Atlassian (TEAM) Trading Down 14.3%

Atlassian Co. PLC (NASDAQ:TEAM)’s share price dropped 14.3% on Friday . The company traded as low as $69.56 and last traded at $70.18. Approximately 8,068,122 shares were traded during trading, an increase of 492% from the average daily volume of 1,362,628 shares. The stock had previously closed at $81.89.

A number of equities research analysts recently commented on the stock. Summit Insights cut shares of Atlassian from a “buy” rating to a “hold” rating in a research note on Friday, September 7th. Zacks Investment Research cut shares of Atlassian from a “buy” rating to a “hold” rating in a research note on Wednesday, September 19th. Canaccord Genuity reissued a “buy” rating and issued a $100.00 price objective on shares of Atlassian in a research note on Tuesday, September 4th. Morgan Stanley cut shares of Atlassian from an “overweight” rating to an “equal weight” rating and increased their price objective for the company from $75.00 to $94.00 in a research note on Thursday, October 4th. They noted that the move was a valuation call. Finally, DA Davidson increased their price objective on shares of Atlassian from $88.00 to $108.00 and gave the company a “buy” rating in a research note on Wednesday, September 5th. Eight research analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the company. The company has an average rating of “Buy” and an average target price of $79.92.

The company has a market cap of $8.88 billion, a P/E ratio of -1,130.57, a PEG ratio of 64.08 and a beta of 2.59. The company has a current ratio of 3.95, a quick ratio of 3.95 and a debt-to-equity ratio of 0.92.

Atlassian (NASDAQ:TEAM) last issued its quarterly earnings data on Thursday, October 18th. The technology company reported $0.20 EPS for the quarter, beating the Zacks’ consensus estimate of $0.19 by $0.01. Atlassian had a negative net margin of 13.65% and a negative return on equity of 2.30%. The firm had revenue of $267.30 million for the quarter, compared to analysts’ expectations of $259.67 million. During the same period in the prior year, the company earned $0.12 EPS. The firm’s revenue was up 36.7% on a year-over-year basis. As a group, research analysts anticipate that Atlassian Co. PLC will post 0.1 EPS for the current year.

Institutional investors have recently added to or reduced their stakes in the business. Citigroup Inc. acquired a new stake in shares of Atlassian during the 1st quarter worth about $103,000. Oakbrook Investments LLC acquired a new stake in shares of Atlassian during the 3rd quarter worth about $273,000. Bennicas & Associates Inc. acquired a new stake in shares of Atlassian during the 3rd quarter worth about $296,000. Oppenheimer & Co. Inc. acquired a new stake in shares of Atlassian during the 2nd quarter worth about $218,000. Finally, Flagship Harbor Advisors LLC acquired a new stake in shares of Atlassian during the 2nd quarter worth about $248,000. 92.69% of the stock is currently owned by institutional investors.

Atlassian Company Profile (NASDAQ:TEAM)

Atlassian Corporation Plc, through its subsidiaries, designs, develops, licenses, and maintains various software products worldwide. It provides project tracking, content creation and sharing, and service management products. The company's products include JIRA, a workflow management system that enables teams to plan, organize, track, and manage their work and projects; Confluence, a content collaboration platform that is used to create, share, organize, and discuss projects; and Trello, a Web-based project management application for capturing and adding structure to fluid, fast-forming work for teams.

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