Atlassian (NASDAQ:TEAM) Hits New 12-Month Low on Insider Selling

Atlassian Corporation PLC (NASDAQ:TEAM) reached a new 52-week low on Monday following insider selling activity. The stock traded as low as $75.00 and last traded at $71.5670, with a volume of 41841 shares traded. The stock had previously closed at $75.98.

Specifically, CFO Joseph Leo Binz sold 1,653 shares of Atlassian stock in a transaction on Thursday, February 19th. The shares were 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 document filed with the SEC, which is available through this hyperlink. Also, CTO Rajeev Bashyam Rajan sold 3,072 shares of the stock in a transaction dated Thursday, February 19th. The shares were sold at an average price of $81.35, for a total transaction of $249,907.20. Following the completion of the sale, the chief technology officer owned 212,916 shares of the company’s stock, valued at $17,320,716.60. This trade represents a 1.42% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In related news, CRO Brian Duffy sold 1,222 shares of the business’s stock in a transaction dated Thursday, February 19th. The shares were sold at an average price of $81.35, for a total transaction of $99,409.70. Following the transaction, the executive directly owned 124,332 shares in the company, valued at approximately $10,114,408.20. The trade was a 0.97% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website.

Analyst Ratings Changes

TEAM has been the subject of a number of recent research reports. Barclays cut their price objective on shares of Atlassian from $215.00 to $165.00 and set an “overweight” rating for the company in a report on Friday, February 6th. Piper Sandler reaffirmed an “overweight” rating and issued a $200.00 price target (down previously from $280.00) on shares of Atlassian in a report on Friday, February 6th. KeyCorp lowered their price objective on Atlassian from $210.00 to $170.00 and set an “overweight” rating on the stock in a research note on Friday, February 6th. Citigroup dropped their target price on Atlassian from $210.00 to $160.00 and set a “buy” rating for the company in a report on Monday, February 9th. Finally, BMO Capital Markets set a $130.00 price target on Atlassian and gave the stock an “outperform” rating in a report on Friday, February 6th. Twenty investment analysts have rated the stock with a Buy rating, five have issued a Hold rating and two have assigned a Sell rating to the company. Based on data from MarketBeat, Atlassian has an average rating of “Moderate Buy” and a consensus target price of $189.32.

Atlassian Trading Down 6.4%

The company has a 50 day moving average price of $129.72 and a 200 day moving average price of $150.23. The firm has a market cap of $18.76 billion, a price-to-earnings ratio of -98.70, a price-to-earnings-growth ratio of 63.42 and a beta of 0.88. 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 data on Thursday, February 5th. The technology company reported $1.22 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.12 by $0.10. The firm had revenue of $1.59 billion during the quarter, compared to the consensus estimate of $1.54 billion. Atlassian had a negative return on equity of 6.33% and a negative net margin of 3.29%.The company’s quarterly revenue was up 23.3% on a year-over-year basis. During the same period last year, the company earned $0.96 EPS. On average, research analysts expect that Atlassian Corporation PLC will post -0.34 earnings per share for the current year.

Institutional Investors Weigh In On Atlassian

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Capco Asset Management LLC purchased a new position in shares of Atlassian during the 2nd quarter worth approximately $25,000. Physician Wealth Advisors Inc. lifted its stake in 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 in the last quarter. Atlantic Union Bankshares Corp lifted its stake in Atlassian by 19,900.0% during the third quarter. Atlantic Union Bankshares Corp now owns 200 shares of the technology company’s stock worth $32,000 after purchasing an additional 199 shares in the last quarter. Board of the Pension Protection Fund purchased a new position in shares of Atlassian during the fourth quarter worth $32,000. Finally, Basepoint Wealth LLC acquired a new stake in shares of Atlassian in the fourth quarter valued at $32,000. 94.45% of the stock is owned by hedge funds and other institutional investors.

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.