Atlassian (NASDAQ:TEAM) Hits New 12-Month Low – Should You Sell?

Atlassian Corporation PLC (NASDAQ:TEAM)’s stock price hit a new 52-week low on Thursday . The company traded as low as $115.01 and last traded at $118.5370, with a volume of 4526947 shares trading hands. The stock had previously closed at $134.76.

Analyst Upgrades and Downgrades

Several equities research analysts have commented on the stock. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $240.00 target price on shares of Atlassian in a research note on Friday, October 31st. The Goldman Sachs Group restated a “buy” rating and issued a $260.00 price objective on shares of Atlassian in a research report on Friday, October 31st. Jefferies Financial Group set a $262.00 target price on Atlassian in a report on Thursday, January 15th. Macquarie decreased their target price on Atlassian from $250.00 to $240.00 and set an “outperform” rating for the company in a research note on Monday, November 3rd. Finally, Robert W. Baird dropped their price target on Atlassian from $230.00 to $170.00 and set an “outperform” rating on the stock in a research report on Monday. Twenty-one investment analysts have rated the stock with a Buy rating, eight have given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $231.54.

Atlassian Trading Down 11.4%

The company has a debt-to-equity ratio of 0.72, a current ratio of 1.26 and a quick ratio of 1.26. The business’s 50-day moving average is $150.02 and its two-hundred day moving average is $162.32. The firm has a market cap of $31.40 billion, a P/E ratio of -168.05, a P/E/G ratio of 20.73 and a beta of 0.88.

Atlassian (NASDAQ:TEAM) last announced its quarterly earnings data on Thursday, October 30th. The technology company reported $1.04 earnings per share for the quarter, beating the consensus estimate of $0.83 by $0.21. Atlassian had a negative return on equity of 7.11% and a negative net margin of 3.38%.The company had revenue of $1.43 billion during the quarter, compared to analysts’ expectations of $1.40 billion. During the same quarter last year, the company earned $0.77 EPS. Atlassian’s revenue for the quarter was up 20.6% compared to the same quarter last year. As a group, analysts predict that Atlassian Corporation PLC will post -0.34 earnings per share for the current fiscal year.

Insider Activity at Atlassian

In other news, Director Scott Farquhar sold 7,665 shares of the business’s stock in a transaction dated Friday, October 31st. The shares were sold at an average price of $167.61, for a total transaction of $1,284,730.65. Following the transaction, the director directly owned 314,265 shares in the company, valued at $52,673,956.65. The trade was a 2.38% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, President Anutthara Bharadwaj sold 9,847 shares of the firm’s stock in a transaction dated Friday, November 14th. The shares were sold at an average price of $152.46, for a total transaction of $1,501,273.62. Following the completion of the sale, the president owned 242,092 shares of the company’s stock, valued at $36,909,346.32. This trade represents a 3.91% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last three months, insiders sold 551,049 shares of company stock valued at $84,075,059. 36.66% of the stock is owned by corporate insiders.

Institutional Trading of Atlassian

Several hedge funds have recently added to or reduced their stakes in TEAM. Capco Asset Management LLC acquired a new stake in shares of Atlassian during the second quarter worth $25,000. Physician Wealth Advisors Inc. grew its position in shares of Atlassian by 60.4% during the 3rd quarter. Physician Wealth Advisors Inc. now owns 162 shares of the technology company’s stock worth $26,000 after purchasing an additional 61 shares in the last quarter. Geneos Wealth Management Inc. raised its position in shares of Atlassian by 447.2% in the first quarter. Geneos Wealth Management Inc. now owns 197 shares of the technology company’s stock valued at $42,000 after buying an additional 161 shares in the last quarter. Atlantic Union Bankshares Corp boosted its stake in shares of Atlassian by 19,900.0% in the third quarter. Atlantic Union Bankshares Corp now owns 200 shares of the technology company’s stock valued at $32,000 after buying an additional 199 shares during the period. Finally, Board of the Pension Protection Fund acquired a new stake in Atlassian during the fourth quarter worth approximately $32,000. 94.45% of the stock is owned by institutional investors and hedge funds.

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.