TD Cowen Lowers Atlassian (NASDAQ:TEAM) Price Target to $210.00

Atlassian (NASDAQ:TEAM) had its price objective cut by TD Cowen from $220.00 to $210.00 in a report issued on Friday, Benzinga reports. They currently have a hold rating on the technology company’s stock.

Several other research firms also recently commented on TEAM. Canaccord Genuity Group dropped their target price on Atlassian from $260.00 to $230.00 and set a buy rating for the company in a research report on Friday. Truist Financial decreased their price target on Atlassian from $220.00 to $200.00 and set a hold rating for the company in a research note on Friday. KeyCorp assumed coverage on shares of Atlassian in a research report on Tuesday, March 19th. They issued a sector weight rating on the stock. William Blair reissued an outperform rating on shares of Atlassian in a research note on Friday, February 2nd. Finally, UBS Group cut their price target on Atlassian from $260.00 to $250.00 and set a neutral rating on the stock in a report on Friday, February 2nd. Ten investment analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company’s stock. According to MarketBeat.com, Atlassian currently has a consensus rating of Moderate Buy and a consensus target price of $223.22.

Atlassian Stock Performance

Shares of NASDAQ:TEAM opened at $177.07 on Friday. Atlassian has a 1 year low of $128.02 and a 1 year high of $258.69. The company’s 50 day simple moving average is $199.36 and its 200 day simple moving average is $206.52. The company has a debt-to-equity ratio of 1.04, a current ratio of 1.07 and a quick ratio of 1.07. The stock has a market capitalization of $45.93 billion, a price-to-earnings ratio of -281.06 and a beta of 0.63.

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

Insider Activity

In other Atlassian news, CEO Scott Farquhar sold 8,241 shares of the company’s stock in a transaction dated Wednesday, January 31st. The shares were sold at an average price of $251.76, for a total value of $2,074,754.16. Following the completion of the sale, the chief executive officer now directly owns 329,640 shares of the company’s stock, valued at approximately $82,990,166.40. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other Atlassian news, CEO Scott Farquhar sold 8,241 shares of the company’s stock in a transaction on Wednesday, January 31st. The stock was sold at an average price of $251.76, for a total value of $2,074,754.16. Following the completion of the transaction, the chief executive officer now owns 329,640 shares in the company, valued at approximately $82,990,166.40. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CAO Gene Liu sold 227 shares of Atlassian stock in a transaction 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 owns 47,066 shares in the company, valued at $10,018,939.42. 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 quarter. Insiders own 40.48% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of TEAM. OFI Invest Asset Management bought a new position in Atlassian during the third quarter valued at $26,000. Carmel Capital Partners LLC lifted its position in shares of Atlassian by 28.5% during the 3rd quarter. Carmel Capital Partners LLC now owns 257 shares of the technology company’s stock valued at $52,000 after buying an additional 57 shares during the last quarter. Livforsakringsbolaget Skandia Omsesidigt grew its stake in shares of Atlassian by 271.0% during the 4th quarter. Livforsakringsbolaget Skandia Omsesidigt now owns 371 shares of the technology company’s stock worth $88,000 after acquiring an additional 271 shares during the period. EverSource Wealth Advisors LLC increased its holdings in Atlassian by 255.3% in the 4th quarter. EverSource Wealth Advisors LLC now owns 405 shares of the technology company’s stock worth $96,000 after acquiring an additional 291 shares during the last quarter. Finally, Operose Advisors LLC bought a new stake in Atlassian in the 3rd quarter valued at about $99,000. 93.03% of the stock is 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.