Atlassian (NASDAQ:TEAM) Hits New 52-Week Low – What’s Next?

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

Wall Street Analyst Weigh In

Several brokerages have commented on TEAM. Mizuho decreased their price target on shares of Atlassian from $205.00 to $185.00 and set an “outperform” rating on the stock in a research note on Thursday, March 12th. BTIG Research reduced their target price on Atlassian from $220.00 to $140.00 and set a “buy” rating on the stock in a report on Friday, February 6th. Canaccord Genuity Group set a $185.00 target price on Atlassian in a research report on Friday, February 6th. Wells Fargo & Company dropped their price target on Atlassian from $155.00 to $120.00 and set an “overweight” rating for the company in a research note on Tuesday, March 17th. Finally, Weiss Ratings restated a “sell (e+)” rating on shares of Atlassian in a report on Wednesday, January 21st. Twenty-two investment analysts have rated the stock with a Buy rating, five have assigned a Hold rating and two have issued a Sell rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $180.48.

Atlassian Stock Performance

The business’s fifty day moving average price is $92.12 and its two-hundred day moving average price is $135.32. The company has a debt-to-equity ratio of 0.62, a quick ratio of 0.89 and a current ratio of 0.89. The stock has a market capitalization of $17.53 billion, a P/E ratio of -92.30 and a beta of 0.94.

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

Insider Buying and Selling at Atlassian

In other news, CTO Rajeev Bashyam Rajan sold 3,072 shares of the business’s stock in a transaction that occurred on Thursday, February 19th. The stock was sold at an average price of $81.35, for a total transaction of $249,907.20. Following the transaction, the chief technology officer owned 212,916 shares of the company’s stock, valued at approximately $17,320,716.60. The trade was a 1.42% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CRO Brian Duffy sold 1,222 shares of the stock in a transaction on Thursday, February 19th. The shares were sold at an average price of $81.35, for a total value of $99,409.70. Following the sale, the executive owned 124,332 shares in the company, valued at $10,114,408.20. The trade was a 0.97% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last 90 days, insiders sold 281,953 shares of company stock valued at $38,201,571. Corporate insiders own 36.66% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the company. SBI Securities Co. Ltd. lifted its stake in Atlassian by 50.7% in the third quarter. SBI Securities Co. Ltd. now owns 40,546 shares of the technology company’s stock worth $6,475,000 after purchasing an additional 13,643 shares during the last quarter. Intech Investment Management LLC grew its stake in shares of Atlassian by 180.3% during the third quarter. Intech Investment Management LLC now owns 140,984 shares of the technology company’s stock valued at $22,515,000 after buying an additional 90,692 shares during the last quarter. Mediolanum International Funds Ltd grew its stake in shares of Atlassian by 108.4% during the third quarter. Mediolanum International Funds Ltd now owns 41,963 shares of the technology company’s stock valued at $6,937,000 after buying an additional 21,829 shares during the last quarter. Westfield Capital Management Co. LP raised its holdings in shares of Atlassian by 56.5% in the third quarter. Westfield Capital Management Co. LP now owns 322,438 shares of the technology company’s stock worth $51,493,000 after buying an additional 116,470 shares during the period. Finally, Nordea Investment Management AB raised its holdings in shares of Atlassian by 20.3% in the third quarter. Nordea Investment Management AB now owns 721,690 shares of the technology company’s stock worth $114,695,000 after buying an additional 121,541 shares during the period. 94.45% of the stock is owned by hedge funds and other 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.