Atlassian (NASDAQ:TEAM) PT Lowered to $210.00

Atlassian (NASDAQ:TEAM) had its price objective lowered by analysts at TD Cowen from $220.00 to $210.00 in a research note issued on Friday, Benzinga reports. The brokerage currently has a “hold” rating on the technology company’s stock. TD Cowen’s target price suggests a potential upside of 17.38% from the stock’s current price.

TEAM has been the subject of several other research reports. StockNews.com cut shares of Atlassian from a “buy” rating to a “hold” rating in a report on Tuesday, March 19th. KeyCorp initiated coverage on shares of Atlassian in a research note on Tuesday, March 19th. They issued a “sector weight” rating on the stock. Piper Sandler reduced their target price on shares of Atlassian from $225.00 to $200.00 and set a “neutral” rating on the stock in a research note on Friday. Citigroup reduced their price target on shares of Atlassian from $280.00 to $265.00 and set a “buy” rating on the stock in a research note on Friday, April 12th. Finally, UBS Group dropped their price objective on shares of Atlassian from $260.00 to $250.00 and set a “neutral” rating for the company in a report on Friday, February 2nd. Eleven analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $223.22.

Atlassian Trading Down 9.8 %

NASDAQ TEAM traded down $19.51 on Friday, hitting $178.90. 4,199,079 shares of the stock were exchanged, compared to its average volume of 1,718,436. The company has a debt-to-equity ratio of 1.04, a quick ratio of 1.07 and a current ratio of 1.07. The stock has a fifty day moving average price of $200.55 and a two-hundred day moving average price of $206.69. The firm has a market capitalization of $46.41 billion, a P/E ratio of -120.13 and a beta of 0.63. Atlassian has a 52-week low of $128.02 and a 52-week high of $258.69.

Atlassian (NASDAQ:TEAM) last posted its earnings results on Thursday, February 1st. The technology company reported ($0.30) EPS for the quarter, missing analysts’ consensus estimates of ($0.06) by ($0.24). The business had revenue of $1.06 billion for the quarter, compared to analysts’ expectations of $1.02 billion. Atlassian had a negative net margin of 9.87% and a negative return on equity of 34.56%. Research analysts forecast that Atlassian will post -0.4 EPS for the current fiscal year.

Insider Activity at Atlassian

In related news, CEO Scott Farquhar sold 8,241 shares of the firm’s stock in a transaction dated Wednesday, April 24th. The stock was sold at an average price of $199.71, for a total value of $1,645,810.11. Following the transaction, the chief executive officer now owns 366,450 shares in the company, valued at $73,183,729.50. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. In other Atlassian news, CTO Rajeev Bashyam Rajan sold 872 shares of the business’s stock in a transaction that occurred on Wednesday, February 14th. The stock was sold at an average price of $212.87, for a total transaction of $185,622.64. Following the transaction, the chief technology officer now owns 142,103 shares of the company’s stock, valued at approximately $30,249,465.61. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Scott Farquhar sold 8,241 shares of the business’s stock in a transaction that occurred on Wednesday, April 24th. The stock was sold at an average price of $199.71, for a total value of $1,645,810.11. Following the transaction, the chief executive officer now directly owns 366,450 shares in the company, valued at $73,183,729.50. The disclosure for this sale can be found here. Insiders have sold a total of 300,450 shares of company stock worth $61,721,553 over the last 90 days. Insiders own 40.48% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in TEAM. Vanguard Group Inc. boosted its stake in Atlassian by 3.4% in the 4th quarter. Vanguard Group Inc. now owns 15,355,652 shares of the technology company’s stock valued at $3,652,495,000 after purchasing an additional 504,181 shares during the period. Price T Rowe Associates Inc. MD boosted its stake in Atlassian by 3.3% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 10,237,507 shares of the technology company’s stock valued at $2,435,095,000 after purchasing an additional 326,673 shares during the period. WCM Investment Management LLC boosted its stake in Atlassian by 2.7% in the 4th quarter. WCM Investment Management LLC now owns 9,640,536 shares of the technology company’s stock valued at $2,325,490,000 after purchasing an additional 249,017 shares during the period. Baillie Gifford & Co. boosted its stake in Atlassian by 20.7% in the 4th quarter. Baillie Gifford & Co. now owns 8,807,619 shares of the technology company’s stock valued at $2,094,980,000 after purchasing an additional 1,511,318 shares during the period. Finally, Artisan Partners Limited Partnership boosted its stake in Atlassian by 1.1% in the 3rd quarter. Artisan Partners Limited Partnership now owns 6,048,160 shares of the technology company’s stock valued at $1,218,765,000 after purchasing an additional 63,903 shares during the period. 93.03% of the stock is owned by institutional investors and hedge funds.

Atlassian Company Profile

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.