Atlassian (NASDAQ:TEAM) Price Target Cut to $230.00 by Analysts at Canaccord Genuity Group

Atlassian (NASDAQ:TEAM) had its price objective reduced by Canaccord Genuity Group from $260.00 to $230.00 in a report released on Friday morning, Benzinga reports. They currently have a buy rating on the technology company’s stock.

A number of other analysts have also weighed in on TEAM. Truist Financial raised their target price on shares of Atlassian from $180.00 to $220.00 and gave the company a hold rating in a research report on Tuesday, January 16th. UBS Group reduced their price objective on Atlassian from $260.00 to $250.00 and set a neutral rating on the stock in a research report on Friday, February 2nd. Citigroup cut their price target on Atlassian from $280.00 to $265.00 and set a buy rating on the stock in a research note on Friday, April 12th. Barclays raised Atlassian from an equal weight rating to an overweight rating and upped their price objective for the company from $235.00 to $275.00 in a research note on Thursday, April 11th. Finally, KeyCorp assumed coverage on shares of Atlassian in a research report on Tuesday, March 19th. They set a sector weight rating on the stock. Ten equities research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of Moderate Buy and an average target price of $223.22.

Atlassian Trading Down 1.3 %

Shares of TEAM stock opened at $177.07 on Friday. The stock has a 50 day simple moving average of $199.36 and a 200 day simple moving average of $206.52. Atlassian has a 1 year low of $128.02 and a 1 year 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. The stock has a market cap of $45.93 billion, a P/E ratio of -281.06 and a beta of 0.63.

Atlassian (NASDAQ:TEAM) last issued its earnings results on Thursday, April 25th. The technology company reported $0.89 EPS for the quarter, beating the consensus estimate of $0.62 by $0.27. The company had revenue of $1.19 billion during the quarter, compared to analysts’ expectations of $1.10 billion. Atlassian had a negative net margin of 3.90% and a negative return on equity of 15.54%. The business’s revenue for the quarter was up 29.9% compared to the same quarter last year. During the same period in the previous year, the company earned ($0.40) EPS. On average, research analysts predict that Atlassian will post -0.42 earnings per share for the current fiscal year.

Insider Transactions at Atlassian

In related news, CEO Michael Cannon-Brookes sold 8,241 shares of the firm’s stock in a transaction dated Friday, April 26th. The shares were sold at an average price of $178.95, for a total value of $1,474,726.95. Following the transaction, the chief executive officer now owns 349,968 shares of the company’s stock, valued at approximately $62,626,773.60. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. In other Atlassian news, CEO Michael Cannon-Brookes sold 8,241 shares of the firm’s stock in a transaction on Friday, April 26th. The stock was sold at an average price of $178.95, for a total transaction of $1,474,726.95. Following the transaction, the chief executive officer now directly owns 349,968 shares in the company, valued at approximately $62,626,773.60. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CAO Gene Liu sold 227 shares of the company’s stock in a transaction on Wednesday, February 14th. The stock was sold at an average price of $212.87, for a total transaction of $48,321.49. Following the completion of the sale, the chief accounting officer now owns 47,066 shares of the company’s stock, valued at approximately $10,018,939.42. The disclosure for this sale can be found here. Insiders sold a total of 300,450 shares of company stock valued at $61,106,939 over the last three months. Corporate insiders own 40.48% of the company’s stock.

Institutional Investors Weigh In On Atlassian

A number of hedge funds have recently made changes to their positions in the business. OFI Invest Asset Management purchased a new stake in shares of Atlassian during the 3rd quarter worth approximately $26,000. Carmel Capital Partners LLC lifted its holdings in Atlassian by 28.5% during the third quarter. Carmel Capital Partners LLC now owns 257 shares of the technology company’s stock valued at $52,000 after purchasing an additional 57 shares during the last quarter. Livforsakringsbolaget Skandia Omsesidigt boosted its position in Atlassian by 271.0% during the fourth quarter. Livforsakringsbolaget Skandia Omsesidigt now owns 371 shares of the technology company’s stock worth $88,000 after purchasing an additional 271 shares during the period. EverSource Wealth Advisors LLC increased its stake in shares of Atlassian by 255.3% in the fourth quarter. EverSource Wealth Advisors LLC now owns 405 shares of the technology company’s stock worth $96,000 after purchasing an additional 291 shares in the last quarter. Finally, Operose Advisors LLC purchased a new stake in shares of Atlassian during the third quarter worth $99,000. 93.03% of the stock is currently owned by institutional investors.

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.