Atlassian (NASDAQ:TEAM) Stock Gets Price Target Reduction from Barclays

Atlassian (NASDAQ:TEAM) had its price objective cut by Barclays from $222.00 to $210.00 in a report released on Monday,Benzinga reports. They currently have an overweight rating on the technology company’s stock.

Several other research analysts have also recently commented on TEAM. UBS Group reissued a “buy” rating on shares of Atlassian in a research report on Friday, November 6th. Weiss Ratings reissued a “sell (e+)” rating on shares of Atlassian in a report on Thursday, October 15th. Citigroup raised their target price on shares of Atlassian from $225.00 to $245.00 and gave the company a “buy” rating in a research note on Tuesday, October 20th. Oppenheimer lowered their target price on shares of Atlassian from $275.00 to $240.00 and set an “outperform” rating on the stock in a report on Friday, November 6th. Finally, BMO Capital Markets reaffirmed an “outperform” rating and set a $225.00 price target on shares of Atlassian in a research report on Friday, October 30th. Twenty-four equities research analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $209.48.

Atlassian Trading Up 2.6%

Shares of NASDAQ:TEAM opened at $152.44 on Monday. The company’s 50-day moving average price is $193.74 and its two-hundred day moving average price is $119.94. The company has a debt-to-equity ratio of 1.09, a current ratio of 0.72 and a quick ratio of 0.78. Atlassian has a one year low of $56.01 and a one year high of $229.96. The stock has a market capitalization of $38.59 billion, a PE ratio of 423.46, a price-to-earnings-growth ratio of 15.40 and a beta of 1.16.

Atlassian (NASDAQ:TEAM) last announced its quarterly earnings data on Thursday, November 5th. The technology company reported $1.65 earnings per share for the quarter, beating the consensus estimate of $1.39 by $0.26. The company had revenue of $1.77 billion during the quarter, compared to analysts’ expectations of $1.71 billion. Atlassian had a return on equity of 33.53% and a net margin of 1.28%. Atlassian’s revenue for the quarter was up 23.7% compared to the same quarter last year. During the same quarter last year, the company earned $1.04 EPS. On average, equities analysts forecast that Atlassian will post 0.69 EPS for the current fiscal year.

Insider Buying and Selling

In other Atlassian news, CFO James Chuong sold 9,054 shares of the stock in a transaction on Wednesday, August 19th. The stock was sold at an average price of $172.45, for a total transaction of $1,561,362.30. Following the transaction, the chief financial officer owned 279,218 shares in the company, valued at $48,151,144.10. This trade represents a 3.14% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CRO Brian Duffy sold 1,851 shares of the company’s stock in a transaction dated Wednesday, August 19th. The shares were sold at an average price of $172.45, for a total transaction of $319,204.95. Following the completion of the transaction, the executive owned 218,223 shares in the company, valued at $37,632,556.35. This trade represents a 0.84% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last ninety days, insiders sold 21,738 shares of company stock valued at $3,701,038. Insiders own 37.63% of the company’s stock.

Institutional Trading of Atlassian

Institutional investors have recently modified their holdings of the stock. Advisors Asset Management Inc. acquired a new position in Atlassian in the third quarter valued at about $3,773,000. Private Wealth Asset Management LLC grew its stake in Atlassian by 19,118.0% during the third quarter. Private Wealth Asset Management LLC now owns 9,609 shares of the technology company’s stock worth $1,723,000 after buying an additional 9,559 shares in the last quarter. Westpac Banking Corp grew its stake in Atlassian by 174.0% during the third quarter. Westpac Banking Corp now owns 16,079 shares of the technology company’s stock worth $2,883,000 after buying an additional 10,210 shares in the last quarter. Ieq Capital LLC grew its stake in Atlassian by 1.9% during the third quarter. Ieq Capital LLC now owns 634,053 shares of the technology company’s stock worth $113,679,000 after buying an additional 12,099 shares in the last quarter. Finally, Focus Advisor Solutions LLC lifted its holdings in shares of Atlassian by 110.4% during the 3rd quarter. Focus Advisor Solutions LLC now owns 50,880 shares of the technology company’s stock worth $9,122,000 after acquiring an additional 26,696 shares during the period. 94.45% of the stock is currently owned by institutional investors.

Atlassian Company Profile

Atlassian Corporation develops collaboration and productivity software for software, IT and business teams. Its products help organizations plan and track work, manage software development and support services, and share information across teams. Its product portfolio includes Jira for project and issue tracking, Confluence for team documentation and collaboration, Jira Service Management for IT and other service teams, Trello for visual work management, and Bitbucket for code collaboration. Atlassian also offers cloud-based products and tools for distributed teams.