Robert W. Baird Lowers Atlassian (NASDAQ:TEAM) Price Target to $230.00

Atlassian (NASDAQ:TEAM) had its price objective cut by Robert W. Baird from $270.00 to $230.00 in a research report sent to investors on Friday morning, Benzinga reports. They currently have an outperform rating on the technology company’s stock.

TEAM has been the topic of a number of other reports. William Blair restated an outperform rating on shares of Atlassian in a research note on Friday, February 2nd. StockNews.com cut Atlassian from a buy rating to a hold rating in a research report on Tuesday, March 19th. Wells Fargo & Company upped their price target on Atlassian from $275.00 to $285.00 and gave the stock an overweight rating in a research note on Wednesday, January 24th. Mizuho lowered their price objective on shares of Atlassian from $240.00 to $225.00 and set a buy rating on the stock in a research report on Friday. Finally, UBS Group cut their price objective on shares of Atlassian from $260.00 to $250.00 and set a neutral rating for the company in a research report on Friday, February 2nd. Ten equities research analysts have rated the stock with a hold rating and eleven have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of Moderate Buy and a consensus target price of $223.22.

Atlassian Trading Down 1.3 %

NASDAQ:TEAM opened at $177.07 on Friday. The company has a market capitalization of $45.93 billion, a PE ratio of -281.06 and a beta of 0.63. Atlassian has a 52-week low of $128.02 and a 52-week high of $258.69. The stock’s 50 day moving average price is $199.36 and its 200 day moving average price is $206.52. 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 announced its earnings results on Thursday, April 25th. The technology company reported $0.89 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.62 by $0.27. The business had revenue of $1.19 billion for the quarter, compared to analyst estimates of $1.10 billion. Atlassian had a negative net margin of 3.90% and a negative return on equity of 15.54%. The company’s revenue for the quarter was up 29.9% compared to the same quarter last year. During the same period last year, the firm posted ($0.40) earnings per share. On average, research analysts anticipate that Atlassian will post -0.42 EPS for the current year.

Insiders Place Their Bets

In related news, CEO Michael Cannon-Brookes sold 8,241 shares of the stock in a transaction on Friday, February 2nd. The stock was sold at an average price of $219.24, for a total value of $1,806,756.84. Following the completion of the sale, the chief executive officer now directly owns 313,158 shares in the company, valued at approximately $68,656,759.92. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In related news, CTO Rajeev Bashyam Rajan sold 872 shares of the business’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 $185,622.64. Following the transaction, the chief technology officer now directly owns 142,103 shares of the company’s stock, valued at approximately $30,249,465.61. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Michael Cannon-Brookes sold 8,241 shares of the company’s stock in a transaction that occurred on Friday, February 2nd. The stock was sold at an average price of $219.24, for a total value of $1,806,756.84. Following the completion of the transaction, the chief executive officer now owns 313,158 shares of the company’s stock, valued at approximately $68,656,759.92. The disclosure for this sale can be found here. Insiders sold a total of 300,450 shares of company stock worth $61,106,939 over the last ninety days. 40.48% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the company. National Bank of Canada FI grew its stake in shares of Atlassian by 15.0% during the third quarter. National Bank of Canada FI now owns 1,057 shares of the technology company’s stock valued at $209,000 after acquiring an additional 138 shares in the last quarter. CWM LLC grew its stake in Atlassian by 61.3% during the 3rd quarter. CWM LLC now owns 2,028 shares of the technology company’s stock valued at $409,000 after purchasing an additional 771 shares in the last quarter. SG Americas Securities LLC grew its stake in Atlassian by 40.3% during the 3rd quarter. SG Americas Securities LLC now owns 8,517 shares of the technology company’s stock valued at $1,716,000 after purchasing an additional 2,448 shares in the last quarter. Exchange Traded Concepts LLC increased its holdings in Atlassian by 63.7% during the 3rd quarter. Exchange Traded Concepts LLC now owns 6,221 shares of the technology company’s stock worth $1,254,000 after purchasing an additional 2,420 shares during the last quarter. Finally, Oak Thistle LLC acquired a new position in shares of Atlassian in the 3rd quarter valued at approximately $738,000. 93.03% of the stock is currently owned by hedge funds and other institutional investors.

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.