Atlassian (NASDAQ:TEAM) Sets New 12-Month Low – Here’s Why

Atlassian Corporation PLC (NASDAQ:TEAM)’s share price reached a new 52-week low during mid-day trading on Tuesday . The stock traded as low as $67.33 and last traded at $69.3070, with a volume of 2654199 shares. The stock had previously closed at $74.41.

Wall Street Analyst Weigh In

A number of equities analysts have weighed in on the stock. Morgan Stanley dropped their price target on shares of Atlassian from $320.00 to $290.00 and set an “overweight” rating for the company in a research report on Friday, February 6th. Wall Street Zen raised Atlassian from a “hold” rating to a “buy” rating in a research note on Monday. Zacks Research cut Atlassian from a “hold” rating to a “strong sell” rating in a report on Wednesday, February 11th. BTIG Research cut their price objective on Atlassian from $220.00 to $140.00 and set a “buy” rating for the company in a research report on Friday, February 6th. Finally, Barclays decreased their target price on Atlassian from $215.00 to $165.00 and set an “overweight” rating on the stock in a research report on Friday, February 6th. Twenty-two analysts have rated the stock with a Buy rating, five have issued a Hold rating and two have assigned a Sell rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $180.48.

Atlassian Trading Down 7.5%

The company has a 50-day moving average of $94.82 and a 200 day moving average of $136.54. The company has a debt-to-equity ratio of 0.62, a current ratio of 0.89 and a quick ratio of 0.89. The company has a market cap of $18.15 billion, a PE ratio of -95.56 and a beta of 0.94.

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

Insider Buying and Selling

In other Atlassian news, CEO Michael Cannon-Brookes sold 7,665 shares of the firm’s stock in a transaction dated Friday, February 6th. The shares were sold at an average price of $94.81, for a total value of $726,718.65. Following the completion of the sale, the chief executive officer owned 275,940 shares of the company’s stock, valued at $26,161,871.40. This trade represents a 2.70% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, CTO Rajeev Bashyam Rajan sold 3,072 shares of Atlassian 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 sale, the chief technology officer owned 212,916 shares of the company’s stock, valued at $17,320,716.60. The trade was a 1.42% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 281,953 shares of company stock worth $38,201,571 over the last three months. 36.66% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of TEAM. Rockefeller Capital Management L.P. raised its position in Atlassian by 29.1% during the 4th quarter. Rockefeller Capital Management L.P. now owns 8,056 shares of the technology company’s stock valued at $1,306,000 after purchasing an additional 1,818 shares in the last quarter. DUTCH ASSET Corp purchased a new stake in shares of Atlassian in the 4th quarter worth $448,000. Larry Mathis Financial Planning LLC bought a new position in shares of Atlassian during the 4th quarter worth $364,000. Corient Private Wealth LLC increased its stake in shares of Atlassian by 4.2% during the fourth quarter. Corient Private Wealth LLC now owns 8,602 shares of the technology company’s stock valued at $1,395,000 after buying an additional 344 shares during the period. Finally, Reflection Asset Management bought a new stake in shares of Atlassian in the fourth quarter valued at about $44,000. 94.45% of the stock is currently owned by hedge funds and other institutional investors.

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.