Truist Financial Issues Pessimistic Forecast for Atlassian (NASDAQ:TEAM) Stock Price

Atlassian (NASDAQ:TEAM) had its price objective reduced by Truist Financial from $350.00 to $300.00 in a report published on Monday morning,Benzinga reports. They currently have a buy rating on the technology company’s stock.

TEAM has been the topic of a number of other reports. Scotiabank raised their target price on Atlassian from $250.00 to $330.00 and gave the company a “sector perform” rating in a research note on Friday, January 31st. Mizuho lifted their price objective on shares of Atlassian from $285.00 to $355.00 and gave the company an “outperform” rating in a research report on Friday, January 31st. UBS Group upped their target price on shares of Atlassian from $275.00 to $330.00 and gave the stock a “neutral” rating in a research report on Friday, January 31st. Stephens initiated coverage on Atlassian in a report on Wednesday, March 19th. They set an “equal weight” rating and a $255.00 price target on the stock. Finally, Citigroup boosted their price objective on Atlassian from $255.00 to $300.00 and gave the stock a “buy” rating in a research report on Friday, January 17th. Ten equities research analysts have rated the stock with a hold rating and sixteen have issued a buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $314.73.

Atlassian Price Performance

TEAM opened at $212.21 on Monday. The company has a quick ratio of 1.24, a current ratio of 1.24 and a debt-to-equity ratio of 0.81. The company’s 50-day moving average price is $268.47 and its 200 day moving average price is $239.44. Atlassian has a fifty-two week low of $135.29 and a fifty-two week high of $326.00. The firm has a market cap of $55.60 billion, a price-to-earnings ratio of -158.36 and a beta of 0.91.

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

Insider Activity

In other news, CAO Gene Liu sold 568 shares of the company’s stock in a transaction on Friday, February 14th. The stock was sold at an average price of $312.08, for a total transaction of $177,261.44. Following the completion of the sale, the chief accounting officer now directly owns 52,142 shares of the company’s stock, valued at $16,272,475.36. This represents a 1.08 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, President Anutthara Bharadwaj sold 1,520 shares of the stock in a transaction on Friday, January 17th. The shares were sold at an average price of $259.85, for a total value of $394,972.00. Following the completion of the transaction, the president now owns 210,471 shares of the company’s stock, valued at $54,690,889.35. This trade represents a 0.72 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 263,033 shares of company stock worth $70,403,022. Corporate insiders own 38.55% of the company’s stock.

Institutional Trading of Atlassian

Several institutional investors and hedge funds have recently bought and sold shares of TEAM. Murphy & Mullick Capital Management Corp acquired a new stake in shares of Atlassian during the fourth quarter valued at approximately $27,000. Colonial Trust Co SC grew its position in 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 purchasing an additional 69 shares in the last quarter. Summit Securities Group LLC acquired a new stake in Atlassian during the 4th quarter valued at $38,000. Pilgrim Partners Asia Pte Ltd purchased a new stake in shares of Atlassian in the fourth quarter valued at $39,000. Finally, Avion Wealth boosted its position in shares of Atlassian by 1,308.3% in the fourth quarter. Avion Wealth now owns 169 shares of the technology company’s stock worth $41,000 after buying an additional 157 shares during the period. 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.