Atlassian (NASDAQ:TEAM) PT Lowered to $230.00

Atlassian (NASDAQ:TEAM) had its price objective decreased by Robert W. Baird from $270.00 to $230.00 in a research report issued to clients and investors on Friday, Benzinga reports. The firm currently has an “outperform” rating on the technology company’s stock. Robert W. Baird’s target price indicates a potential upside of 28.17% from the company’s current price.

Several other analysts also recently weighed in on the stock. Wells Fargo & Company lifted their target price on shares of Atlassian from $275.00 to $285.00 and gave the company an “overweight” rating in a report on Wednesday, January 24th. Citigroup reduced their price objective on shares of Atlassian from $280.00 to $265.00 and set a “buy” rating for the company in a research note on Friday, April 12th. UBS Group reduced their price objective on shares of Atlassian from $260.00 to $250.00 and set a “neutral” rating for the company in a research note on Friday, February 2nd. KeyCorp assumed coverage on shares of Atlassian in a research note on Tuesday, March 19th. They issued a “sector weight” rating for the company. Finally, The Goldman Sachs Group raised their price objective 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. Eleven equities research analysts have rated the stock with a hold rating and ten have given a buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $223.22.

Atlassian Stock Down 9.6 %

Shares of NASDAQ:TEAM opened at $179.45 on Friday. The company has a market cap of $46.55 billion, a price-to-earnings ratio of -284.84 and a beta of 0.63. The firm’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 fifty-two week low of $128.02 and a fifty-two week high of $258.69.

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

Insiders Place Their Bets

In other Atlassian news, CEO Michael Cannon-Brookes sold 8,241 shares of Atlassian stock in a transaction dated Friday, April 19th. The shares were sold at an average price of $191.53, for a total transaction of $1,578,398.73. Following the completion of the transaction, the chief executive officer now owns 391,173 shares in the company, valued at $74,921,364.69. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In other news, President Anutthara Bharadwaj sold 760 shares of the business’s stock in a transaction that occurred on Tuesday, April 23rd. The shares were sold at an average price of $200.00, for a total value of $152,000.00. Following the completion of the transaction, the president now owns 161,850 shares of the company’s stock, valued at $32,370,000. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, CEO Michael Cannon-Brookes sold 8,241 shares of the business’s stock in a transaction that occurred on Friday, April 19th. The shares were sold at an average price of $191.53, for a total transaction of $1,578,398.73. Following the completion of the transaction, the chief executive officer now directly owns 391,173 shares of the company’s stock, valued at approximately $74,921,364.69. The disclosure for this sale can be found here. Over the last quarter, insiders sold 300,450 shares of company stock worth $61,721,553. Insiders own 40.48% of the company’s stock.

Hedge Funds Weigh In On Atlassian

Institutional investors have recently modified their holdings of the company. Baillie Gifford & Co. grew its holdings in Atlassian by 20.7% in 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 grew its holdings in Atlassian by 156.8% in 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 Atlassian in the fourth quarter valued at approximately $247,740,000. Vanguard Group Inc. grew its holdings in Atlassian by 3.4% in 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 grew its holdings in Atlassian by 3.3% in 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. Institutional investors and hedge funds 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.