Truist Financial Trims Atlassian (NASDAQ:TEAM) Target Price to $200.00

Atlassian (NASDAQ:TEAM) had its price objective lowered by Truist Financial from $220.00 to $200.00 in a report released on Friday morning, Benzinga reports. The brokerage currently has a hold rating on the technology company’s stock.

Several other analysts have also recently issued reports on TEAM. KeyCorp assumed coverage on shares of Atlassian in a research report on Tuesday, March 19th. They set a sector weight rating on the stock. Robert W. Baird reduced their price objective on shares of Atlassian from $270.00 to $230.00 and set an outperform rating on the stock in a research report on Friday. Barclays raised shares of Atlassian from an equal weight rating to an overweight rating and increased their price objective for the stock from $235.00 to $275.00 in a research report on Thursday, April 11th. Piper Sandler reduced their price objective on shares of Atlassian from $225.00 to $200.00 and set a neutral rating on the stock in a research report on Friday. Finally, Canaccord Genuity Group reduced their price objective on shares of Atlassian from $260.00 to $230.00 and set a buy rating on the stock in a research report on Friday. Ten equities research analysts have rated the stock with a hold rating and eleven have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of Moderate Buy and a consensus target price of $223.22.

Atlassian Stock Down 1.3 %

TEAM opened at $177.07 on Friday. The firm has a 50-day simple moving average of $199.36 and a two-hundred day simple moving average of $206.52. Atlassian has a 52 week low of $128.02 and a 52 week high of $258.69. The company has a market capitalization of $45.93 billion, a PE ratio of -281.06 and a beta of 0.63. The company has a quick ratio of 1.07, a current ratio of 1.07 and a debt-to-equity ratio of 1.04.

Atlassian (NASDAQ:TEAM) last released its quarterly earnings data on Thursday, April 25th. The technology company reported $0.89 EPS for the quarter, beating the consensus estimate of $0.62 by $0.27. Atlassian had a negative net margin of 3.90% and a negative return on equity of 15.54%. The business had revenue of $1.19 billion during the quarter, compared to the consensus estimate of $1.10 billion. During the same quarter in the prior year, the firm earned ($0.40) EPS. The business’s revenue was up 29.9% on a year-over-year basis. Analysts forecast that Atlassian will post -0.42 earnings per share for the current fiscal year.

Insider Transactions at Atlassian

In other news, CEO Michael Cannon-Brookes sold 8,241 shares of the stock in a transaction dated Friday, April 26th. The shares were sold at an average price of $178.95, for a total transaction of $1,474,726.95. Following the sale, the chief executive officer now directly owns 349,968 shares of the company’s stock, valued at approximately $62,626,773.60. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. In other Atlassian news, President Anutthara Bharadwaj sold 4,139 shares of the stock in a transaction dated Wednesday, February 14th. The shares were sold at an average price of $212.87, for a total value of $881,068.93. Following the completion of the sale, the president now owns 167,535 shares in the company, valued at approximately $35,663,175.45. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CEO Michael Cannon-Brookes sold 8,241 shares of the stock in a transaction dated Friday, April 26th. The shares were sold at an average price of $178.95, for a total transaction of $1,474,726.95. Following the completion of the sale, the chief executive officer now owns 349,968 shares of the company’s stock, valued at approximately $62,626,773.60. The disclosure for this sale can be found here. Insiders have sold a total of 300,450 shares of company stock valued at $61,106,939 in the last ninety days. 40.48% of the stock is currently owned by corporate insiders.

Institutional Trading of Atlassian

A number of hedge funds and other institutional investors have recently made changes to their positions in TEAM. Baillie Gifford & Co. increased its holdings 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 last quarter. Morgan Stanley increased its holdings in Atlassian by 156.8% in the 3rd quarter. Morgan Stanley now owns 1,793,700 shares of the technology company’s stock valued at $361,449,000 after purchasing an additional 1,095,297 shares during the last quarter. Norges Bank acquired a new stake in Atlassian in the 4th quarter valued at approximately $247,740,000. Vanguard Group Inc. increased its holdings 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 last quarter. Finally, Price T Rowe Associates Inc. MD increased its holdings 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 last quarter. Institutional investors and hedge funds own 93.03% of the company’s stock.

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.