Oppenheimer Lowers Atlassian (NASDAQ:TEAM) Price Target to $250.00

Atlassian (NASDAQ:TEAM) had its price target dropped by stock analysts at Oppenheimer from $300.00 to $250.00 in a note issued to investors on Friday, Benzinga reports. The brokerage currently has an “outperform” rating on the technology company’s stock. Oppenheimer’s price objective would suggest a potential upside of 39.31% from the company’s previous close.

Other analysts have also recently issued research reports about the stock. Truist Financial cut their price target on shares of Atlassian from $220.00 to $200.00 and set a “hold” rating on the stock in a research report on Friday. TD Cowen cut their target price on Atlassian from $220.00 to $210.00 and set a “hold” rating on the stock in a research report on Friday. Canaccord Genuity Group lowered their target price on Atlassian from $260.00 to $230.00 and set a “buy” rating for the company in a report on Friday. Piper Sandler dropped their price target on Atlassian from $225.00 to $200.00 and set a “neutral” rating on the stock in a research note on Friday. Finally, KeyCorp assumed coverage on shares of Atlassian in a research report on Tuesday, March 19th. They set a “sector weight” rating for the company. Eleven analysts have rated the stock with a hold rating and ten have given a buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $223.22.

Atlassian Price Performance

Shares of TEAM opened at $179.45 on Friday. The business has a 50-day moving average of $199.98 and a 200-day moving average of $206.54. Atlassian has a 1 year low of $128.02 and a 1 year high of $258.69. The company has a market capitalization of $46.55 billion, a price-to-earnings ratio of -284.84 and a beta of 0.63. The company has a debt-to-equity ratio of 1.04, a current ratio of 1.07 and a quick ratio of 1.07.

Atlassian (NASDAQ:TEAM) last released its quarterly 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 the consensus estimate of $1.02 billion. As a group, equities research analysts anticipate that Atlassian will post -0.4 earnings per share for the current year.

Insider Activity

In related news, CAO Gene Liu sold 227 shares of the company’s stock in a transaction dated Wednesday, February 14th. The shares were sold at an average price of $212.87, for a total value of $48,321.49. Following the sale, the chief accounting officer now owns 47,066 shares in the company, valued at approximately $10,018,939.42. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. In related news, 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 transaction of $48,321.49. Following the transaction, the chief accounting officer now owns 47,066 shares of the company’s stock, valued at $10,018,939.42. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO Scott Farquhar sold 8,241 shares of the stock in a transaction 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 directly owns 329,640 shares of the company’s stock, valued at $82,990,166.40. The disclosure for this sale can be found here. Insiders sold 300,450 shares of company stock worth $61,721,553 over the last three months. 40.48% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the company. National Bank of Canada FI grew its position in Atlassian by 15.0% in the 3rd quarter. National Bank of Canada FI now owns 1,057 shares of the technology company’s stock worth $209,000 after purchasing an additional 138 shares in the last quarter. CWM LLC boosted its stake in shares of Atlassian by 61.3% in the 3rd quarter. CWM LLC now owns 2,028 shares of the technology company’s stock worth $409,000 after buying an additional 771 shares during the last quarter. SG Americas Securities LLC grew its holdings in shares of Atlassian by 40.3% in the third quarter. SG Americas Securities LLC now owns 8,517 shares of the technology company’s stock valued at $1,716,000 after acquiring an additional 2,448 shares in the last quarter. Exchange Traded Concepts LLC increased its position in shares of Atlassian by 63.7% during the third quarter. Exchange Traded Concepts LLC now owns 6,221 shares of the technology company’s stock valued at $1,254,000 after acquiring an additional 2,420 shares during the last quarter. Finally, Oak Thistle LLC bought a new stake in Atlassian during the third quarter worth $738,000. 93.03% of the stock is owned by institutional investors.

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.