Truist Financial Lowers Atlassian (NASDAQ:TEAM) Price Target to $200.00

Atlassian (NASDAQ:TEAM) had its target price dropped by equities research analysts at Truist Financial from $220.00 to $200.00 in a note issued to investors on Friday, Benzinga reports. The firm currently has a “hold” rating on the technology company’s stock. Truist Financial’s target price would indicate a potential upside of 11.45% from the stock’s previous close.

A number of other equities analysts have also recently commented on the company. UBS Group lowered their target price on Atlassian from $260.00 to $250.00 and set a “neutral” rating for the company in a report on Friday, February 2nd. Mizuho lowered their target price on Atlassian from $240.00 to $225.00 and set a “buy” rating for the company in a report on Friday. Robert W. Baird lowered their target price on Atlassian from $270.00 to $230.00 and set an “outperform” rating for the company in a report on Friday. Barclays upgraded Atlassian from an “equal weight” rating to an “overweight” rating and raised their target price for the company from $235.00 to $275.00 in a report on Thursday, April 11th. Finally, Citigroup reduced their price target on Atlassian from $280.00 to $265.00 and set a “buy” rating on the stock in a research report on Friday, April 12th. Eleven equities research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $223.22.

Atlassian Stock Performance

NASDAQ TEAM opened at $179.45 on Friday. The stock has a fifty day simple moving average of $199.98 and a 200-day simple moving average of $206.54. Atlassian has a twelve month low of $128.02 and a twelve month high of $258.69. The stock has a market cap of $46.55 billion, a PE ratio of -284.84 and a beta of 0.63. The company has a current ratio of 1.07, a quick ratio of 1.07 and a debt-to-equity ratio of 1.04.

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

Insider Transactions at Atlassian

In other news, CEO Scott Farquhar sold 8,241 shares of the firm’s stock in a transaction dated Monday, January 29th. The stock was sold at an average price of $253.53, for a total transaction of $2,089,340.73. Following the sale, the chief executive officer now owns 346,122 shares of the company’s stock, valued at approximately $87,752,310.66. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In other Atlassian news, CEO Scott Farquhar sold 8,241 shares of Atlassian stock in a transaction that occurred on Monday, January 29th. The stock was sold at an average price of $253.53, for a total transaction of $2,089,340.73. Following the transaction, the chief executive officer now owns 346,122 shares of the company’s stock, valued at $87,752,310.66. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, CAO Gene Liu sold 227 shares of Atlassian 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 $48,321.49. Following the transaction, the chief accounting officer now directly owns 47,066 shares in the company, valued at approximately $10,018,939.42. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 300,450 shares of company stock valued at $61,721,553. Corporate insiders own 40.48% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in the company. BLB&B Advisors LLC acquired a new position in Atlassian during the first quarter worth approximately $344,000. UMB Bank n.a. increased its position in Atlassian by 6.8% during the first quarter. UMB Bank n.a. now owns 1,112 shares of the technology company’s stock worth $217,000 after buying an additional 71 shares during the period. Yousif Capital Management LLC increased its position in Atlassian by 11.3% during the first quarter. Yousif Capital Management LLC now owns 1,737 shares of the technology company’s stock worth $339,000 after buying an additional 176 shares during the period. Mesirow Financial Investment Management Inc. acquired a new position in Atlassian during the first quarter worth approximately $353,000. Finally, Verdence Capital Advisors LLC increased its position in Atlassian by 14.0% during the first quarter. Verdence Capital Advisors LLC now owns 1,403 shares of the technology company’s stock worth $274,000 after buying an additional 172 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.