Atlassian (NASDAQ:TEAM) PT Lowered to $230.00 at Canaccord Genuity Group

Atlassian (NASDAQ:TEAM) had its price objective lowered by Canaccord Genuity Group from $260.00 to $230.00 in a research note released on Friday morning, Benzinga reports. The brokerage currently has a buy rating on the technology company’s stock.

TEAM has been the subject of a number of other reports. Barclays upgraded shares of Atlassian from an equal weight rating to an overweight rating and boosted their target price for the stock from $235.00 to $275.00 in a report on Thursday, April 11th. William Blair reiterated an outperform rating on shares of Atlassian in a research note on Friday, February 2nd. StockNews.com downgraded shares of Atlassian from a buy rating to a hold rating in a research note on Tuesday, March 19th. Mizuho cut their price target on shares of Atlassian from $265.00 to $240.00 and set a buy rating on the stock in a report on Monday, April 15th. Finally, Truist Financial increased their price objective on Atlassian from $180.00 to $220.00 and gave the company a hold rating in a report on Tuesday, January 16th. Ten equities research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company. According to data from MarketBeat.com, the company has an average rating of Moderate Buy and a consensus target price of $223.22.

Atlassian Stock Down 1.3 %

Shares of Atlassian stock opened at $177.07 on Friday. 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 cap of $45.93 billion, a price-to-earnings ratio of -281.06 and a beta of 0.63. The firm’s 50-day moving average is $199.36 and its two-hundred day moving average is $206.52. Atlassian has a 1 year low of $128.02 and a 1 year high of $258.69.

Atlassian (NASDAQ:TEAM) last issued its quarterly earnings data on Thursday, April 25th. The technology company reported $0.89 EPS for the quarter, topping analysts’ consensus estimates of $0.62 by $0.27. The company had revenue of $1.19 billion during 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%. Atlassian’s revenue for the quarter was up 29.9% compared to the same quarter last year. During the same quarter in the previous year, the firm posted ($0.40) earnings per share. As a group, research analysts expect that Atlassian will post -0.42 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, President Anutthara Bharadwaj sold 4,139 shares of the stock in a transaction that occurred on Wednesday, February 14th. The stock was sold at an average price of $212.87, for a total transaction of $881,068.93. Following the transaction, the president now owns 167,535 shares in the company, valued at approximately $35,663,175.45. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In related news, CEO Michael Cannon-Brookes sold 8,241 shares of the firm’s stock in a transaction dated Friday, April 26th. The shares were sold at an average price of $178.95, for a total transaction of $1,474,726.95. Following the completion of the sale, the chief executive officer now directly owns 349,968 shares in the company, valued at $62,626,773.60. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, President Anutthara Bharadwaj sold 4,139 shares of the firm’s stock in a transaction that occurred on Wednesday, February 14th. The stock was sold at an average price of $212.87, for a total transaction of $881,068.93. Following the sale, the president now owns 167,535 shares of the company’s stock, valued at approximately $35,663,175.45. The disclosure for this sale can be found here. Over the last three months, insiders have sold 300,450 shares of company stock valued at $61,106,939. Corporate insiders own 40.48% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of TEAM. OFI Invest Asset Management acquired a new stake in Atlassian during the 3rd quarter worth approximately $26,000. Carmel Capital Partners LLC raised its holdings in Atlassian by 28.5% during the third quarter. Carmel Capital Partners LLC now owns 257 shares of the technology company’s stock worth $52,000 after purchasing an additional 57 shares in the last quarter. Livforsakringsbolaget Skandia Omsesidigt raised its stake in 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 in the last quarter. EverSource Wealth Advisors LLC increased its position in shares of Atlassian by 255.3% during the fourth quarter. EverSource Wealth Advisors LLC now owns 405 shares of the technology company’s stock worth $96,000 after purchasing an additional 291 shares in the last quarter. Finally, Operose Advisors LLC purchased a new stake in Atlassian in the third quarter valued at approximately $99,000. 93.03% of the stock is currently owned by hedge funds and other institutional investors.

About Atlassian

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.