Atlassian (NASDAQ:TEAM) Hits New 52-Week Low on Analyst Downgrade

Atlassian Corporation PLC (NASDAQ:TEAM) reached a new 52-week low during mid-day trading on Tuesday after TD Cowen lowered their price target on the stock from $205.00 to $175.00. TD Cowen currently has a hold rating on the stock. Atlassian traded as low as $115.53 and last traded at $117.7490, with a volume of 1037936 shares trading hands. The stock had previously closed at $118.55.

TEAM has been the topic of a number of other research reports. Macquarie decreased their target price on shares of Atlassian from $250.00 to $240.00 and set an “outperform” rating on the stock in a report on Monday, November 3rd. Bank of America initiated coverage on shares of Atlassian in a report on Tuesday, September 23rd. They issued a “neutral” rating and a $200.00 price target on the stock. BMO Capital Markets increased their price objective on Atlassian from $190.00 to $195.00 and gave the stock an “outperform” rating in a research report on Friday, October 31st. Citigroup reduced their target price on Atlassian from $240.00 to $210.00 and set a “buy” rating for the company in a research report on Friday. Finally, Cowen reaffirmed a “hold” rating on shares of Atlassian in a report on Monday, October 27th. One research analyst has rated the stock with a Strong Buy rating, twenty-one have given a Buy rating, nine have issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $236.15.

Insider Buying and Selling at Atlassian

In related news, Director Scott Farquhar sold 7,665 shares of the stock in a transaction on Friday, October 31st. The shares were sold at an average price of $167.61, for a total transaction of $1,284,730.65. Following the transaction, the director owned 314,265 shares of the company’s stock, valued at approximately $52,673,956.65. This trade represents a 2.38% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, President Anutthara Bharadwaj sold 9,847 shares of the business’s stock in a transaction on 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 completion of the sale, the president directly owned 242,092 shares of the company’s stock, valued at $36,909,346.32. This represents a 3.91% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 566,379 shares of company stock worth $88,334,729 over the last ninety days. Insiders own 36.66% of the company’s stock.

Hedge Funds Weigh In On Atlassian

Institutional investors and hedge funds have recently bought and sold shares of the stock. Capco Asset Management LLC bought a new stake in Atlassian in the 2nd quarter worth $25,000. Physician Wealth Advisors Inc. boosted 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 worth $26,000 after purchasing an additional 61 shares during the period. Geneos Wealth Management Inc. grew its stake 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 worth $42,000 after purchasing an additional 161 shares during the last quarter. Atlantic Union Bankshares Corp increased its holdings in Atlassian by 19,900.0% during the 3rd quarter. Atlantic Union Bankshares Corp now owns 200 shares of the technology company’s stock valued at $32,000 after purchasing an additional 199 shares during the period. Finally, Board of the Pension Protection Fund bought a new position in Atlassian during the 4th quarter valued at approximately $32,000. 94.45% of the stock is currently owned by institutional investors.

Atlassian Trading Down 1.5%

The firm has a market cap of $30.72 billion, a PE ratio of -164.71, a PEG ratio of 18.36 and a beta of 0.88. The firm has a fifty day simple moving average of $153.03 and a two-hundred day simple moving average of $165.93. The company has a current ratio of 1.26, a quick ratio of 1.26 and a debt-to-equity ratio of 0.72.

Atlassian (NASDAQ:TEAM) last announced its earnings results on Thursday, October 30th. The technology company reported $1.04 EPS for the quarter, beating analysts’ consensus estimates of $0.83 by $0.21. The company had revenue of $1.43 billion during the quarter, compared to the consensus estimate of $1.40 billion. Atlassian had a negative return on equity of 7.11% and a negative net margin of 3.38%.The firm’s revenue for the quarter was up 20.6% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.77 earnings per share. Equities analysts forecast that Atlassian Corporation PLC will post -0.34 EPS for the current year.

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.