Atlassian (NASDAQ:TEAM) PT Lowered to $230.00

Atlassian (NASDAQ:TEAM) had its target price reduced by equities researchers at Canaccord Genuity Group from $260.00 to $230.00 in a research note issued on Friday, Benzinga reports. The brokerage presently has a “buy” rating on the technology company’s stock. Canaccord Genuity Group’s price target suggests a potential upside of 28.17% from the stock’s current price.

A number of other brokerages have also weighed in on TEAM. Truist Financial raised their price target on shares of Atlassian from $180.00 to $220.00 and gave the company a “hold” rating in a research note on Tuesday, January 16th. StockNews.com lowered shares of Atlassian from a “buy” rating to a “hold” rating in a research note on Tuesday, March 19th. William Blair reaffirmed an “outperform” rating on shares of Atlassian in a research note on Friday, February 2nd. The Goldman Sachs Group raised their price target on shares of Atlassian from $188.00 to $215.00 and gave the company a “neutral” rating in a research note on Friday, February 2nd. Finally, UBS Group decreased their price target on shares of Atlassian from $260.00 to $250.00 and set a “neutral” rating on the stock in a research note on Friday, February 2nd. Eleven investment analysts have rated the stock with a hold rating and ten have given a buy rating to the company. Based on data from MarketBeat, Atlassian presently has a consensus rating of “Hold” and an average target price of $223.22.

Atlassian Trading Down 9.6 %

TEAM stock opened at $179.45 on Friday. The company’s 50-day simple moving average is $199.98 and its 200-day simple moving average is $206.54. 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 has a 52-week low of $128.02 and a 52-week high of $258.69. The firm has a market cap of $46.55 billion, a P/E ratio of -284.84 and a beta of 0.63.

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

Insider Activity

In other news, CEO Scott Farquhar sold 8,241 shares of the stock in a transaction that occurred on Wednesday, January 31st. The shares were sold at an average price of $251.76, for a total value of $2,074,754.16. Following the completion of the sale, the chief executive officer now owns 329,640 shares of the company’s stock, valued at approximately $82,990,166.40. The transaction was disclosed in a filing with the SEC, which is accessible through this link. In other news, CAO Gene Liu sold 227 shares of the 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 completion of the sale, the chief accounting officer now owns 47,066 shares of the company’s stock, valued at approximately $10,018,939.42. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, CEO Scott Farquhar sold 8,241 shares of the stock in a transaction that occurred on Wednesday, January 31st. The shares were sold at an average price of $251.76, for a total transaction of $2,074,754.16. Following the completion of the sale, the chief executive officer now directly owns 329,640 shares of the company’s stock, valued at approximately $82,990,166.40. The disclosure for this sale can be found here. Insiders sold a total of 300,450 shares of company stock valued at $61,721,553 in the last 90 days. Company insiders own 40.48% of the company’s stock.

Institutional Trading of Atlassian

Several hedge funds have recently made changes to their positions in the company. Graypoint LLC lifted its holdings in shares of Atlassian by 2.4% in the 4th quarter. Graypoint LLC now owns 1,784 shares of the technology company’s stock worth $424,000 after acquiring an additional 42 shares during the last quarter. Legacy Wealth Asset Management LLC lifted its holdings in shares of Atlassian by 1.4% in the 4th quarter. Legacy Wealth Asset Management LLC now owns 3,095 shares of the technology company’s stock worth $736,000 after acquiring an additional 43 shares during the last quarter. Park National Corp OH lifted its holdings in shares of Atlassian by 3.5% in the 4th quarter. Park National Corp OH now owns 1,439 shares of the technology company’s stock worth $342,000 after acquiring an additional 48 shares during the last quarter. First Trust Direct Indexing L.P. lifted its holdings in shares of Atlassian by 1.5% in the 1st quarter. First Trust Direct Indexing L.P. now owns 3,693 shares of the technology company’s stock worth $721,000 after acquiring an additional 55 shares during the last quarter. Finally, UMB Bank n.a. lifted its holdings in shares of Atlassian by 5.7% in the 4th quarter. UMB Bank n.a. now owns 1,041 shares of the technology company’s stock worth $248,000 after acquiring an additional 56 shares during the last quarter. 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.