Atlassian (NASDAQ:TEAM) Given New $177.00 Price Target at BMO Capital Markets

Atlassian (NASDAQ:TEAM) had its target price cut by BMO Capital Markets from $220.00 to $177.00 in a research note published on Friday, Benzinga reports. They currently have a market perform rating on the technology company’s stock.

Several other brokerages have also issued reports on TEAM. TD Cowen cut their target price on shares of Atlassian from $220.00 to $210.00 and set a hold rating for the company in a research report on Friday, April 26th. Barclays upgraded shares of Atlassian from an equal weight rating to an overweight rating and upped their price target for the stock from $235.00 to $275.00 in a research report on Thursday, April 11th. Oppenheimer dropped their price target on shares of Atlassian from $250.00 to $230.00 and set an outperform rating for the company in a research report on Friday. The Goldman Sachs Group upgraded shares of Atlassian from a neutral rating to a buy rating and upped their price target for the stock from $200.00 to $230.00 in a research report on Friday. Finally, Piper Sandler upgraded shares of Atlassian from a neutral rating to an overweight rating and upped their price target for the stock from $200.00 to $225.00 in a research report on Tuesday, July 2nd. Nine research analysts have rated the stock with a hold rating and eleven have given a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of Moderate Buy and an average target price of $219.25.

Atlassian Stock Performance

Shares of TEAM traded down $29.56 during mid-day trading on Friday, hitting $143.68. 8,355,883 shares of the company traded hands, compared to its average volume of 1,392,661. The company has a debt-to-equity ratio of 0.82, a quick ratio of 1.18 and a current ratio of 1.18. The stock has a 50-day moving average price of $169.60 and a two-hundred day moving average price of $191.77. Atlassian has a 1 year low of $141.21 and a 1 year high of $258.69. The stock has a market cap of $37.40 billion, a price-to-earnings ratio of -228.06 and a beta of 0.74.

Atlassian (NASDAQ:TEAM) last announced its earnings results on Thursday, August 1st. The technology company reported $0.66 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.59 by $0.07. The company had revenue of $1.13 billion during the quarter, compared to analyst estimates of $1.13 billion. Atlassian had a negative net margin of 6.89% and a negative return on equity of 18.13%. The firm’s quarterly revenue was up 20.5% compared to the same quarter last year. During the same period in the previous year, the business posted ($0.21) earnings per share. Equities analysts anticipate that Atlassian will post -0.23 earnings per share for the current year.

Insider Activity at Atlassian

In related news, CEO Scott Farquhar sold 8,241 shares of the company’s stock in a transaction on Friday, May 17th. The shares were sold at an average price of $181.34, for a total transaction of $1,494,422.94. Following the sale, the chief executive officer now owns 226,353 shares of the company’s stock, valued at $41,046,853.02. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. In other news, CEO Michael Cannon-Brookes sold 7,948 shares of the stock in a transaction on Wednesday, July 31st. The shares were sold at an average price of $177.07, for a total value of $1,407,352.36. Following the sale, the chief executive officer now owns 333,816 shares of the company’s stock, valued at $59,108,799.12. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CEO Scott Farquhar sold 8,241 shares of the stock in a transaction on Friday, May 17th. The shares were sold at an average price of $181.34, for a total transaction of $1,494,422.94. Following the completion of the sale, the chief executive officer now directly owns 226,353 shares in the company, valued at approximately $41,046,853.02. The disclosure for this sale can be found here. Insiders have sold a total of 275,285 shares of company stock valued at $47,692,054 over the last 90 days. 40.48% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Atlassian

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Vanguard Group Inc. raised its stake in shares of Atlassian by 1.4% in the first quarter. Vanguard Group Inc. now owns 15,577,302 shares of the technology company’s stock valued at $3,039,287,000 after acquiring an additional 221,650 shares during the period. Price T Rowe Associates Inc. MD grew its holdings in shares of Atlassian by 8.8% in the first quarter. Price T Rowe Associates Inc. MD now owns 11,141,645 shares of the technology company’s stock worth $2,173,847,000 after purchasing an additional 904,138 shares during the last quarter. WCM Investment Management LLC grew its holdings in shares of Atlassian by 2.7% in the fourth quarter. WCM Investment Management LLC now owns 9,640,536 shares of the technology company’s stock worth $2,325,490,000 after purchasing an additional 249,017 shares during the last quarter. Baillie Gifford & Co. grew its holdings in shares of Atlassian by 20.7% in the fourth quarter. Baillie Gifford & Co. now owns 8,807,619 shares of the technology company’s stock worth $2,094,980,000 after purchasing an additional 1,511,318 shares during the last quarter. Finally, Brown Advisory Inc. grew its holdings in shares of Atlassian by 7.9% in the fourth quarter. Brown Advisory Inc. now owns 3,473,105 shares of the technology company’s stock worth $826,113,000 after purchasing an additional 255,653 shares during the last quarter. Hedge funds and other institutional investors 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.