Atlassian (NASDAQ:TEAM) Price Target Lowered to $202.00 at Stephens

Atlassian (NASDAQ:TEAM) had its price objective cut by Stephens from $221.00 to $202.00 in a research report sent to investors on Monday morning,Benzinga reports. They currently have an equal weight rating on the technology company’s stock.

A number of other brokerages have also issued reports on TEAM. Morgan Stanley dropped their price target on shares of Atlassian from $370.00 to $320.00 and set an “overweight” rating for the company in a research note on Wednesday, April 16th. Piper Sandler reiterated an “overweight” rating and set a $300.00 target price (down previously from $365.00) on shares of Atlassian in a research note on Friday, May 2nd. Cantor Fitzgerald lowered their target price on shares of Atlassian from $256.00 to $240.00 and set an “overweight” rating for the company in a research note on Friday. BMO Capital Markets lowered their target price on shares of Atlassian from $225.00 to $200.00 and set an “outperform” rating for the company in a research note on Friday. Finally, UBS Group reiterated a “hold” rating on shares of Atlassian in a research note on Monday, July 7th. Five investment analysts have rated the stock with a hold rating, nineteen have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $259.76.

Atlassian Trading Down 5.2%

NASDAQ TEAM opened at $159.28 on Monday. The company’s fifty day simple moving average is $198.47 and its 200-day simple moving average is $224.83. Atlassian has a 52 week low of $139.23 and a 52 week high of $326.00. The company has a current ratio of 1.26, a quick ratio of 1.26 and a debt-to-equity ratio of 0.72. The stock has a market cap of $41.81 billion, a P/E ratio of -160.89 and a beta of 0.96.

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

Insider Transactions at Atlassian

In other Atlassian news, CEO Michael Cannon-Brookes sold 7,665 shares of the company’s stock in a transaction dated Friday, August 8th. The shares were sold at an average price of $171.02, for a total value of $1,310,868.30. Following the completion of the sale, the chief executive officer directly owned 275,940 shares of the company’s stock, valued at approximately $47,191,258.80. This represents a 2.70% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Scott Farquhar sold 7,665 shares of the company’s stock in a transaction dated Friday, August 8th. The shares were sold at an average price of $171.03, for a total transaction of $1,310,944.95. Following the completion of the sale, the director directly owned 275,940 shares of the company’s stock, valued at $47,194,018.20. The trade was a 2.70% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 529,493 shares of company stock valued at $107,199,260 over the last three months. 38.55% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Atlassian

A number of institutional investors and hedge funds have recently bought and sold shares of the business. Voya Investment Management LLC lifted its stake in Atlassian by 17,941.0% during the fourth 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. Nuveen LLC purchased a new stake in Atlassian during the first quarter valued at about $327,665,000. Durable Capital Partners LP lifted its stake 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 valued at $383,456,000 after buying an additional 1,312,820 shares in the last quarter. BNP Paribas Financial Markets purchased a new stake in Atlassian during the fourth quarter valued at about $298,327,000. Finally, AQR Capital Management LLC lifted its stake in Atlassian by 145.6% during the first quarter. AQR Capital Management LLC now owns 1,715,287 shares of the technology company’s stock valued at $354,858,000 after buying an additional 1,016,902 shares in the last quarter. 94.45% of the stock is owned by institutional investors and hedge funds.

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.