Atlassian (NASDAQ:TEAM) PT Lowered to $210.00

Atlassian (NASDAQ:TEAM) had its price target cut by analysts at TD Cowen from $220.00 to $210.00 in a report released on Friday, Benzinga reports. The brokerage currently has a “hold” rating on the technology company’s stock. TD Cowen’s target price suggests a potential upside of 17.38% from the stock’s previous close.

Several other equities research analysts also recently weighed in on the stock. Robert W. Baird reduced their price objective on shares of Atlassian from $270.00 to $230.00 and set an “outperform” rating for the company in a report on Friday. UBS Group dropped their price target on shares of Atlassian from $260.00 to $250.00 and set a “neutral” rating on the stock in a research report on Friday, February 2nd. StockNews.com cut shares of Atlassian from a “buy” rating to a “hold” rating in a research report on Tuesday, March 19th. Canaccord Genuity Group cut their price objective on Atlassian from $260.00 to $230.00 and set a “buy” rating on the stock in a report on Friday. Finally, Barclays upgraded Atlassian from an “equal weight” rating to an “overweight” rating and boosted their price objective for the stock from $235.00 to $275.00 in a report on Thursday, April 11th. Eleven equities research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $223.22.

Atlassian Price Performance

TEAM stock traded down $19.51 during trading on Friday, hitting $178.90. The company had a trading volume of 4,199,079 shares, compared to its average volume of 1,718,436. The firm has a market capitalization of $46.41 billion, a price-to-earnings ratio of -120.13 and a beta of 0.63. The business has a 50 day moving average of $200.55 and a 200 day moving average of $206.69. Atlassian has a fifty-two week low of $128.02 and a fifty-two week high of $258.69. The company has a current ratio of 1.07, a quick ratio of 1.07 and a debt-to-equity ratio of 1.04.

Atlassian (NASDAQ:TEAM) last posted its quarterly earnings data on Thursday, February 1st. The technology company reported ($0.30) earnings per share for the quarter, missing the consensus estimate of ($0.06) by ($0.24). The company had revenue of $1.06 billion during the quarter, compared to analyst estimates of $1.02 billion. Atlassian had a negative return on equity of 34.56% and a negative net margin of 9.87%. As a group, research analysts predict that Atlassian will post -0.4 earnings per share for the current year.

Insider Activity at Atlassian

In other Atlassian news, President Anutthara Bharadwaj sold 4,139 shares of the company’s stock in a transaction that occurred on Wednesday, February 14th. The stock was sold at an average price of $212.87, for a total transaction of $881,068.93. Following the completion of the sale, the president now owns 167,535 shares of the company’s stock, valued at $35,663,175.45. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, President Anutthara Bharadwaj sold 4,139 shares of the stock in a transaction that occurred on Wednesday, February 14th. The stock was sold at an average price of $212.87, for a total value of $881,068.93. Following the completion of the sale, the president now directly owns 167,535 shares of the company’s stock, valued at $35,663,175.45. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Scott Farquhar sold 8,241 shares of the stock in a transaction that occurred on Monday, January 29th. The shares were sold at an average price of $253.53, for a total value of $2,089,340.73. Following the completion of the sale, the chief executive officer now directly owns 346,122 shares of the company’s stock, valued at $87,752,310.66. The disclosure for this sale can be found here. In the last quarter, insiders sold 300,450 shares of company stock valued at $61,721,553. 40.48% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Atlassian

A number of hedge funds have recently modified their holdings of the business. Vanguard Group Inc. raised its position in shares of Atlassian by 3.4% during the fourth quarter. Vanguard Group Inc. now owns 15,355,652 shares of the technology company’s stock worth $3,652,495,000 after purchasing an additional 504,181 shares during the period. Price T Rowe Associates Inc. MD raised its position in shares of Atlassian by 3.3% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 10,237,507 shares of the technology company’s stock worth $2,435,095,000 after purchasing an additional 326,673 shares during the period. WCM Investment Management LLC raised its position in shares of Atlassian by 2.7% during the fourth quarter. WCM Investment Management LLC now owns 9,640,536 shares of the technology company’s stock worth $2,325,490,000 after purchasing an additional 249,017 shares during the period. Baillie Gifford & Co. raised its position in shares of Atlassian by 20.7% during the fourth quarter. Baillie Gifford & Co. now owns 8,807,619 shares of the technology company’s stock worth $2,094,980,000 after purchasing an additional 1,511,318 shares during the period. Finally, Artisan Partners Limited Partnership raised its position in shares of Atlassian by 1.1% during the third quarter. Artisan Partners Limited Partnership now owns 6,048,160 shares of the technology company’s stock worth $1,218,765,000 after purchasing an additional 63,903 shares during the period. Institutional investors and hedge funds own 93.03% 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.