Barclays Cuts Atlassian (NASDAQ:TEAM) Price Target to $260.00

Atlassian (NASDAQ:TEAM) had its price objective lowered by Barclays from $350.00 to $260.00 in a research report released on Monday morning,Benzinga reports. Barclays currently has an overweight rating on the technology company’s stock.

Other analysts have also issued reports about the stock. Truist Financial reduced their price objective on shares of Atlassian from $350.00 to $300.00 and set a “buy” rating on the stock in a report on Monday, March 31st. JMP Securities reaffirmed a “market perform” rating on shares of Atlassian in a research report on Friday, January 31st. Mizuho upped their price target on Atlassian from $285.00 to $355.00 and gave the stock an “outperform” rating in a research note on Friday, January 31st. Oppenheimer boosted their price objective on Atlassian from $300.00 to $380.00 and gave the company an “outperform” rating in a report on Friday, January 31st. Finally, Citigroup lifted their target price on Atlassian from $255.00 to $300.00 and gave the company a “buy” rating in a research report on Friday, January 17th. Five research analysts have rated the stock with a hold rating, nineteen have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, Atlassian has a consensus rating of “Moderate Buy” and an average target price of $285.29.

Atlassian Trading Down 0.3 %

Shares of Atlassian stock opened at $207.78 on Monday. The company has a current ratio of 1.24, a quick ratio of 1.24 and a debt-to-equity ratio of 0.81. Atlassian has a twelve month low of $135.29 and a twelve month high of $326.00. The firm has a market capitalization of $54.44 billion, a PE ratio of -155.06 and a beta of 1.06. The firm’s 50-day moving average price is $220.99 and its 200 day moving average price is $245.96.

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

Insider Transactions at Atlassian

In related news, Director Scott Farquhar sold 7,948 shares of the firm’s stock in a transaction dated Friday, May 2nd. The stock was sold at an average price of $211.30, for a total transaction of $1,679,412.40. Following the transaction, the director now owns 190,752 shares of the company’s stock, valued at $40,305,897.60. This trade represents a 4.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, President Anutthara Bharadwaj sold 1,723 shares of the stock in a transaction on Wednesday, February 19th. The stock was sold at an average price of $305.84, for a total value of $526,962.32. Following the sale, the president now directly owns 199,934 shares of the company’s stock, valued at approximately $61,147,814.56. This represents a 0.85 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 260,734 shares of company stock worth $63,835,594. Corporate insiders own 38.55% of the company’s stock.

Hedge Funds Weigh In On Atlassian

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. Massachusetts Financial Services Co. MA purchased a new stake in shares of Atlassian in the fourth quarter valued at approximately $687,486,000. Voya Investment Management LLC boosted its position in shares of Atlassian by 17,941.0% during the 4th quarter. Voya Investment Management LLC now owns 2,172,854 shares of the technology company’s stock worth $528,693,000 after purchasing an additional 2,160,810 shares in the last quarter. JPMorgan Chase & Co. grew its stake in shares of Atlassian by 72.9% during the 4th quarter. JPMorgan Chase & Co. now owns 4,284,400 shares of the technology company’s stock worth $1,042,737,000 after purchasing an additional 1,806,042 shares during the period. Invesco Ltd. lifted its stake in shares of Atlassian by 265.9% in the fourth quarter. Invesco Ltd. now owns 2,445,440 shares of the technology company’s stock valued at $595,171,000 after purchasing an additional 1,777,179 shares during the period. Finally, Durable Capital Partners LP boosted its holdings in Atlassian by 499.7% during the fourth quarter. Durable Capital Partners LP now owns 1,575,546 shares of the technology company’s stock worth $383,456,000 after buying an additional 1,312,820 shares in the last quarter. Institutional investors and hedge funds own 94.45% of the company’s stock.

Atlassian Company Profile

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.