Atlassian (NASDAQ:TEAM) PT Lowered to $230.00

Atlassian (NASDAQ:TEAM) had its price target dropped by stock analysts at Canaccord Genuity Group from $260.00 to $230.00 in a research report issued on Friday, Benzinga reports. The brokerage presently has a “buy” rating on the technology company’s stock. Canaccord Genuity Group’s target price suggests a potential upside of 15.92% from the company’s current price.

TEAM has been the subject of a number of other research reports. Wells Fargo & Company increased their price target on shares of Atlassian from $275.00 to $285.00 and gave the company an “overweight” rating in a report on Wednesday, January 24th. William Blair reissued an “outperform” rating on shares of Atlassian in a research note on Friday, February 2nd. Citigroup cut their target price on Atlassian from $280.00 to $265.00 and set a “buy” rating on the stock in a research report on Friday, April 12th. KeyCorp started coverage on shares of Atlassian in a research note on Tuesday, March 19th. They issued a “sector weight” rating on the stock. Finally, Barclays raised Atlassian from an “equal weight” rating to an “overweight” rating and boosted their price target for the stock from $235.00 to $275.00 in a research report on Thursday, April 11th. Ten research analysts have rated the stock with a hold rating and ten have issued a buy rating to the company. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $223.12.

Atlassian Stock Performance

Shares of Atlassian stock opened at $198.41 on Friday. The firm’s 50 day moving average is $200.55 and its two-hundred day moving average is $206.69. The firm has a market capitalization of $51.47 billion, a P/E ratio of -133.16 and a beta of 0.63. Atlassian has a 52 week low of $128.02 and a 52 week high of $258.69. The company has a quick ratio of 1.07, a current ratio of 1.07 and a debt-to-equity ratio of 1.04.

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

Insider Transactions at Atlassian

In related news, CAO Gene Liu sold 227 shares of the firm’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 value of $48,321.49. Following the sale, the chief accounting officer now directly owns 47,066 shares in the company, valued at approximately $10,018,939.42. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In related news, CAO Gene Liu sold 227 shares of the stock in a transaction dated Wednesday, February 14th. The shares were sold at an average price of $212.87, for a total value of $48,321.49. Following the completion of the transaction, the chief accounting officer now owns 47,066 shares in the company, valued at approximately $10,018,939.42. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, President Anutthara Bharadwaj sold 4,139 shares of the firm’s stock in a transaction dated Wednesday, February 14th. The shares were sold at an average price of $212.87, for a total transaction of $881,068.93. Following the transaction, the president now directly owns 167,535 shares in the company, valued at approximately $35,663,175.45. The disclosure for this sale can be found here. Over the last three months, insiders sold 300,450 shares of company stock worth $61,721,553. Company insiders own 40.48% of the company’s stock.

Institutional Investors Weigh In On Atlassian

Institutional investors and hedge funds have recently bought and sold shares of the business. Mesirow Financial Investment Management Inc. purchased a new position in shares of Atlassian during the first quarter valued at $353,000. Verdence Capital Advisors LLC boosted its holdings in shares of Atlassian by 14.0% during the first quarter. Verdence Capital Advisors LLC now owns 1,403 shares of the technology company’s stock worth $274,000 after purchasing an additional 172 shares during the period. Equitable Trust Co. grew its holdings in shares of Atlassian by 0.9% during the 1st quarter. Equitable Trust Co. now owns 19,373 shares of the technology company’s stock valued at $3,780,000 after acquiring an additional 167 shares in the last quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund grew its stake in Atlassian by 28.7% in the first quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund now owns 45,800 shares of the technology company’s stock valued at $8,936,000 after purchasing an additional 10,200 shares in the last quarter. Finally, CENTRAL TRUST Co increased its position in Atlassian by 4.2% in the 1st quarter. CENTRAL TRUST Co now owns 7,517 shares of the technology company’s stock worth $1,467,000 after purchasing an additional 304 shares during the last quarter. 93.03% of the stock is owned by institutional investors and hedge funds.

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.