Atlassian (NASDAQ:TEAM) Price Target Cut to $200.00

Atlassian (NASDAQ:TEAM) had its price objective cut by investment analysts at Piper Sandler from $225.00 to $200.00 in a research note issued on Friday, Benzinga reports. The brokerage presently has a “neutral” rating on the technology company’s stock. Piper Sandler’s price target indicates a potential upside of 11.22% from the stock’s previous close.

Several other analysts have also recently weighed in on TEAM. Barclays raised shares of Atlassian from an “equal weight” rating to an “overweight” rating and boosted their price objective for the stock from $235.00 to $275.00 in a research note on Thursday, April 11th. The Goldman Sachs Group upped their target price on shares of Atlassian from $188.00 to $215.00 and gave the stock a “neutral” rating in a report on Friday, February 2nd. UBS Group lowered their target price on shares of Atlassian from $260.00 to $250.00 and set a “neutral” rating on the stock in a report on Friday, February 2nd. Mizuho lowered their target price on shares of Atlassian from $240.00 to $225.00 and set a “buy” rating on the stock in a report on Friday. Finally, Wells Fargo & Company upped their target price on shares of Atlassian from $275.00 to $285.00 and gave the stock an “overweight” rating in a report on Wednesday, January 24th. Ten analysts have rated the stock with a hold rating and ten have issued a buy rating to the company. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $224.29.

Atlassian Stock Down 9.4 %

TEAM stock traded down $18.59 during trading hours on Friday, reaching $179.82. 2,188,908 shares of the stock were exchanged, compared to its average volume of 1,690,650. The firm’s 50-day moving average is $200.55 and its 200-day moving average is $206.69. Atlassian has a 12 month low of $128.02 and a 12 month high of $258.69. 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 company has a market cap of $46.65 billion, a price-to-earnings ratio of -120.68 and a beta of 0.63.

Atlassian (NASDAQ:TEAM) last issued its earnings results on Thursday, February 1st. The technology company reported ($0.30) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.06) by ($0.24). Atlassian had a negative net margin of 9.87% and a negative return on equity of 34.56%. The firm had revenue of $1.06 billion during the quarter, compared to analyst estimates of $1.02 billion. On average, equities research analysts expect that Atlassian will post -0.4 earnings per share for the current year.

Insider Activity

In other news, CEO Scott Farquhar sold 8,241 shares of the firm’s stock in a transaction on Wednesday, January 31st. The shares were sold at an average price of $251.76, for a total transaction of $2,074,754.16. Following the sale, the chief executive officer now owns 329,640 shares in the company, valued at approximately $82,990,166.40. The transaction was disclosed in a filing with the SEC, which is accessible through this link. In related news, CAO Gene Liu sold 227 shares of the business’s stock in a transaction dated Wednesday, February 14th. The shares were sold at an average price of $212.87, for a total transaction of $48,321.49. Following the sale, the chief accounting officer now owns 47,066 shares of the company’s stock, valued at $10,018,939.42. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Scott Farquhar sold 8,241 shares of Atlassian stock in a transaction dated Wednesday, January 31st. The stock was sold at an average price of $251.76, for a total transaction of $2,074,754.16. Following the completion of the transaction, the chief executive officer now directly owns 329,640 shares of the company’s stock, valued at $82,990,166.40. The disclosure for this sale can be found here. In the last quarter, insiders have sold 300,450 shares of company stock worth $61,721,553. 40.48% of the stock is currently owned by corporate insiders.

Institutional Trading of Atlassian

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. OFI Invest Asset Management bought a new position in shares of Atlassian during the third quarter worth $26,000. Carmel Capital Partners LLC lifted its position in Atlassian by 28.5% during the third quarter. Carmel Capital Partners LLC now owns 257 shares of the technology company’s stock valued at $52,000 after purchasing an additional 57 shares during the last quarter. Livforsakringsbolaget Skandia Omsesidigt lifted its position in Atlassian by 271.0% during the fourth quarter. Livforsakringsbolaget Skandia Omsesidigt now owns 371 shares of the technology company’s stock valued at $88,000 after purchasing an additional 271 shares during the last quarter. EverSource Wealth Advisors LLC increased its stake 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 buying an additional 291 shares during the period. Finally, GAMMA Investing LLC purchased a new position in Atlassian in the 4th quarter worth about $107,000. 93.03% of the stock is owned by hedge funds and other 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.