BMO Capital Markets Cuts Atlassian (NASDAQ:TEAM) Price Target to $200.00

Atlassian (NASDAQ:TEAM) had its price objective reduced by BMO Capital Markets from $225.00 to $200.00 in a research note published on Friday, Marketbeat.com reports. They currently have an outperform rating on the technology company’s stock.

TEAM has been the subject of a number of other research reports. Canaccord Genuity Group cut their target price on shares of Atlassian from $300.00 to $255.00 and set a “buy” rating for the company in a research report on Friday, May 2nd. Oppenheimer cut their target price on shares of Atlassian from $300.00 to $275.00 and set an “outperform” rating for the company in a research report on Monday, July 21st. Robert W. Baird raised shares of Atlassian from a “neutral” rating to an “outperform” rating and cut their target price for the stock from $320.00 to $255.00 in a research report on Monday, April 14th. KeyCorp cut their target price on shares of Atlassian from $275.00 to $250.00 and set an “overweight” rating for the company in a research report on Thursday, July 17th. Finally, Capital One Financial lowered shares of Atlassian from an “overweight” rating to an “equal weight” rating and set a $211.00 target price for the company. in a research report on Wednesday, July 16th. Five analysts have rated the stock with a hold rating, nineteen have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $260.67.

Atlassian Stock Down 1.7%

TEAM stock opened at $168.06 on Friday. The company has a current ratio of 1.26, a quick ratio of 1.26 and a debt-to-equity ratio of 0.72. Atlassian has a 1 year low of $137.27 and a 1 year high of $326.00. The company has a fifty day simple moving average of $199.40 and a 200 day simple moving average of $225.57. The firm has a market cap of $44.12 billion, a PE ratio of -169.76 and a beta of 0.96.

Atlassian (NASDAQ:TEAM) last released its quarterly earnings data on Thursday, August 7th. The technology company reported $0.98 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.83 by $0.15. Atlassian had a negative net margin of 4.92% and a negative return on equity of 15.19%. The business had revenue of $1.38 billion during the quarter, compared to analyst estimates of $1.36 billion. During the same quarter in the previous year, the business earned $0.66 EPS. Atlassian’s quarterly revenue was up 22.3% compared to the same quarter last year. Sell-side analysts anticipate that Atlassian will post -0.34 EPS for the current fiscal year.

Insider Activity

In related news, Director Scott Farquhar sold 7,948 shares of the stock in a transaction dated Monday, May 19th. The shares were sold at an average price of $214.92, for a total value of $1,708,184.16. Following the completion of the transaction, the director owned 103,324 shares of the company’s stock, valued at $22,206,394.08. This represents a 7.14% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Michael Cannon-Brookes sold 7,948 shares of the stock in a transaction dated Friday, May 16th. The stock was sold at an average price of $221.41, for a total transaction of $1,759,766.68. Following the completion of the transaction, the chief executive officer directly owned 111,272 shares of the company’s stock, valued at $24,636,733.52. This trade represents a 6.67% decrease in their position. The disclosure for this sale can be found here. Insiders sold 514,163 shares of company stock valued at $104,577,447 in the last three months. Company insiders own 38.55% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in TEAM. Clean Yield Group raised its position in Atlassian by 372.0% in the first quarter. Clean Yield Group now owns 118 shares of the technology company’s stock worth $25,000 after purchasing an additional 93 shares in the last quarter. Capco Asset Management LLC bought a new stake in Atlassian during the second quarter worth about $25,000. Colonial Trust Co SC grew its stake in Atlassian by 100.0% during the fourth quarter. Colonial Trust Co SC now owns 138 shares of the technology company’s stock worth $34,000 after buying an additional 69 shares during the last quarter. Smithfield Trust Co grew its stake in Atlassian by 90.7% during the first quarter. Smithfield Trust Co now owns 164 shares of the technology company’s stock worth $34,000 after buying an additional 78 shares during the last quarter. Finally, Geneos Wealth Management Inc. grew its stake in Atlassian by 447.2% during the first quarter. Geneos Wealth Management Inc. now owns 197 shares of the technology company’s stock worth $42,000 after buying an additional 161 shares during the last quarter. 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.