Atlassian (NASDAQ:TEAM) Downgraded by StockNews.com to Hold

StockNews.com lowered shares of Atlassian (NASDAQ:TEAM) from a buy rating to a hold rating in a report released on Thursday morning.

TEAM has been the topic of a number of other reports. The Goldman Sachs Group upped their target price on Atlassian from $245.00 to $370.00 and gave the company a “buy” rating in a report on Monday, February 3rd. BMO Capital Markets upgraded shares of Atlassian from a “market perform” rating to an “outperform” rating and raised their price objective for the stock from $255.00 to $292.00 in a research report on Friday, January 10th. Raymond James reiterated an “outperform” rating and issued a $330.00 target price (up from $250.00) on shares of Atlassian in a report on Friday, January 31st. Jefferies Financial Group raised their price target on shares of Atlassian from $300.00 to $325.00 and gave the stock a “buy” rating in a report on Friday, January 24th. Finally, Morgan Stanley upped their price objective on Atlassian from $315.00 to $370.00 and gave the company an “overweight” rating in a report on Friday, January 31st. Nine equities research analysts have rated the stock with a hold rating and sixteen have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $319.71.

Atlassian Stock Performance

NASDAQ TEAM opened at $316.00 on Thursday. The company has a quick ratio of 1.18, a current ratio of 1.24 and a debt-to-equity ratio of 0.81. Atlassian has a twelve month low of $135.29 and a twelve month high of $326.00. The stock has a 50-day moving average of $268.61 and a 200 day moving average of $216.16.

Atlassian (NASDAQ:TEAM) last issued its quarterly earnings results on Thursday, January 30th. The technology company reported ($0.12) earnings per share for the quarter, missing analysts’ consensus estimates of $0.73 by ($0.85). Atlassian had a negative net margin of 7.22% and a negative return on equity of 17.37%. As a group, equities research analysts expect that Atlassian will post -0.34 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, CFO Joseph Leo Binz sold 1,674 shares of the business’s stock in a transaction that occurred on Tuesday, November 19th. The stock was sold at an average price of $245.81, for a total transaction of $411,485.94. Following the completion of the sale, the chief financial officer now owns 171,929 shares in the company, valued at $42,261,867.49. The trade was a 0.96 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Michael Cannon-Brookes sold 7,948 shares of the stock in a transaction that occurred on Wednesday, February 12th. The shares were sold at an average price of $315.74, for a total transaction of $2,509,501.52. Following the completion of the transaction, the chief executive officer now owns 254,336 shares in the company, valued at $80,304,048.64. This represents a 3.03 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 272,601 shares of company stock worth $72,961,244 in the last 90 days. Corporate insiders own 38.55% of the company’s stock.

Hedge Funds Weigh In On Atlassian

Several hedge funds have recently made changes to their positions in the company. Murphy & Mullick Capital Management Corp acquired a new stake in shares of Atlassian in the fourth quarter valued at approximately $27,000. GAMMA Investing LLC raised its position in Atlassian by 68.6% in the 3rd quarter. GAMMA Investing LLC now owns 236 shares of the technology company’s stock valued at $37,000 after purchasing an additional 96 shares during the last quarter. True Wealth Design LLC boosted its stake in Atlassian by 23,100.0% during the 3rd quarter. True Wealth Design LLC now owns 232 shares of the technology company’s stock worth $37,000 after purchasing an additional 231 shares during the period. Summit Securities Group LLC purchased a new position in Atlassian during the 4th quarter worth $38,000. Finally, Pilgrim Partners Asia Pte Ltd acquired a new position in Atlassian in the fourth quarter valued at $39,000. Hedge funds and other institutional investors own 94.45% of the company’s stock.

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.