Atlassian (NASDAQ:TEAM) Sets New 1-Year Low – Time to Sell?

Atlassian Corporation PLC (NASDAQ:TEAM) shares hit a new 52-week low during trading on Tuesday . The stock traded as low as $82.60 and last traded at $81.42, with a volume of 1204561 shares traded. The stock had previously closed at $84.38.

Analysts Set New Price Targets

A number of research analysts have recently issued reports on the stock. Cantor Fitzgerald dropped their price target on shares of Atlassian from $240.00 to $146.00 and set an “overweight” rating on the stock in a research report on Wednesday, February 4th. Wells Fargo & Company decreased their target price on Atlassian from $216.00 to $155.00 and set an “overweight” rating for the company in a research note on Friday, February 6th. Zacks Research lowered Atlassian from a “hold” rating to a “strong sell” rating in a research note on Wednesday, February 11th. BMO Capital Markets set a $130.00 price objective on shares of Atlassian and gave the stock an “outperform” rating in a research report on Friday, February 6th. Finally, Jefferies Financial Group set a $150.00 target price on shares of Atlassian in a research report on Friday, February 6th. Twenty 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’s stock. According to MarketBeat.com, Atlassian currently has an average rating of “Moderate Buy” and an average target price of $189.32.

Atlassian Price Performance

The stock has a market capitalization of $21.69 billion, a P/E ratio of -113.73, a price-to-earnings-growth ratio of 70.43 and a beta of 0.88. 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 business’s 50 day simple moving average is $136.25 and its two-hundred day simple moving average is $153.17.

Atlassian (NASDAQ:TEAM) last issued its quarterly earnings data on Thursday, February 5th. The technology company reported $1.22 EPS for the quarter, topping analysts’ consensus estimates 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 during the quarter, compared to analyst estimates of $1.54 billion. During the same period in the previous year, the company posted $0.96 EPS. The company’s revenue for the quarter was up 23.3% on a year-over-year basis. As a group, sell-side analysts forecast that Atlassian Corporation PLC will post -0.34 earnings per share for the current fiscal year.

Insider Buying and Selling at Atlassian

In other news, CEO Michael Cannon-Brookes sold 7,665 shares of the 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 in the company, valued at $26,161,871.40. This represents a 2.70% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Scott Farquhar sold 7,665 shares of the business’s stock in a transaction dated Friday, February 6th. The stock was sold at an average price of $94.81, for a total transaction of $726,718.65. Following the transaction, the director owned 275,940 shares in the company, valued at approximately $26,161,871.40. This trade represents a 2.70% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last quarter, insiders sold 497,847 shares of company stock valued at $72,254,722. Company insiders own 36.66% of the company’s stock.

Hedge Funds Weigh In On Atlassian

Institutional investors have recently modified their holdings of the business. Capco Asset Management LLC purchased a new position in Atlassian in the second quarter worth $25,000. Physician Wealth Advisors Inc. boosted its holdings in shares of 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 buying an additional 61 shares during the last quarter. Geneos Wealth Management Inc. boosted its holdings in shares of Atlassian by 447.2% in the 1st quarter. Geneos Wealth Management Inc. now owns 197 shares of the technology company’s stock worth $42,000 after buying an additional 161 shares during the last quarter. Atlantic Union Bankshares Corp increased its holdings in Atlassian by 19,900.0% during the third quarter. Atlantic Union Bankshares Corp now owns 200 shares of the technology company’s stock worth $32,000 after buying an additional 199 shares during the last quarter. Finally, Board of the Pension Protection Fund bought a new stake in Atlassian in the fourth quarter worth about $32,000. 94.45% of the stock is owned by institutional investors.

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.