Atlassian (NASDAQ:TEAM) Sets New 1-Year Low – Time to Sell?

Shares of Atlassian Corporation PLC (NASDAQ:TEAM) hit a new 52-week low on Tuesday . The company traded as low as $67.33 and last traded at $69.3070, with a volume of 2654199 shares traded. The stock had previously closed at $74.41.

Wall Street Analysts Forecast Growth

A number of equities analysts recently commented on TEAM shares. Wall Street Zen upgraded Atlassian from a “hold” rating to a “buy” rating in a report on Monday. Barclays reduced their price objective on shares of Atlassian from $215.00 to $165.00 and set an “overweight” rating on the stock in a research report on Friday, February 6th. Robert W. Baird set a $140.00 price objective on shares of Atlassian in a report on Friday, February 6th. UBS Group reaffirmed a “neutral” rating and issued a $105.00 target price on shares of Atlassian in a research report on Friday, February 6th. Finally, Cantor Fitzgerald reduced their price target on shares of Atlassian from $240.00 to $146.00 and set an “overweight” rating on the stock in a research report on Wednesday, February 4th. Twenty-two investment analysts have rated the stock with a Buy rating, five have given a Hold rating and two have issued a Sell rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $180.48.

Atlassian Price Performance

The firm has a 50-day moving average of $94.82 and a 200 day moving average of $136.54. The company has a market capitalization of $18.15 billion, a PE ratio of -95.56 and a beta of 0.94. The company has a debt-to-equity ratio of 0.62, a current ratio of 0.89 and a quick ratio of 0.89.

Atlassian (NASDAQ:TEAM) last posted its earnings results on Thursday, February 5th. The technology company reported $1.22 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.12 by $0.10. The business 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%. During the same quarter in the prior year, the business earned $0.96 EPS. The business’s revenue for the quarter was up 23.3% compared to the same quarter last year. As a group, research analysts anticipate that Atlassian Corporation PLC will post -0.34 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Atlassian news, 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 transaction, the chief executive officer directly owned 275,940 shares of the company’s stock, valued at approximately $26,161,871.40. This trade represents a 2.70% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CRO Brian Duffy sold 1,222 shares of the company’s stock in a transaction dated Thursday, February 19th. The shares were sold at an average price of $81.35, for a total transaction of $99,409.70. Following the sale, the executive directly owned 124,332 shares of the company’s stock, valued at $10,114,408.20. The trade was a 0.97% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 281,953 shares of company stock valued at $38,201,571 in the last ninety days. Corporate insiders own 36.66% of the company’s stock.

Institutional Investors Weigh In On Atlassian

Hedge funds and other institutional investors have recently modified their holdings of the stock. Vanguard Group Inc. grew its holdings in Atlassian by 0.3% during the fourth quarter. Vanguard Group Inc. now owns 18,541,267 shares of the technology company’s stock valued at $3,006,281,000 after purchasing an additional 61,706 shares during the period. Baillie Gifford & Co. increased its position in Atlassian by 3.9% in the fourth quarter. Baillie Gifford & Co. now owns 8,431,802 shares of the technology company’s stock worth $1,367,132,000 after buying an additional 316,276 shares in the last quarter. AQR Capital Management LLC raised its stake in shares of Atlassian by 291.4% in 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 during the period. Morgan Stanley lifted its position in shares of Atlassian by 52.4% during the 4th quarter. Morgan Stanley now owns 4,822,007 shares of the technology company’s stock valued at $781,841,000 after buying an additional 1,657,309 shares in the last quarter. Finally, State Street Corp lifted its position in shares of Atlassian by 3.3% during the 4th quarter. State Street Corp now owns 3,995,100 shares of the technology company’s stock valued at $647,766,000 after buying an additional 127,105 shares in the last quarter. 94.45% of the stock is currently owned by hedge funds and other 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.