Atlassian (NASDAQ:TEAM) Rating Lowered to “Hold” at Zacks Research

Atlassian (NASDAQ:TEAM) was downgraded by Zacks Research from a “strong-buy” rating to a “hold” rating in a research report issued to clients and investors on Monday,Zacks.com reports.

A number of other equities analysts also recently issued reports on TEAM. Morgan Stanley cut their price objective on shares of Atlassian from $290.00 to $120.00 and set an “overweight” rating on the stock in a report on Thursday, April 16th. Barclays increased their target price on shares of Atlassian from $106.00 to $112.00 and gave the company an “overweight” rating in a report on Thursday, May 7th. Wells Fargo & Company dropped their price target on shares of Atlassian from $155.00 to $120.00 and set an “overweight” rating on the stock in a research report on Tuesday, March 17th. Guggenheim set a $115.00 price target on shares of Atlassian in a report on Thursday, April 9th. Finally, Cantor Fitzgerald upped their price objective on shares of Atlassian from $98.00 to $107.00 and gave the stock an “overweight” rating in a research report on Friday, May 1st. Twenty-one analysts have rated the stock with a Buy rating, six have assigned a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $145.26.

Atlassian Stock Performance

Shares of TEAM opened at $77.79 on Monday. The firm has a market capitalization of $19.74 billion, a P/E ratio of -93.72, a P/E/G ratio of 4.49 and a beta of 1.07. Atlassian has a 52 week low of $56.01 and a 52 week high of $222.59. The stock has a 50 day moving average price of $85.67 and a two-hundred day moving average price of $98.12. The company has a debt-to-equity ratio of 1.13, a quick ratio of 0.70 and a current ratio of 0.70.

Atlassian (NASDAQ:TEAM) last posted its earnings results on Thursday, April 30th. The technology company reported $1.75 earnings per share for the quarter, beating analysts’ consensus estimates of $1.33 by $0.42. Atlassian had a positive return on equity of 6.22% and a negative net margin of 3.50%.The company had revenue of $1.79 billion for the quarter, compared to analyst estimates of $1.70 billion. During the same quarter last year, the company earned $0.97 earnings per share. The company’s revenue for the quarter was up 31.7% on a year-over-year basis. Equities analysts forecast that Atlassian will post 0.81 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, CFO James Chuong sold 8,838 shares of Atlassian stock in a transaction that occurred on Tuesday, May 19th. The shares were sold at an average price of $87.75, for a total value of $775,534.50. Following the sale, the chief financial officer owned 288,272 shares of the company’s stock, valued at approximately $25,295,868. The trade was a 2.97% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CRO Brian Duffy sold 3,000 shares of the company’s stock in a transaction that occurred on Friday, June 12th. The shares were sold at an average price of $89.71, for a total value of $269,130.00. Following the completion of the transaction, the executive owned 227,691 shares in the company, valued at approximately $20,426,159.61. The trade was a 1.30% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 20,041 shares of company stock worth $1,801,069 in the last ninety days. 36.66% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Atlassian

Several large investors have recently added to or reduced their stakes in TEAM. GAMMA Investing LLC boosted its position in Atlassian by 12.0% during the fourth quarter. GAMMA Investing LLC now owns 615 shares of the technology company’s stock worth $100,000 after purchasing an additional 66 shares during the period. Snowden Capital Advisors LLC raised its position in shares of Atlassian by 1.6% in the second quarter. Snowden Capital Advisors LLC now owns 4,464 shares of the technology company’s stock valued at $907,000 after purchasing an additional 71 shares during the period. Financial Perspectives Inc lifted its stake in shares of Atlassian by 11.7% during the 4th quarter. Financial Perspectives Inc now owns 718 shares of the technology company’s stock valued at $116,000 after buying an additional 75 shares in the last quarter. Slow Capital Inc. lifted its stake in shares of Atlassian by 0.3% during the 4th quarter. Slow Capital Inc. now owns 33,486 shares of the technology company’s stock valued at $5,429,000 after buying an additional 84 shares in the last quarter. Finally, Verdence Capital Advisors LLC boosted its holdings in Atlassian by 3.0% in the 4th quarter. Verdence Capital Advisors LLC now owns 3,079 shares of the technology company’s stock worth $499,000 after buying an additional 89 shares during the period. Hedge funds and other institutional investors own 94.45% of the company’s stock.

About Atlassian

Atlassian Corporation Plc is a software company headquartered in Sydney, Australia, best known for developing collaboration, project management and software development tools. Founded in 2002 by Mike Cannon-Brookes and Scott Farquhar, Atlassian grew from a small engineering-focused team into a publicly traded company after its initial public offering in 2015. The company serves a global customer base that spans small teams to large enterprises across technology, financial services, government and other sectors.

Atlassian’s product portfolio centers on tools designed to help teams plan, build and support software and business processes.