Atlassian (NASDAQ:TEAM) Hits New 1-Year Low on Insider Selling

Atlassian Corporation PLC (NASDAQ:TEAM)’s share price hit 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 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 value of $134,471.55. Following the completion of the sale, the chief financial officer owned 208,639 shares in the company, valued at approximately $16,972,782.65. The trade was a 0.79% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CTO Rajeev Bashyam Rajan sold 3,072 shares of the stock in a transaction that occurred on Thursday, February 19th. The shares were sold at an average price of $81.35, for a total transaction of $249,907.20. Following the transaction, the chief technology officer owned 212,916 shares in the company, valued at approximately $17,320,716.60. This 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 that occurred on Thursday, February 19th. The shares were sold at an average price of $81.35, for a total value of $99,409.70. Following the completion of the transaction, the executive owned 124,332 shares of the company’s stock, valued at $10,114,408.20. The trade was a 0.97% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website.

Analysts Set New Price Targets

TEAM has been the topic of several recent research reports. Robert W. Baird set a $140.00 target price on Atlassian in a research report on Friday, February 6th. Cantor Fitzgerald dropped their price objective on Atlassian from $240.00 to $146.00 and set an “overweight” rating on the stock in a research report on Wednesday, February 4th. Wells Fargo & Company cut their target price on Atlassian from $216.00 to $155.00 and set an “overweight” rating on the stock in a research note on Friday, February 6th. Piper Sandler reiterated an “overweight” rating and issued a $200.00 target price (down from $280.00) on shares of Atlassian in a report on Friday, February 6th. Finally, BTIG Research lowered their price target on shares of Atlassian from $220.00 to $140.00 and set a “buy” rating on the stock in a report on Friday, February 6th. Twenty analysts have rated the stock with a Buy rating, five have assigned a Hold rating and two have issued a Sell rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $189.32.

Atlassian Stock Down 9.4%

The company’s 50-day moving average is $127.92 and its 200 day moving average is $149.51. The stock has a market capitalization of $18.15 billion, a PE ratio of -95.57, a price-to-earnings-growth ratio of 63.42 and a beta of 0.88. The company has a current ratio of 0.89, a quick ratio of 0.89 and a debt-to-equity ratio of 0.62.

Atlassian (NASDAQ:TEAM) last issued its quarterly earnings results on Thursday, February 5th. The technology company reported $1.22 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.12 by $0.10. The business had revenue of $1.59 billion for the quarter, compared to analyst estimates of $1.54 billion. Atlassian had a negative net margin of 3.29% and a negative return on equity of 6.33%. Atlassian’s revenue for the quarter was up 23.3% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.96 EPS. As a group, analysts anticipate that Atlassian Corporation PLC will post -0.34 EPS for the current year.

Institutional Trading of Atlassian

Large investors have recently added to or reduced their stakes in the company. Capco Asset Management LLC purchased a new position in shares of Atlassian in the second quarter worth about $25,000. MV Capital Management Inc. acquired a new position in Atlassian in the 4th quarter worth approximately $25,000. Physician Wealth Advisors Inc. raised its position in Atlassian by 60.4% during the 3rd quarter. Physician Wealth Advisors Inc. now owns 162 shares of the technology company’s stock worth $26,000 after buying an additional 61 shares during the last quarter. Geneos Wealth Management Inc. lifted its stake in Atlassian by 447.2% during the 1st quarter. Geneos Wealth Management Inc. now owns 197 shares of the technology company’s stock valued at $42,000 after acquiring an additional 161 shares during the period. Finally, Atlantic Union Bankshares Corp lifted its stake in Atlassian by 19,900.0% during the 3rd quarter. Atlantic Union Bankshares Corp now owns 200 shares of the technology company’s stock valued at $32,000 after acquiring an additional 199 shares during the period. Hedge funds and other institutional investors own 94.45% of the company’s stock.

Atlassian Company Profile

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.