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

Atlassian Corporation PLC (NASDAQ:TEAM)’s share price reached a new 52-week low during trading on Tuesday . The company traded as low as $88.51 and last traded at $91.23, with a volume of 8773163 shares changing hands. The stock had previously closed at $94.72.

Analyst Ratings Changes

A number of research analysts have recently issued reports on TEAM shares. Morgan Stanley decreased their target price on Atlassian from $320.00 to $290.00 and set an “overweight” rating on the stock in a research report on Friday. Barclays reduced their price objective on shares of Atlassian from $215.00 to $165.00 and set an “overweight” rating for the company in a research report on Friday. Robert W. Baird set a $140.00 price objective on shares of Atlassian in a report on Friday. UBS Group reissued a “neutral” rating and set a $105.00 target price on shares of Atlassian in a research note on Friday. Finally, BTIG Research reduced their price target on shares of Atlassian from $220.00 to $140.00 and set a “buy” rating for the company in a research report on Friday. Twenty equities research analysts have rated the stock with a Buy rating, six have issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $189.32.

Atlassian Price Performance

The stock’s fifty day moving average price is $143.29 and its 200-day moving average price is $157.10. The firm has a market cap of $24.00 billion, a PE ratio of -126.71, a price-to-earnings-growth ratio of 14.67 and a beta of 0.88. The company has a debt-to-equity ratio of 0.72, a current ratio of 1.26 and a quick ratio of 1.26.

Atlassian (NASDAQ:TEAM) last posted its quarterly earnings results on Thursday, February 5th. The technology company reported $1.22 earnings per share for the quarter, topping the consensus estimate of $1.12 by $0.10. Atlassian had a negative net margin of 3.29% and a negative return on equity of 6.60%. The firm had revenue of $1.59 billion for the quarter, compared to the consensus estimate of $1.54 billion. During the same period last year, the firm posted $0.96 earnings per share. The company’s revenue for the quarter was up 23.3% on a year-over-year basis. As a group, equities analysts expect that Atlassian Corporation PLC will post -0.34 EPS for the current fiscal year.

Insider Transactions at Atlassian

In other news, CEO Michael Cannon-Brookes sold 7,665 shares of the company’s stock in a transaction that occurred on Monday, November 17th. The stock was sold at an average price of $147.41, for a total value of $1,129,897.65. Following the completion of the sale, the chief executive officer directly owned 222,285 shares in the company, valued at $32,767,031.85. This represents a 3.33% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, President Anutthara Bharadwaj sold 9,847 shares of Atlassian stock in a transaction that occurred on Friday, November 14th. The stock was sold at an average price of $152.46, for a total value of $1,501,273.62. Following the transaction, the president owned 242,092 shares in the company, valued at approximately $36,909,346.32. The trade was a 3.91% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 551,049 shares of company stock worth $80,308,554 in the last ninety days. Insiders own 36.66% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of TEAM. DNB Asset Management AS grew its stake in shares of Atlassian by 266.6% in the 3rd quarter. DNB Asset Management AS now owns 2,806,888 shares of the technology company’s stock valued at $448,260,000 after buying an additional 2,041,210 shares during the period. Norges Bank purchased a new stake in shares of Atlassian during the 2nd quarter valued at approximately $377,794,000. Artisan Partners Limited Partnership lifted its holdings in Atlassian by 66.3% in the second quarter. Artisan Partners Limited Partnership now owns 3,878,133 shares of the technology company’s stock valued at $787,610,000 after acquiring an additional 1,545,546 shares during the last quarter. Pictet Asset Management Holding SA grew its position in Atlassian by 38.1% in the fourth quarter. Pictet Asset Management Holding SA now owns 3,950,852 shares of the technology company’s stock worth $640,628,000 after acquiring an additional 1,090,787 shares during the period. Finally, Vanguard Group Inc. increased its stake in Atlassian by 6.0% during the third quarter. Vanguard Group Inc. now owns 18,479,561 shares of the technology company’s stock worth $2,951,186,000 after acquiring an additional 1,049,483 shares during the last quarter. Institutional investors and hedge funds own 94.45% of the company’s stock.

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.