Atlassian (NASDAQ:TEAM) Reaches New 1-Year Low Following Insider Selling

Shares of Atlassian Co. (NASDAQ:TEAM) hit a new 52-week low during trading on Tuesday after an insider sold shares in the company. The company traded as low as $153.82 and last traded at $154.53, with a volume of 281914 shares. The stock had previously closed at $156.62.

Specifically, CAO Gene Liu sold 199 shares of the company’s stock in a transaction that occurred on Tuesday, May 14th. The stock was sold at an average price of $184.25, for a total transaction of $36,665.75. Following the sale, the chief accounting officer now directly owns 45,666 shares of the company’s stock, valued at approximately $8,413,960.50. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, CAO Gene Liu sold 199 shares of the company’s stock in a transaction that occurred on Tuesday, May 14th. The stock was sold at an average price of $184.25, for a total transaction of $36,665.75. Following the sale, the chief accounting officer now directly owns 45,666 shares of the company’s stock, valued at approximately $8,413,960.50. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, President Anutthara Bharadwaj sold 760 shares of the company’s stock in a transaction that occurred on Friday, April 19th. The stock was sold at an average price of $193.63, for a total value of $147,158.80. Following the sale, the president now directly owns 162,610 shares in the company, valued at $31,486,174.30. The disclosure for this sale can be found here. Insiders have sold 280,559 shares of company stock valued at $51,114,580 in the last ninety days. Corporate insiders own 40.48% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities analysts have recently issued reports on TEAM shares. Mizuho dropped their price target on Atlassian from $240.00 to $225.00 and set a “buy” rating on the stock in a research report on Friday, April 26th. Robert W. Baird dropped their price target on Atlassian from $270.00 to $230.00 and set an “outperform” rating on the stock in a research report on Friday, April 26th. TD Cowen dropped their price target on Atlassian from $220.00 to $210.00 and set a “hold” rating on the stock in a research report on Friday, April 26th. StockNews.com raised Atlassian from a “hold” rating to a “buy” rating in a research report on Friday, June 7th. Finally, Truist Financial dropped their price target on Atlassian from $220.00 to $200.00 and set a “hold” rating on the stock in a research report on Friday, April 26th. Ten equities research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the stock. According to MarketBeat, Atlassian presently has an average rating of “Moderate Buy” and an average target price of $223.22.

Atlassian Stock Performance

The business has a 50 day simple moving average of $177.56 and a 200 day simple moving average of $203.15. The company has a quick ratio of 1.18, a current ratio of 1.18 and a debt-to-equity ratio of 0.82. The company has a market capitalization of $39.87 billion, a PE ratio of -243.14 and a beta of 0.73.

Atlassian (NASDAQ:TEAM) last released its quarterly earnings results on Thursday, April 25th. The technology company reported $0.89 EPS for the quarter, beating analysts’ consensus estimates of $0.62 by $0.27. Atlassian had a negative return on equity of 13.95% and a negative net margin of 3.90%. The company had revenue of $1.19 billion during the quarter, compared to analysts’ expectations of $1.10 billion. During the same period last year, the business posted ($0.40) earnings per share. The firm’s revenue was up 29.9% compared to the same quarter last year. Equities research analysts predict that Atlassian Co. will post -0.23 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of TEAM. PNC Financial Services Group Inc. raised its stake in shares of Atlassian by 1.8% in the third quarter. PNC Financial Services Group Inc. now owns 33,914 shares of the technology company’s stock worth $6,834,000 after purchasing an additional 595 shares during the last quarter. Prudential PLC raised its stake in shares of Atlassian by 5.4% in the third quarter. Prudential PLC now owns 2,988 shares of the technology company’s stock worth $602,000 after purchasing an additional 154 shares during the last quarter. QRG Capital Management Inc. purchased a new position in shares of Atlassian in the third quarter worth about $954,000. FMR LLC grew its holdings in Atlassian by 9.5% during the third quarter. FMR LLC now owns 1,638,425 shares of the technology company’s stock worth $330,159,000 after acquiring an additional 141,960 shares during the period. Finally, Invesco Ltd. grew its holdings in Atlassian by 45.8% during the third quarter. Invesco Ltd. now owns 476,920 shares of the technology company’s stock worth $96,104,000 after acquiring an additional 149,850 shares during the period. 93.03% of the stock is currently owned by hedge funds and other institutional investors.

About Atlassian

Atlassian Corporation, through its subsidiaries, designs, develops, licenses, and maintains various software products worldwide. Its product portfolio includes Jira Software and Jira Work Management, a project management system that connects technical and business teams so they can better plan, organize, track and manage their work and projects; Confluence, a connected workspace that organizes knowledge across all teams to move work forward; and Trello, a collaboration and organization product that captures and adds structure to fluid and fast-forming work for teams.