassian in a research note on Wednesday, January 21st. Finally, BMO Capital Markets set a $130.00 target price on shares of Atlassian and gave the stock an “outperform” rating in a research report on Friday, February 6th. Twenty research analysts have rated the stock with a Buy rating, five have issued a Hold rating and two have issued a Sell rating to the company. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $189.32.

Atlassian Trading Down 2.5%

The stock’s 50 day moving average is $136.25 and its 200-day moving average is $153.17. The company has a current ratio of 0.89, a quick ratio of 0.89 and a debt-to-equity ratio of 0.62. The company has a market cap of $21.69 billion, a P/E ratio of -113.73, a PEG ratio of 70.43 and a beta of 0.88.

Atlassian (NASDAQ:TEAM) last posted its quarterly earnings results on Thursday, February 5th. The technology company reported $1.22 earnings per share for the quarter, topping the consensus estimate of $1.12 by $0.10. The firm had revenue of $1.59 billion during the quarter, compared to analysts’ expectations of $1.54 billion. Atlassian had a negative return on equity of 6.33% and a negative net margin of 3.29%.The company’s revenue was up 23.3% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.96 earnings per share. Research analysts anticipate that Atlassian Corporation PLC will post -0.34 earnings per share for the current fiscal year.

Insider Buying and Selling at Atlassian

In related news, Director Scott Farquhar sold 7,665 shares of the company’s stock in a transaction on Friday, February 6th. The stock was sold at an average price of $94.81, for a total transaction of $726,718.65. Following the completion of the sale, the director owned 275,940 shares in the company, valued at approximately $26,161,871.40. This represents a 2.70% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Michael Cannon-Brookes sold 7,665 shares of the firm’s stock in a transaction dated Friday, February 6th. The stock was sold at an average price of $94.81, for a total value of $726,718.65. Following the completion of the transaction, the chief executive officer directly owned 275,940 shares in the company, valued at $26,161,871.40. The trade was a 2.70% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold 497,847 shares of company stock valued at $72,254,722 in the last ninety days. 36.66% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in the business. Capco Asset Management LLC bought a new stake in shares of Atlassian during the 2nd quarter valued at $25,000. Physician Wealth Advisors Inc. grew its holdings in Atlassian by 60.4% during the third quarter. Physician Wealth Advisors Inc. now owns 162 shares of the technology company’s stock valued at $26,000 after purchasing an additional 61 shares during the period. Atlantic Union Bankshares Corp increased its position in Atlassian by 19,900.0% in the third quarter. Atlantic Union Bankshares Corp now owns 200 shares of the technology company’s stock worth $32,000 after buying an additional 199 shares in the last quarter. Board of the Pension Protection Fund bought a new position in shares of Atlassian in the fourth quarter worth about $32,000. Finally, Basepoint Wealth LLC purchased a new position in shares of Atlassian during the 4th quarter valued at about $32,000. 94.45% of the stock is currently owned by institutional investors.

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.