Atlassian (NASDAQ:TEAM) Reaches New 12-Month Low Following Analyst Downgrade

Atlassian Corporation PLC (NASDAQ:TEAM)’s stock price reached a new 52-week low on Tuesday after TD Cowen lowered their price target on the stock from $205.00 to $175.00. TD Cowen currently has a hold rating on the stock. Atlassian traded as low as $115.53 and last traded at $117.7490, with a volume of 1037936 shares trading hands. The stock had previously closed at $118.55.

A number of other analysts have also commented on TEAM. BTIG Research reissued a “buy” rating and issued a $220.00 price objective on shares of Atlassian in a research report on Tuesday, January 13th. Bank of America began coverage on shares of Atlassian in a research report on Tuesday, September 23rd. They set a “neutral” rating and a $200.00 price target on the stock. Cantor Fitzgerald restated an “overweight” rating and issued a $240.00 price objective on shares of Atlassian in a report on Friday, October 31st. Canaccord Genuity Group reaffirmed a “buy” rating and issued a $230.00 target price on shares of Atlassian in a research report on Wednesday, October 22nd. Finally, Truist Financial set a $210.00 price target on Atlassian in a research report on Friday, October 31st. One analyst has rated the stock with a Strong Buy rating, twenty-one have issued a Buy rating, nine have given a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $236.15.

Insider Activity at Atlassian

In other Atlassian news, Director Scott Farquhar sold 7,665 shares of Atlassian stock in a transaction on Friday, January 16th. The shares were sold at an average price of $120.82, for a total transaction of $926,085.30. Following the completion of the transaction, the director directly owned 383,250 shares of the company’s stock, valued at $46,304,265. The trade was a 1.96% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Michael Cannon-Brookes sold 7,665 shares of the stock in a transaction dated Friday, January 16th. The shares were sold at an average price of $120.82, for a total transaction of $926,085.30. Following the completion of the transaction, the chief executive officer directly owned 383,250 shares in the company, valued at $46,304,265. The trade was a 1.96% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold 551,049 shares of company stock worth $85,741,506 in the last 90 days. Corporate insiders own 36.66% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of the stock. Vanguard Group Inc. boosted its position in shares of Atlassian by 6.0% in the third quarter. Vanguard Group Inc. now owns 18,479,561 shares of the technology company’s stock valued at $2,951,186,000 after acquiring an additional 1,049,483 shares during the period. Artisan Partners Limited Partnership raised its stake in Atlassian by 66.3% in the 2nd quarter. Artisan Partners Limited Partnership now owns 3,878,133 shares of the technology company’s stock worth $787,610,000 after purchasing an additional 1,545,546 shares in the last quarter. State Street Corp boosted its holdings in Atlassian by 1.9% in the 3rd quarter. State Street Corp now owns 3,867,995 shares of the technology company’s stock valued at $617,719,000 after purchasing an additional 73,014 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its position in shares of Atlassian by 18.7% during the 3rd quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 2,867,886 shares of the technology company’s stock worth $458,001,000 after purchasing an additional 451,706 shares in the last quarter. Finally, DNB Asset Management AS increased its holdings in shares of Atlassian by 266.6% during the third quarter. DNB Asset Management AS now owns 2,806,888 shares of the technology company’s stock worth $448,260,000 after purchasing an additional 2,041,210 shares during the period. 94.45% of the stock is owned by institutional investors.

Atlassian Trading Down 0.4%

The company has a debt-to-equity ratio of 0.72, a current ratio of 1.26 and a quick ratio of 1.26. The business’s 50-day moving average price is $152.24 and its two-hundred day moving average price is $165.25. The company has a market capitalization of $31.06 billion, a price-to-earnings ratio of -166.28, a P/E/G ratio of 18.36 and a beta of 0.88.

Atlassian (NASDAQ:TEAM) last issued its quarterly earnings results on Thursday, October 30th. The technology company reported $1.04 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.83 by $0.21. The business had revenue of $1.43 billion for the quarter, compared to the consensus estimate of $1.40 billion. Atlassian had a negative return on equity of 7.11% and a negative net margin of 3.38%.The firm’s quarterly revenue was up 20.6% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.77 earnings per share. Research analysts predict that Atlassian Corporation PLC will post -0.34 earnings per share for the current year.

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.