Atlassian (NASDAQ:TEAM) Sets New 1-Year Low Following Insider Selling

Shares of Atlassian Corporation PLC (NASDAQ:TEAM) hit a new 52-week low on Monday after an insider sold shares in the company. The company traded as low as $75.00 and last traded at $71.5670, with a volume of 41841 shares traded. The stock had previously closed at $75.98.

Specifically, CFO Joseph Leo Binz sold 1,653 shares of the stock in a transaction dated Thursday, February 19th. The shares were sold at an average price of $81.35, for a total transaction of $134,471.55. Following the transaction, the chief financial officer directly owned 208,639 shares in the company, valued at $16,972,782.65. This represents a 0.79% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CTO Rajeev Bashyam Rajan sold 3,072 shares of the business’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 $249,907.20. Following the completion of the sale, the chief technology officer owned 212,916 shares of the company’s stock, valued at approximately $17,320,716.60. This represents a 1.42% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In other news, CRO Brian Duffy sold 1,222 shares of the stock in a transaction that occurred on Thursday, February 19th. The shares were sold at an average price of $81.35, for a total transaction of $99,409.70. Following the transaction, the executive directly owned 124,332 shares in the company, valued at approximately $10,114,408.20. This trade represents a 0.97% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link.

Wall Street Analysts Forecast Growth

TEAM has been the subject of a number of research analyst reports. Cantor Fitzgerald decreased their price target on Atlassian from $240.00 to $146.00 and set an “overweight” rating for the company in a research note on Wednesday, February 4th. Oppenheimer dropped their target price on shares of Atlassian from $275.00 to $150.00 and set an “outperform” rating on the stock in a research report on Friday, February 6th. Wall Street Zen downgraded Atlassian from a “buy” rating to a “hold” rating in a research report on Saturday, February 14th. Morgan Stanley lowered their price target on Atlassian from $320.00 to $290.00 and set an “overweight” rating for the company in a research report on Friday, February 6th. Finally, Jefferies Financial Group set a $150.00 price objective on Atlassian in a report on Friday, February 6th. Twenty equities research analysts have rated the stock with a Buy rating, five have assigned a Hold rating and two have given a Sell rating to the company’s stock. Based on data from MarketBeat.com, Atlassian presently has an average rating of “Moderate Buy” and an average target price of $189.32.

Atlassian Trading Down 6.4%

The company has a current ratio of 0.89, a quick ratio of 0.89 and a debt-to-equity ratio of 0.62. The firm has a market cap of $18.76 billion, a price-to-earnings ratio of -98.70, a PEG ratio of 63.42 and a beta of 0.88. The company has a fifty day moving average price of $129.72 and a 200-day moving average price of $150.23.

Atlassian (NASDAQ:TEAM) last posted its earnings results on Thursday, February 5th. The technology company reported $1.22 EPS for the quarter, topping the consensus estimate of $1.12 by $0.10. Atlassian had a negative return on equity of 6.33% and a negative net margin of 3.29%.The firm had revenue of $1.59 billion for the quarter, compared to analyst estimates of $1.54 billion. During the same period last year, the company earned $0.96 earnings per share. Atlassian’s revenue for the quarter was up 23.3% compared to the same quarter last year. As a group, research analysts expect that Atlassian Corporation PLC will post -0.34 EPS for the current year.

Hedge Funds Weigh In On Atlassian

Several large investors have recently made changes to their positions in TEAM. Capco Asset Management LLC purchased a new position in Atlassian in the 2nd quarter valued at about $25,000. Physician Wealth Advisors Inc. raised its holdings 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. lifted its position in shares of Atlassian by 447.2% in 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 in the last quarter. Atlantic Union Bankshares Corp boosted its stake in shares of Atlassian by 19,900.0% in the third 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 last quarter. Finally, Board of the Pension Protection Fund acquired a new stake in shares of Atlassian in the fourth quarter worth approximately $32,000. 94.45% of the stock is currently owned by institutional investors and hedge funds.

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.