Atlassian (NASDAQ:TEAM) Downgraded to Hold Rating by StockNews.com

Atlassian (NASDAQ:TEAM) was downgraded by equities researchers at StockNews.com from a “buy” rating to a “hold” rating in a research note issued on Tuesday.

TEAM has been the topic of several other reports. Citigroup increased their price target on shares of Atlassian from $255.00 to $300.00 and gave the stock a “buy” rating in a research report on Friday, January 17th. Canaccord Genuity Group increased their price target on shares of Atlassian from $255.00 to $285.00 and gave the stock a “buy” rating in a research report on Friday, December 20th. Morgan Stanley increased their price target on shares of Atlassian from $315.00 to $370.00 and gave the stock an “overweight” rating in a research report on Friday, January 31st. Jefferies Financial Group raised their price objective on shares of Atlassian from $300.00 to $325.00 and gave the company a “buy” rating in a research report on Friday, January 24th. Finally, Macquarie raised their price objective on shares of Atlassian from $290.00 to $317.00 and gave the company a “neutral” rating in a research report on Friday, February 7th. Nine research analysts have rated the stock with a hold rating and sixteen have issued a buy rating to the company’s stock. According to MarketBeat, Atlassian has a consensus rating of “Moderate Buy” and an average target price of $319.71.

Atlassian Stock Up 1.1 %

Shares of Atlassian stock opened at $276.73 on Tuesday. The company has a market cap of $72.50 billion, a price-to-earnings ratio of -206.51 and a beta of 0.87. The company’s 50 day moving average is $276.41 and its 200 day moving average is $230.96. Atlassian has a twelve month low of $135.29 and a twelve month high of $326.00. The company has a quick ratio of 1.24, a current ratio of 1.24 and a debt-to-equity ratio of 0.81.

Atlassian (NASDAQ:TEAM) last released its quarterly earnings results on Thursday, January 30th. The technology company reported ($0.12) earnings per share for the quarter, missing the consensus estimate of $0.73 by ($0.85). Atlassian had a negative return on equity of 17.37% and a negative net margin of 7.22%. Research analysts anticipate that Atlassian will post -0.34 EPS for the current year.

Insiders Place Their Bets

In related news, Director Scott Farquhar sold 7,948 shares of Atlassian stock in a transaction dated Friday, February 28th. The shares were sold at an average price of $278.61, for a total transaction of $2,214,392.28. Following the completion of the transaction, the director now directly owns 166,908 shares of the company’s stock, valued at approximately $46,502,237.88. The trade was a 4.55 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CAO Gene Liu sold 779 shares of Atlassian stock in a transaction dated Friday, January 31st. The stock was sold at an average price of $320.01, for a total transaction of $249,287.79. Following the transaction, the chief accounting officer now directly owns 52,710 shares of the company’s stock, valued at approximately $16,867,727.10. This represents a 1.46 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 264,553 shares of company stock valued at $72,913,406 in the last three months. Corporate insiders own 38.55% of the company’s stock.

Hedge Funds Weigh In On Atlassian

Large investors have recently made changes to their positions in the company. Virtu Financial LLC purchased a new position in shares of Atlassian during the 3rd quarter worth about $606,000. Fulton Bank N.A. purchased a new position in shares of Atlassian during the 4th quarter worth about $447,000. Paloma Partners Management Co purchased a new position in shares of Atlassian during the 3rd quarter worth about $1,588,000. Allworth Financial LP lifted its holdings in Atlassian by 3.1% during the 4th quarter. Allworth Financial LP now owns 1,548 shares of the technology company’s stock valued at $404,000 after buying an additional 47 shares in the last quarter. Finally, Impax Asset Management Group plc lifted its holdings in Atlassian by 590.6% during the 3rd quarter. Impax Asset Management Group plc now owns 37,402 shares of the technology company’s stock valued at $5,940,000 after buying an additional 31,986 shares in the last quarter. 94.45% of the stock is owned by hedge funds and other 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.