Atlassian (NASDAQ:TEAM) Reaches New 1-Year Low – Here’s Why

Atlassian Corporation PLC (NASDAQ:TEAM) hit a new 52-week low during mid-day trading on Wednesday . The company traded as low as $64.02 and last traded at $64.0350, with a volume of 4335063 shares traded. The stock had previously closed at $64.83.

Wall Street Analyst Weigh In

Several equities research analysts have commented on TEAM shares. BNP Paribas Exane started coverage on shares of Atlassian in a research note on Monday, March 16th. They issued an “outperform” rating and a $95.00 price target on the stock. Wolfe Research restated an “outperform” rating and issued a $100.00 price target on shares of Atlassian in a research note on Thursday, March 12th. Weiss Ratings restated a “sell (e+)” rating on shares of Atlassian in a research note on Wednesday, January 21st. Oppenheimer dropped their price target on shares of Atlassian from $275.00 to $150.00 and set an “outperform” rating on the stock in a research note on Friday, February 6th. Finally, Robert W. Baird set a $140.00 price target on shares of Atlassian in a research note on Friday, February 6th. Twenty analysts have rated the stock with a Buy rating, six have assigned a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $179.00.

Atlassian Stock Down 0.5%

The company has a quick ratio of 0.89, a current ratio of 0.89 and a debt-to-equity ratio of 0.62. The firm has a market cap of $17.01 billion, a price-to-earnings ratio of -89.54 and a beta of 0.99. The stock’s 50 day moving average is $81.49 and its 200 day moving average is $128.31.

Atlassian (NASDAQ:TEAM) last posted its quarterly earnings results on Friday, February 6th. The technology company reported $1.22 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.12 by $0.10. Atlassian had a negative net margin of 3.29% and a negative return on equity of 6.33%. The firm had revenue of $1.59 billion for the quarter, compared to analyst estimates of $1.54 billion. During the same quarter in the previous year, the business posted $0.96 earnings per share. The firm’s quarterly revenue was up 23.3% compared to the same quarter last year. Analysts forecast that Atlassian Corporation PLC will post -0.34 EPS for the current year.

Insider Buying and Selling

In other Atlassian news, CEO Michael Cannon-Brookes sold 7,665 shares of Atlassian stock in a transaction on Thursday, January 22nd. The shares were sold at an average price of $126.11, for a total transaction of $966,633.15. Following the completion of the sale, the chief executive officer owned 352,590 shares of the company’s stock, valued at $44,465,124.90. This trade represents a 2.13% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, Director Scott Farquhar sold 7,665 shares of the firm’s stock in a transaction on Tuesday, January 20th. The shares were sold at an average price of $118.19, for a total transaction of $905,926.35. Following the transaction, the director owned 367,920 shares in the company, valued at $43,484,464.80. This represents a 2.04% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 189,973 shares of company stock valued at $23,479,713 in the last ninety days. Company insiders own 36.66% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of TEAM. MV Capital Management Inc. bought a new position in Atlassian in the 4th quarter worth $25,000. Physician Wealth Advisors Inc. raised its holdings in Atlassian by 60.4% in the 3rd quarter. Physician Wealth Advisors Inc. now owns 162 shares of the technology company’s stock worth $26,000 after acquiring an additional 61 shares during the period. Atlantic Union Bankshares Corp raised its holdings in Atlassian by 19,900.0% in the 3rd quarter. Atlantic Union Bankshares Corp now owns 200 shares of the technology company’s stock worth $32,000 after acquiring an additional 199 shares during the period. Board of the Pension Protection Fund bought a new position in Atlassian in the 4th quarter worth $32,000. Finally, Basepoint Wealth LLC bought a new position in Atlassian in the 4th quarter worth $32,000. Institutional investors own 94.45% of the company’s stock.

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.