Stephens Cuts Atlassian (NASDAQ:TEAM) Price Target to $221.00

Atlassian (NASDAQ:TEAM) had its price objective lowered by equities research analysts at Stephens from $255.00 to $221.00 in a note issued to investors on Friday,Benzinga reports. The brokerage presently has an “equal weight” rating on the technology company’s stock. Stephens’ target price points to a potential upside of 6.01% from the company’s previous close.

Several other research firms have also issued reports on TEAM. StockNews.com lowered shares of Atlassian from a “buy” rating to a “hold” rating in a research report on Monday, March 31st. BMO Capital Markets lowered their target price on Atlassian from $295.00 to $245.00 and set an “outperform” rating for the company in a research note on Friday. Truist Financial lowered their price objective on shares of Atlassian from $350.00 to $300.00 and set a “buy” rating for the company in a research report on Monday, March 31st. Cantor Fitzgerald raised shares of Atlassian from a “neutral” rating to an “overweight” rating and lowered their price target for the company from $304.00 to $272.00 in a report on Wednesday, April 2nd. Finally, Macquarie decreased their price objective on shares of Atlassian from $270.00 to $250.00 and set an “outperform” rating for the company in a research report on Friday. Five research analysts have rated the stock with a hold rating, nineteen have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, Atlassian has an average rating of “Moderate Buy” and a consensus price target of $289.57.

Atlassian Stock Performance

Shares of TEAM stock opened at $208.48 on Friday. The firm has a market capitalization of $54.62 billion, a price-to-earnings ratio of -155.58 and a beta of 1.06. The company has a 50 day moving average price of $222.61 and a 200 day moving average price of $245.45. Atlassian has a one year low of $135.29 and a one year high of $326.00. The company has a debt-to-equity ratio of 0.81, a quick ratio of 1.24 and a current ratio of 1.24.

Atlassian (NASDAQ:TEAM) last posted its quarterly earnings results on Thursday, May 1st. The technology company reported $0.97 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.93 by $0.04. Atlassian had a negative return on equity of 17.37% and a negative net margin of 7.22%. The firm had revenue of $1.36 billion during the quarter, compared to the consensus estimate of $1.35 billion. During the same quarter in the previous year, the business earned $0.89 earnings per share. The firm’s quarterly revenue was up 14.1% compared to the same quarter last year. Sell-side analysts anticipate that Atlassian will post -0.34 EPS for the current year.

Insider Buying and Selling at Atlassian

In related news, CEO Michael Cannon-Brookes sold 7,948 shares of the business’s stock in a transaction that occurred on Wednesday, April 30th. The stock was sold at an average price of $225.64, for a total transaction of $1,793,386.72. Following the completion of the transaction, the chief executive officer now owns 206,648 shares in the company, valued at $46,628,054.72. The trade was a 3.70 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CAO Gene Liu sold 568 shares of the stock in a transaction on Friday, February 14th. The stock was sold at an average price of $312.08, for a total value of $177,261.44. Following the completion of the sale, the chief accounting officer now directly owns 52,142 shares in the company, valued at $16,272,475.36. This represents a 1.08 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 260,734 shares of company stock worth $64,629,600 over the last 90 days. Insiders own 38.55% of the company’s stock.

Institutional Investors Weigh In On Atlassian

Several large investors have recently made changes to their positions in TEAM. Murphy & Mullick Capital Management Corp acquired a new position in Atlassian during the 4th quarter worth $27,000. Clean Yield Group increased its stake in Atlassian by 372.0% during the 1st quarter. Clean Yield Group now owns 118 shares of the technology company’s stock valued at $25,000 after buying an additional 93 shares during the period. Colonial Trust Co SC raised its position in shares of Atlassian by 100.0% during the 4th quarter. Colonial Trust Co SC now owns 138 shares of the technology company’s stock worth $34,000 after buying an additional 69 shares in the last quarter. Summit Securities Group LLC bought a new position in shares of Atlassian in the fourth quarter valued at approximately $38,000. Finally, Pilgrim Partners Asia Pte Ltd bought a new stake in Atlassian during the fourth quarter worth approximately $39,000. Institutional investors and hedge funds own 94.45% 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.