Atlassian (NASDAQ:TEAM) Reaches New 1-Year Low – Here’s Why

Atlassian Corporation PLC (NASDAQ:TEAM) hit a new 52-week low during mid-day trading on Wednesday . The company traded as low as $64.02 and last traded at $64.0350, with a volume of 4335063 shares. The stock had previously closed at $64.83.

Analysts Set New Price Targets

A number of analysts have issued reports on the company. KeyCorp decreased their price target on Atlassian from $170.00 to $130.00 and set an “overweight” rating for the company in a report on Wednesday, April 1st. Morgan Stanley decreased their price target on Atlassian from $320.00 to $290.00 and set an “overweight” rating for the company in a report on Friday, February 6th. Weiss Ratings reiterated a “sell (e+)” rating on shares of Atlassian in a research report on Wednesday, January 21st. Jefferies Financial Group set a $150.00 target price on Atlassian in a research report on Friday, February 6th. Finally, BMO Capital Markets set a $130.00 target price on Atlassian and gave the stock an “outperform” rating in a research report on Friday, February 6th. Twenty research analysts have rated the stock with a Buy rating, six have issued a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $179.00.

Atlassian Price Performance

The stock has a market cap of $17.01 billion, a price-to-earnings ratio of -89.54 and a beta of 0.99. The company has a 50-day moving average of $81.49 and a 200-day moving average of $128.31. The company has a debt-to-equity ratio of 0.62, a quick ratio of 0.89 and a current ratio of 0.89.

Atlassian (NASDAQ:TEAM) last issued its quarterly earnings results on Friday, February 6th. The technology company reported $1.22 earnings per share (EPS) for the quarter, beating the consensus estimate 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 for the quarter, compared to analysts’ expectations of $1.54 billion. During the same quarter in the previous year, the firm posted $0.96 EPS. The firm’s revenue for the quarter was up 23.3% on a year-over-year basis. As a group, equities research analysts predict that Atlassian Corporation PLC will post -0.34 earnings per share for the current year.

Insider Buying and Selling at Atlassian

In other news, CFO Joseph Leo Binz sold 1,653 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 $134,471.55. Following the sale, the chief financial officer owned 208,639 shares of the company’s stock, valued at $16,972,782.65. The trade was a 0.79% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CTO Rajeev Bashyam Rajan sold 3,072 shares of the stock in a transaction on Thursday, February 19th. The stock was sold at an average price of $81.35, for a total value of $249,907.20. Following the transaction, the chief technology officer directly owned 212,916 shares in the company, valued at approximately $17,320,716.60. This represents a 1.42% decrease in their position. The SEC filing for this sale provides additional information. Over the last three months, insiders have sold 189,973 shares of company stock worth $23,479,713. Corporate insiders own 36.66% of the company’s stock.

Institutional Trading of Atlassian

Several large investors have recently added to or reduced their stakes in the stock. SBI Securities Co. Ltd. lifted its holdings 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 acquiring an additional 13,643 shares during the last quarter. Intech Investment Management LLC lifted its holdings in Atlassian by 180.3% in the third quarter. Intech Investment Management LLC now owns 140,984 shares of the technology company’s stock worth $22,515,000 after acquiring an additional 90,692 shares during the last quarter. Mediolanum International Funds Ltd lifted its holdings in Atlassian by 108.4% in the third quarter. Mediolanum International Funds Ltd now owns 41,963 shares of the technology company’s stock worth $6,937,000 after acquiring an additional 21,829 shares during the last quarter. Westfield Capital Management Co. LP lifted its holdings in 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 acquiring an additional 116,470 shares during the last quarter. Finally, Nordea Investment Management AB lifted its holdings in 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 acquiring an additional 121,541 shares during the last quarter. 94.45% of the stock is currently owned by institutional investors and hedge funds.

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.