Atlassian (NASDAQ:TEAM) Reaches New 52-Week Low – Here’s What Happened

Atlassian Corporation PLC (NASDAQ:TEAM)’s stock price reached a new 52-week low on Thursday . The company traded as low as $115.01 and last traded at $118.5370, with a volume of 4526947 shares changing hands. The stock had previously closed at $134.76.

Wall Street Analyst Weigh In

Several equities research analysts have weighed in on the company. TD Cowen cut their target price on Atlassian from $205.00 to $175.00 and set a “hold” rating for the company in a research note on Tuesday, January 20th. BMO Capital Markets boosted their price target on Atlassian from $190.00 to $195.00 and gave the stock an “outperform” rating in a report on Friday, October 31st. Macquarie reduced their price objective on Atlassian from $250.00 to $240.00 and set an “outperform” rating on the stock in a research note on Monday, November 3rd. UBS Group set a $145.00 target price on Atlassian in a research report on Tuesday. Finally, Mizuho dropped their target price on shares of Atlassian from $245.00 to $225.00 and set an “outperform” rating for the company in a report on Wednesday, January 21st. Twenty-one analysts have rated the stock with a Buy rating, eight have assigned a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, Atlassian presently has a consensus rating of “Moderate Buy” and a consensus target price of $231.54.

Atlassian Price Performance

The company has a 50 day moving average price of $150.02 and a 200-day moving average price of $162.32. The company has a market cap of $31.40 billion, a price-to-earnings ratio of -168.05, a P/E/G ratio of 20.73 and a beta of 0.88. The company has a quick ratio of 1.26, a current ratio of 1.26 and a debt-to-equity ratio of 0.72.

Atlassian (NASDAQ:TEAM) last posted its earnings results on Thursday, October 30th. The technology company reported $1.04 earnings per share for the quarter, topping analysts’ consensus estimates of $0.83 by $0.21. Atlassian had a negative net margin of 3.38% and a negative return on equity of 7.11%. The firm had revenue of $1.43 billion for the quarter, compared to analyst estimates of $1.40 billion. During the same period in the previous year, the firm posted $0.77 EPS. The company’s revenue for the quarter was up 20.6% compared to the same quarter last year. As a group, equities research analysts predict that Atlassian Corporation PLC will post -0.34 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, President Anutthara Bharadwaj sold 9,847 shares of the company’s stock in a transaction dated Friday, November 14th. The stock was sold at an average price of $152.46, for a total transaction of $1,501,273.62. Following the sale, the president owned 242,092 shares in the company, valued at $36,909,346.32. This represents a 3.91% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Scott Farquhar sold 7,665 shares of the firm’s stock in a transaction that occurred on Friday, October 31st. The stock was sold at an average price of $167.61, for a total value of $1,284,730.65. Following the sale, the director directly owned 314,265 shares of the company’s stock, valued at $52,673,956.65. This represents a 2.38% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders sold 551,049 shares of company stock worth $84,075,059. 36.66% of the stock is currently owned by insiders.

Institutional Trading of Atlassian

Several large investors have recently modified their holdings of TEAM. Physician Wealth Advisors Inc. lifted its position in shares of Atlassian by 60.4% during the 3rd 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 period. GAMMA Investing LLC increased its position in Atlassian by 12.0% in the 4th quarter. GAMMA Investing LLC now owns 615 shares of the technology company’s stock valued at $100,000 after buying an additional 66 shares in the last quarter. Snowden Capital Advisors LLC raised its stake in Atlassian by 1.6% during the 2nd quarter. Snowden Capital Advisors LLC now owns 4,464 shares of the technology company’s stock worth $907,000 after buying an additional 71 shares during the period. Financial Perspectives Inc boosted its holdings in Atlassian by 11.7% in the fourth quarter. Financial Perspectives Inc now owns 718 shares of the technology company’s stock worth $116,000 after acquiring an additional 75 shares in the last quarter. Finally, Cetera Investment Advisers grew its stake in Atlassian by 0.3% in the second quarter. Cetera Investment Advisers now owns 24,808 shares of the technology company’s stock valued at $5,038,000 after acquiring an additional 79 shares during the period. Institutional investors and hedge funds 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.