Atlassian (NASDAQ:TEAM) Downgraded to Neutral at Robert W. Baird

Robert W. Baird lowered shares of Atlassian (NASDAQ:TEAM) from an outperform rating to a neutral rating in a research note published on Friday, MarketBeat.com reports. The firm currently has $175.00 price target on the technology company’s stock, down from their prior price target of $230.00.

TEAM has been the topic of a number of other research reports. Oppenheimer cut their target price on Atlassian from $300.00 to $250.00 and set an outperform rating on the stock in a research report on Friday, April 26th. Citigroup decreased their target price on Atlassian from $280.00 to $265.00 and set a buy rating on the stock in a research note on Friday, April 12th. Canaccord Genuity Group dropped their target price on Atlassian from $260.00 to $230.00 and set a buy rating for the company in a research report on Friday, April 26th. TD Cowen reduced their price target on shares of Atlassian from $220.00 to $210.00 and set a hold rating on the stock in a research report on Friday, April 26th. Finally, Piper Sandler upgraded shares of Atlassian from a neutral rating to an overweight rating and lifted their price objective for the company from $200.00 to $225.00 in a 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. According to MarketBeat.com, the company has a consensus rating of Moderate Buy and an average price target of $219.25.

Atlassian Stock Performance

Shares of Atlassian stock opened at $142.85 on Friday. The firm has a market cap of $37.18 billion, a PE ratio of -228.06 and a beta of 0.74. The company has a quick ratio of 1.18, a current ratio of 1.18 and a debt-to-equity ratio of 0.82. Atlassian has a 52 week low of $135.29 and a 52 week high of $258.69. The business’s fifty day simple moving average is $169.60 and its 200-day simple moving average is $191.11.

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

Insider Buying and Selling at Atlassian

In other news, CEO Michael Cannon-Brookes sold 8,241 shares of the company’s stock in a transaction on Wednesday, May 8th. The shares were sold at an average price of $178.93, for a total value of $1,474,562.13. Following the completion of the transaction, the chief executive officer now owns 284,040 shares in the company, valued at approximately $50,823,277.20. The sale was disclosed in a document filed with the SEC, which is available at this link. In related news, CEO Michael Cannon-Brookes sold 8,241 shares of the company’s stock in a transaction dated Wednesday, May 8th. The stock was sold at an average price of $178.93, for a total value of $1,474,562.13. Following the completion of the sale, the chief executive officer now directly owns 284,040 shares of the company’s stock, valued at approximately $50,823,277.20. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, CEO Scott Farquhar sold 7,948 shares of the business’s stock in a transaction that occurred on Tuesday, June 18th. The shares were sold at an average price of $153.84, for a total value of $1,222,720.32. Following the completion of the sale, the chief executive officer now owns 55,636 shares of the company’s stock, valued at approximately $8,559,042.24. The disclosure for this sale can be found here. Insiders have sold 274,992 shares of company stock worth $47,338,797 over the last three months. Insiders own 40.48% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the business. Hollencrest Capital Management grew its holdings in shares of Atlassian by 383.9% during the first quarter. Hollencrest Capital Management now owns 150 shares of the technology company’s stock worth $29,000 after buying an additional 119 shares during the last quarter. Trust Co. of Vermont lifted its position in Atlassian by 2,175.0% during the 2nd quarter. Trust Co. of Vermont now owns 182 shares of the technology company’s stock worth $32,000 after acquiring an additional 174 shares during the period. Rothschild Investment LLC purchased a new position in shares of Atlassian in the 2nd quarter valued at approximately $36,000. Edmond DE Rothschild Holding S.A. acquired a new position in shares of Atlassian in the first quarter valued at approximately $40,000. Finally, Crewe Advisors LLC purchased a new stake in shares of Atlassian during the first quarter worth approximately $43,000. 93.03% of the stock is currently 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.