Atlassian (NASDAQ:TEAM) Stock Price Crosses Below 50-Day Moving Average – Time to Sell?

Atlassian Corporation PLC (NASDAQ:TEAM) passed below its 50-day moving average during trading on Friday. The stock has a 50-day moving average of $195.23 and traded as low as $188.43. Atlassian shares last traded at $191.72, with a volume of 4,234,033 shares trading hands.

Analyst Upgrades and Downgrades

A number of brokerages have recently weighed in on TEAM. Bank of America boosted their price objective on shares of Atlassian from $175.00 to $210.00 and gave the stock a “buy” rating in a report on Monday, August 31st. Wells Fargo & Company upped their price objective on shares of Atlassian from $230.00 to $270.00 and gave the company an “overweight” rating in a research note on Wednesday. TD Cowen increased their target price on shares of Atlassian from $105.00 to $145.00 and gave the company a “hold” rating in a report on Friday, August 7th. BTIG Research upped their price target on shares of Atlassian from $230.00 to $260.00 and gave the company a “buy” rating in a research report on Tuesday, October 20th. Finally, Oppenheimer raised their price objective on Atlassian from $200.00 to $275.00 and gave the company an “outperform” rating in a research note on Thursday, October 22nd. Twenty-three analysts have rated the stock with a Buy rating, four have given a Hold rating and one has given a Sell rating to the company. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $215.08.

Atlassian Stock Performance

The company has a debt-to-equity ratio of 0.93, a current ratio of 0.78 and a quick ratio of 0.78. The stock has a market cap of $48.53 billion, a PE ratio of -1,009.05, a price-to-earnings-growth ratio of 21.76 and a beta of 1.22. The business has a 50 day moving average price of $195.23 and a two-hundred day moving average price of $118.22.

Atlassian (NASDAQ:TEAM) last announced its quarterly earnings results on Friday, August 7th. The technology company reported $1.87 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.50 by $0.37. Atlassian had a positive return on equity of 20.99% and a negative net margin of 0.82%. The company had revenue of $1.77 billion for the quarter, compared to the consensus estimate of $1.66 billion. During the same quarter in the previous year, the business earned $0.98 EPS. Atlassian’s revenue was up 27.6% compared to the same quarter last year. As a group, equities research analysts forecast that Atlassian Corporation PLC will post 0.69 EPS for the current fiscal year.

Insider Transactions at Atlassian

In other Atlassian news, CAO Gene Liu sold 337 shares of the firm’s stock in a transaction dated Monday, October 12th. The shares were sold at an average price of $210.00, for a total transaction of $70,770.00. Following the completion of the sale, the chief accounting officer directly owned 55,531 shares in the company, valued at approximately $11,661,510. This trade represents a 0.60% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO James Chuong sold 9,054 shares of the business’s stock in a transaction that occurred on Wednesday, August 19th. The stock was sold at an average price of $172.45, for a total transaction of $1,561,362.30. Following the completion of the transaction, the chief financial officer owned 279,218 shares of the company’s stock, valued at approximately $48,151,144.10. The trade was a 3.14% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last three months, insiders have sold 22,475 shares of company stock valued at $3,822,643. Insiders own 37.63% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the business. Carmignac Gestion boosted its position in shares of Atlassian by 115.8% during the first quarter. Carmignac Gestion now owns 2,603,770 shares of the technology company’s stock valued at $177,707,000 after buying an additional 1,397,402 shares during the last quarter. First Trust Advisors LP increased its holdings in Atlassian by 48.4% in the 1st quarter. First Trust Advisors LP now owns 2,349,842 shares of the technology company’s stock worth $160,377,000 after buying an additional 766,922 shares in the last quarter. KBC Group NV increased its holdings in Atlassian by 1,691.2% in the 1st quarter. KBC Group NV now owns 1,440,019 shares of the technology company’s stock worth $98,281,000 after buying an additional 1,359,624 shares in the last quarter. Swiss National Bank increased its holdings in Atlassian by 8.2% in the 1st quarter. Swiss National Bank now owns 493,267 shares of the technology company’s stock worth $33,665,000 after buying an additional 37,500 shares in the last quarter. Finally, Assenagon Asset Management S.A. increased its holdings in Atlassian by 111.7% in the 3rd quarter. Assenagon Asset Management S.A. now owns 469,100 shares of the technology company’s stock worth $84,105,000 after buying an additional 247,540 shares in the last quarter. Hedge funds and other institutional investors own 94.45% of the company’s stock.

About Atlassian

Atlassian Corporation develops collaboration, project-management and workflow software for technology, business and service teams. Its products are designed to help organizations plan projects, manage software development, coordinate work and share knowledge across departments.

Its product portfolio includes Jira for project and issue tracking, Confluence for team collaboration and knowledge management, Jira Service Management for IT and enterprise service workflows, Trello for organizing tasks and projects, Loom for video messaging and screen recording, and Bitbucket for source-code management and collaboration.