Atlassian (NASDAQ:TEAM) Stock Price Breaks Below Fifty Day Moving Average – Here’s Why

Atlassian Corporation PLC (NASDAQ:TEAM)’s stock price crossed below its 50-day moving average during trading on Friday. The stock has a 50-day moving average of $195.23 and traded as low as $188.43. Atlassian shares last traded at $191.72, with a volume of 4,234,033 shares.

Analysts Set New Price Targets

Several research firms have issued reports on TEAM. Jefferies Financial Group reaffirmed a “buy” rating and issued a $200.00 price target on shares of Atlassian in a report on Friday, August 7th. FBN Securities reissued an “outperform” rating and set a $170.00 price objective on shares of Atlassian in a research note on Monday, August 10th. UBS Group set a $280.00 target price on Atlassian in a report on Monday, October 19th. Weiss Ratings reissued a “sell (e+)” rating on shares of Atlassian in a research note on Thursday, October 15th. Finally, Citigroup boosted their price objective on Atlassian from $225.00 to $245.00 and gave the stock a “buy” rating in a report on Tuesday, October 20th. Twenty-three research analysts have rated the stock with a Buy rating, four have given a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $215.08.

Atlassian Stock Down 6.1%

The company has a debt-to-equity ratio of 0.93, a current ratio of 0.78 and a quick ratio of 0.78. The firm has a market cap of $48.53 billion, a PE ratio of -1,009.05, a P/E/G ratio of 20.44 and a beta of 1.22. The business has a fifty day moving average price of $195.23 and a two-hundred day moving average price of $118.22.

Atlassian (NASDAQ:TEAM) last announced its quarterly earnings data on Friday, August 7th. The technology company reported $1.87 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.50 by $0.37. Atlassian had a positive return on equity of 20.99% and a negative net margin of 0.82%. The firm had revenue of $1.77 billion during the quarter, compared to the consensus estimate of $1.66 billion. During the same period in the prior year, the business earned $0.98 EPS. The business’s revenue for the quarter was up 27.6% on a year-over-year basis. On average, analysts anticipate that Atlassian Corporation PLC will post 0.69 EPS for the current fiscal year.

Insider Transactions at Atlassian

In other Atlassian news, CAO Gene Liu sold 337 shares of Atlassian stock in a transaction that occurred on Monday, October 12th. The shares were sold at an average price of $210.00, for a total value of $70,770.00. Following the completion of the sale, the chief accounting officer directly owned 55,531 shares in the company, valued at $11,661,510. The trade was a 0.60% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO James Chuong sold 9,054 shares of the business’s stock in a transaction that occurred on Wednesday, August 19th. The stock was sold at an average price of $172.45, for a total value of $1,561,362.30. Following the completion of the sale, the chief financial officer owned 279,218 shares of the company’s stock, valued at approximately $48,151,144.10. This trade represents a 3.14% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders sold 22,475 shares of company stock valued at $3,822,643 in the last three months. Corporate insiders own 37.63% of the company’s stock.

Hedge Funds Weigh In On Atlassian

Several large investors have recently made changes to their positions in TEAM. Rakuten Investment Management Inc. bought a new position in shares of Atlassian during the 3rd quarter worth approximately $1,826,000. Provenance Wealth Advisors LLC boosted its stake in Atlassian by 5,921.4% in the 3rd quarter. Provenance Wealth Advisors LLC now owns 843 shares of the technology company’s stock valued at $151,000 after buying an additional 829 shares in the last quarter. GRIMES & Co WEALTH MANAGEMENT LLC grew its position in Atlassian by 7.9% in the third quarter. GRIMES & Co WEALTH MANAGEMENT LLC now owns 59,407 shares of the technology company’s stock valued at $10,651,000 after acquiring an additional 4,345 shares during the period. Trek Financial LLC bought a new stake in Atlassian in the third quarter valued at $3,747,000. Finally, Greenleaf Trust grew its position in Atlassian by 3.7% in the third quarter. Greenleaf Trust now owns 3,225 shares of the technology company’s stock valued at $578,000 after acquiring an additional 114 shares during the period. Institutional investors and hedge funds own 94.45% of the company’s stock.

About Atlassian

Atlassian Corporation develops collaboration, project-management and workflow software for technology, business and service teams. Its products are designed to help organizations plan projects, manage software development, coordinate work and share knowledge across departments.

Its product portfolio includes Jira for project and issue tracking, Confluence for team collaboration and knowledge management, Jira Service Management for IT and enterprise service workflows, Trello for organizing tasks and projects, Loom for video messaging and screen recording, and Bitbucket for source-code management and collaboration.