BMO Capital Markets Cuts Atlassian (NASDAQ:TEAM) Price Target to $295.00

Atlassian (NASDAQ:TEAM) had its price objective decreased by BMO Capital Markets from $360.00 to $295.00 in a research note released on Thursday, MarketBeat reports. BMO Capital Markets currently has an outperform rating on the technology company’s stock.

Other research analysts have also recently issued research reports about the stock. KeyCorp increased their target price on shares of Atlassian from $315.00 to $365.00 and gave the stock an “overweight” rating in a report on Friday, January 31st. The Goldman Sachs Group upped their price objective on shares of Atlassian from $245.00 to $370.00 and gave the company a “buy” rating in a report on Monday, February 3rd. StockNews.com cut Atlassian from a “buy” rating to a “hold” rating in a report on Monday, March 31st. UBS Group cut their price objective on shares of Atlassian from $330.00 to $230.00 and set a “neutral” rating for the company in a report on Tuesday, April 1st. Finally, Cantor Fitzgerald upgraded Atlassian from a “neutral” rating to an “overweight” rating and decreased their price target for the stock from $304.00 to $272.00 in a research report on Wednesday, April 2nd. Eight equities research analysts have rated the stock with a hold rating and eighteen have assigned a buy rating to the company. According to data from MarketBeat.com, Atlassian presently has a consensus rating of “Moderate Buy” and a consensus target price of $297.50.

Atlassian Stock Up 0.2 %

NASDAQ:TEAM opened at $198.37 on Thursday. 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 firm has a market capitalization of $51.97 billion, a P/E ratio of -148.04 and a beta of 1.07. The stock’s fifty day simple moving average is $251.13 and its 200-day simple moving average is $241.25. Atlassian has a 12-month low of $135.29 and a 12-month high of $326.00.

Atlassian (NASDAQ:TEAM) last posted its earnings results on Thursday, January 30th. The technology company reported ($0.12) earnings per share (EPS) 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%. Equities research analysts expect that Atlassian will post -0.34 earnings per share for the current year.

Insider Buying and Selling

In related news, CAO Gene Liu sold 568 shares of Atlassian stock in a transaction on Friday, February 14th. The shares were sold at an average price of $312.08, for a total transaction of $177,261.44. Following the completion of the transaction, the chief accounting officer now owns 52,142 shares of the company’s stock, valued at $16,272,475.36. This trade represents a 1.08 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, President Anutthara Bharadwaj sold 1,520 shares of the stock in a transaction that occurred on Friday, January 17th. The stock was sold at an average price of $259.85, for a total value of $394,972.00. Following the transaction, the president now owns 210,471 shares in the company, valued at $54,690,889.35. The trade was a 0.72 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 263,033 shares of company stock valued at $68,608,284 over the last 90 days. 38.55% of the stock is owned by insiders.

Hedge Funds Weigh In On Atlassian

A number of large investors have recently modified their holdings of TEAM. JPMorgan Chase & Co. increased its position in shares of Atlassian by 72.9% during the fourth quarter. JPMorgan Chase & Co. now owns 4,284,400 shares of the technology company’s stock worth $1,042,737,000 after acquiring an additional 1,806,042 shares in the last quarter. Massachusetts Financial Services Co. MA bought a new stake in shares of Atlassian in the 4th quarter worth approximately $687,486,000. Invesco Ltd. lifted its position in shares of Atlassian by 265.9% during the 4th quarter. Invesco Ltd. now owns 2,445,440 shares of the technology company’s stock valued at $595,171,000 after buying an additional 1,777,179 shares during the last quarter. Geode Capital Management LLC lifted its holdings in Atlassian by 1.3% during the fourth quarter. Geode Capital Management LLC now owns 2,177,813 shares of the technology company’s stock valued at $528,851,000 after purchasing an additional 27,899 shares during the last quarter. Finally, Voya Investment Management LLC lifted its stake 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 valued at $528,693,000 after buying an additional 2,160,810 shares in the last quarter. 94.45% of the stock is currently 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.