Bank of America Cuts Atlassian (NASDAQ:TEAM) Price Target to $105.00

Atlassian (NASDAQ:TEAM) had its price target cut by Bank of America from $110.00 to $105.00 in a report published on Thursday morning,Benzinga reports. They currently have a neutral rating on the technology company’s stock.

Several other equities analysts have also recently weighed in on the company. Piper Sandler reduced their price target on Atlassian from $200.00 to $175.00 and set an “overweight” rating for the company in a research report on Friday, May 1st. BTIG Research reissued a “buy” rating and set a $130.00 price objective on shares of Atlassian in a report on Friday, July 10th. Wall Street Zen downgraded Atlassian from a “strong-buy” rating to a “buy” rating in a research note on Saturday, May 30th. BMO Capital Markets reduced their target price on Atlassian from $105.00 to $95.00 and set an “outperform” rating for the company in a report on Thursday, June 25th. Finally, Weiss Ratings reiterated a “sell (e+)” rating on shares of Atlassian in a research report on Monday, April 20th. Twenty-one research analysts have rated the stock with a Buy rating, six have given a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $138.50.

Atlassian Stock Performance

Shares of TEAM stock opened at $93.29 on Thursday. The firm’s 50 day moving average is $88.74 and its 200 day moving average is $91.91. The stock has a market capitalization of $23.67 billion, a P/E ratio of -112.40, a PEG ratio of 5.76 and a beta of 1.11. Atlassian has a 12 month low of $56.01 and a 12 month high of $206.00. The company has a current ratio of 0.70, a quick ratio of 0.70 and a debt-to-equity ratio of 1.13.

Atlassian (NASDAQ:TEAM) last released its quarterly earnings data on Thursday, April 30th. The technology company reported $1.75 earnings per share for the quarter, beating analysts’ consensus estimates of $1.33 by $0.42. The business had revenue of $1.79 billion during the quarter, compared to analyst estimates of $1.70 billion. Atlassian had a negative net margin of 3.50% and a positive return on equity of 6.22%. Atlassian’s revenue was up 31.7% compared to the same quarter last year. During the same period in the previous year, the business earned $0.97 EPS. On average, sell-side analysts anticipate that Atlassian will post 0.81 earnings per share for the current year.

Insider Activity at Atlassian

In related news, CRO Brian Duffy sold 3,000 shares of the firm’s stock in a transaction that occurred on Friday, June 12th. The shares were sold at an average price of $89.71, for a total value of $269,130.00. Following the sale, the executive directly owned 227,691 shares of the company’s stock, valued at $20,426,159.61. This trade represents a 1.30% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CFO James Chuong sold 8,838 shares of the firm’s stock in a transaction that occurred on Tuesday, May 19th. The shares were sold at an average price of $87.75, for a total transaction of $775,534.50. Following the completion of the sale, the chief financial officer directly owned 288,272 shares in the company, valued at $25,295,868. This represents a 2.97% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last 90 days, insiders sold 20,041 shares of company stock worth $1,801,069. 36.66% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. E. Ohman J or Asset Management AB increased its stake in Atlassian by 30.0% in the second quarter. E. Ohman J or Asset Management AB now owns 6,059 shares of the technology company’s stock valued at $471,000 after acquiring an additional 1,400 shares during the last quarter. Fluent Financial LLC bought a new stake in Atlassian during the second quarter worth about $2,239,000. FNY Investment Advisers LLC lifted its stake in Atlassian by 1,503.1% during the second quarter. FNY Investment Advisers LLC now owns 10,420 shares of the technology company’s stock worth $810,000 after purchasing an additional 9,770 shares during the last quarter. Elevation Wealth Partners LLC purchased a new position in shares of Atlassian in the 2nd quarter worth about $39,000. Finally, PensionDanmark Pensionsforsikringsaktieselskab boosted its holdings in shares of Atlassian by 4.7% in the 2nd quarter. PensionDanmark Pensionsforsikringsaktieselskab now owns 65,441 shares of the technology company’s stock worth $5,091,000 after purchasing an additional 2,908 shares in the last quarter. 94.45% of the stock is currently owned by hedge funds and other institutional investors.

About Atlassian

Atlassian Corporation Plc is a software company headquartered in Sydney, Australia, best known for developing collaboration, project management and software development tools. Founded in 2002 by Mike Cannon-Brookes and Scott Farquhar, Atlassian grew from a small engineering-focused team into a publicly traded company after its initial public offering in 2015. The company serves a global customer base that spans small teams to large enterprises across technology, financial services, government and other sectors.

Atlassian’s product portfolio centers on tools designed to help teams plan, build and support software and business processes.