Atlassian (NASDAQ:TEAM) Reaches New 12-Month Low – Here’s Why

Atlassian Corporation PLC (NASDAQ:TEAM) shares reached a new 52-week low during trading on Tuesday . The stock traded as low as $88.51 and last traded at $91.23, with a volume of 8773163 shares. The stock had previously closed at $94.72.

Analysts Set New Price Targets

Several research firms have issued reports on TEAM. Cantor Fitzgerald dropped their target price on Atlassian from $240.00 to $146.00 and set an “overweight” rating on the stock in a research report on Wednesday, February 4th. Sanford C. Bernstein increased their price objective on Atlassian from $290.00 to $304.00 and gave the stock an “outperform” rating in a report on Tuesday, November 18th. Wells Fargo & Company cut their target price on Atlassian from $216.00 to $155.00 and set an “overweight” rating for the company in a research note on Friday, February 6th. Jefferies Financial Group set a $150.00 target price on Atlassian in a report on Friday, February 6th. Finally, BMO Capital Markets set a $130.00 price objective on shares of Atlassian and gave the company an “outperform” rating in a research report on Friday, February 6th. Twenty research analysts have rated the stock with a Buy rating, six have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, Atlassian currently has a consensus rating of “Moderate Buy” and an average target price of $189.32.

Atlassian Trading Down 0.6%

The company has a debt-to-equity ratio of 0.62, a quick ratio of 1.26 and a current ratio of 0.89. The firm has a market cap of $22.75 billion, a PE ratio of -120.11, a PEG ratio of 72.60 and a beta of 0.88. The stock’s 50 day simple moving average is $139.28 and its 200 day simple moving average is $155.36.

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

Insider Transactions at Atlassian

In other news, Director Scott Farquhar sold 7,665 shares of the stock in a transaction dated Monday, November 17th. The stock was sold at an average price of $147.41, for a total transaction of $1,129,897.65. Following the transaction, the director directly owned 222,285 shares in the company, valued at approximately $32,767,031.85. This represents a 3.33% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, President Anutthara Bharadwaj sold 9,847 shares of the business’s stock in a transaction that occurred on Friday, November 14th. The stock was sold at an average price of $152.46, for a total value 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. The trade was a 3.91% decrease in their position. The SEC filing for this sale provides additional information. In the last three months, insiders sold 535,719 shares of company stock worth $77,951,260. 36.66% of the stock is currently owned by corporate insiders.

Institutional Trading of Atlassian

A number of institutional investors have recently made changes to their positions in the stock. Capco Asset Management LLC bought a new stake in Atlassian during the 2nd quarter valued at $25,000. Physician Wealth Advisors Inc. raised its stake in shares of 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 acquiring an additional 61 shares during the last quarter. Geneos Wealth Management Inc. raised its stake in shares of Atlassian by 447.2% during the first quarter. Geneos Wealth Management Inc. now owns 197 shares of the technology company’s stock valued at $42,000 after acquiring an additional 161 shares during the last quarter. Atlantic Union Bankshares Corp boosted its holdings in shares of Atlassian by 19,900.0% during the third quarter. Atlantic Union Bankshares Corp now owns 200 shares of the technology company’s stock worth $32,000 after purchasing an additional 199 shares during the period. Finally, Board of the Pension Protection Fund bought a new stake in shares of Atlassian in the fourth quarter worth about $32,000. Hedge funds and other institutional investors 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.