Atlassian (NASDAQ:TEAM) Price Target Cut to $200.00

Atlassian (NASDAQ:TEAM) had its price target lowered by equities research analysts at Piper Sandler from $225.00 to $200.00 in a report issued on Friday, Benzinga reports. The firm currently has a “neutral” rating on the technology company’s stock. Piper Sandler’s price target would indicate a potential upside of 11.45% from the stock’s current price.

Other equities analysts also recently issued reports about the stock. Mizuho cut their price target on shares of Atlassian from $240.00 to $225.00 and set a “buy” rating on the stock in a report on Friday. Wells Fargo & Company boosted their price objective on Atlassian from $275.00 to $285.00 and gave the company an “overweight” rating in a research note on Wednesday, January 24th. Truist Financial boosted their price objective on Atlassian from $180.00 to $220.00 and gave the company a “hold” rating in a research note on Tuesday, January 16th. Canaccord Genuity Group lowered their price objective on Atlassian from $260.00 to $230.00 and set a “buy” rating on the stock in a research note on Friday. Finally, KeyCorp initiated coverage on Atlassian in a research note on Tuesday, March 19th. They issued a “sector weight” rating on the stock. Eleven research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $223.22.

Atlassian Price Performance

Shares of NASDAQ:TEAM opened at $179.45 on Friday. The company’s 50-day moving average is $199.98 and its 200 day moving average is $206.54. 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 company has a market capitalization of $46.55 billion, a P/E ratio of -284.84 and a beta of 0.63. Atlassian has a fifty-two week low of $128.02 and a fifty-two week high of $258.69.

Atlassian (NASDAQ:TEAM) last issued its quarterly earnings results on Thursday, February 1st. The technology company reported ($0.30) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.06) by ($0.24). The company had revenue of $1.06 billion during the quarter, compared to analysts’ expectations of $1.02 billion. Atlassian had a negative return on equity of 15.54% and a negative net margin of 3.90%. On average, equities research analysts forecast that Atlassian will post -0.4 earnings per share for the current year.

Insider Buying and Selling

In related news, President Anutthara Bharadwaj sold 4,139 shares of the company’s stock in a transaction that occurred on Wednesday, February 14th. The shares were sold at an average price of $212.87, for a total value of $881,068.93. Following the transaction, the president now directly owns 167,535 shares in the company, valued at $35,663,175.45. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In related news, CAO Gene Liu sold 227 shares of the company’s stock in a transaction that occurred on Wednesday, February 14th. The shares were sold at an average price of $212.87, for a total value of $48,321.49. Following the transaction, the chief accounting officer now directly owns 47,066 shares in the company, valued at $10,018,939.42. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, President Anutthara Bharadwaj sold 4,139 shares of the company’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 value of $881,068.93. Following the completion of the sale, the president now directly owns 167,535 shares of the company’s stock, valued at approximately $35,663,175.45. The disclosure for this sale can be found here. Over the last three months, insiders have sold 300,450 shares of company stock worth $61,721,553. Insiders own 40.48% of the company’s stock.

Institutional Trading of Atlassian

Hedge funds and other institutional investors have recently bought and sold shares of the company. Baillie Gifford & Co. boosted its stake in shares of Atlassian by 20.7% during the fourth 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. Morgan Stanley boosted its stake in shares of Atlassian by 156.8% during the third 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 period. Norges Bank purchased a new stake in shares of Atlassian during the fourth quarter valued at approximately $247,740,000. Vanguard Group Inc. boosted its stake in shares of Atlassian by 3.4% during the fourth 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. Finally, Price T Rowe Associates Inc. MD boosted its stake in shares of Atlassian by 3.3% during the fourth 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. Hedge funds and other institutional investors own 93.03% of the company’s stock.

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.