Atlassian (NASDAQ:TEAM) Price Target Cut to $200.00 by Analysts at Truist Financial

Atlassian (NASDAQ:TEAM) had its price objective lowered by Truist Financial from $220.00 to $200.00 in a research report sent to investors on Friday, Benzinga reports. Truist Financial currently has a hold rating on the technology company’s stock.

A number of other research firms have also recently issued reports on TEAM. KeyCorp started coverage on shares of Atlassian in a research note on Tuesday, March 19th. They issued a sector weight rating for the company. StockNews.com lowered shares of Atlassian from a buy rating to a hold rating in a report on Tuesday, March 19th. Barclays raised shares of Atlassian from an equal weight rating to an overweight rating and raised their price target for the company from $235.00 to $275.00 in a report on Thursday, April 11th. Robert W. Baird lowered their price target on shares of Atlassian from $270.00 to $230.00 and set an outperform rating for the company in a report on Friday. Finally, Citigroup lowered their price target on shares of Atlassian from $280.00 to $265.00 and set a buy rating for the company in a report on Friday, April 12th. Eleven investment analysts have rated the stock with a hold rating and ten have issued a buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of Hold and a consensus target price of $223.22.

Atlassian Stock Performance

NASDAQ TEAM opened at $179.45 on Friday. 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 firm has a 50-day simple moving average of $199.98 and a 200 day simple moving average of $206.53. Atlassian has a twelve month low of $128.02 and a twelve month high of $258.69.

Atlassian (NASDAQ:TEAM) last announced its quarterly earnings results on Thursday, February 1st. The technology company reported ($0.30) EPS for the quarter, missing analysts’ consensus estimates of ($0.06) by ($0.24). The business had revenue of $1.06 billion for the quarter, compared to the consensus estimate of $1.02 billion. Atlassian had a negative return on equity of 15.54% and a negative net margin of 3.90%. As a group, research analysts forecast that Atlassian will post -0.4 EPS for the current fiscal year.

Insiders Place Their Bets

In other Atlassian news, President Anutthara Bharadwaj sold 4,139 shares of the business’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 sale, the president now directly owns 167,535 shares of the company’s stock, valued at approximately $35,663,175.45. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In other news, President Anutthara Bharadwaj sold 4,139 shares of the business’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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Michael Cannon-Brookes sold 8,241 shares of the business’s stock in a transaction dated Friday, April 19th. The stock was sold at an average price of $191.53, for a total transaction of $1,578,398.73. Following the transaction, the chief executive officer now owns 391,173 shares in the company, valued at $74,921,364.69. The disclosure for this sale can be found here. Insiders have sold 300,450 shares of company stock valued at $61,721,553 in the last three months. 40.48% of the stock is currently owned by corporate insiders.

Institutional Trading of Atlassian

A number of institutional investors and hedge funds have recently made changes to their positions in TEAM. OFI Invest Asset Management acquired a new stake in shares of Atlassian during the third quarter worth $26,000. Carmel Capital Partners LLC increased its position in shares of Atlassian by 28.5% during the third quarter. Carmel Capital Partners LLC now owns 257 shares of the technology company’s stock worth $52,000 after buying an additional 57 shares during the period. Livforsakringsbolaget Skandia Omsesidigt increased its position in shares of 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 buying an additional 271 shares during the period. EverSource Wealth Advisors LLC increased its position in shares of Atlassian by 255.3% during the fourth quarter. EverSource Wealth Advisors LLC now owns 405 shares of the technology company’s stock worth $96,000 after buying an additional 291 shares during the period. Finally, GAMMA Investing LLC acquired a new stake in Atlassian in the fourth quarter worth $107,000. Institutional investors 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.