Atlassian (NASDAQ:TEAM) Price Target Cut to $240.00

Atlassian (NASDAQ:TEAM) had its price target reduced by Mizuho from $265.00 to $240.00 in a research note released on Monday, Benzinga reports. They currently have a buy rating on the technology company’s stock.

Several other brokerages have also recently issued reports on TEAM. Citigroup decreased their price objective on Atlassian from $280.00 to $265.00 and set a buy rating for the company in a report on Friday, April 12th. William Blair restated an outperform rating on shares of Atlassian in a research note on Friday, February 2nd. StockNews.com lowered Atlassian from a buy rating to a hold rating in a research note on Tuesday, March 19th. The Goldman Sachs Group lifted their price target on Atlassian from $188.00 to $215.00 and gave the company a neutral rating in a research note on Friday, February 2nd. Finally, Barclays upgraded Atlassian from an equal weight rating to an overweight rating and lifted their price target for the company from $235.00 to $275.00 in a research note on Thursday, April 11th. Ten equities research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of Hold and a consensus target price of $224.25.

Atlassian Stock Performance

Shares of TEAM opened at $193.61 on Monday. The stock has a 50-day moving average of $202.75 and a two-hundred day moving average of $206.66. Atlassian has a one year low of $128.02 and a one year high of $258.69. The company has a debt-to-equity ratio of 1.04, a quick ratio of 1.07 and a current ratio of 1.07. The stock has a market cap of $50.22 billion, a P/E ratio of -129.94 and a beta of 0.63.

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

Insider Activity at Atlassian

In other Atlassian news, President Anutthara Bharadwaj sold 4,139 shares of the company’s stock in a transaction 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 directly owns 167,535 shares in the company, valued at $35,663,175.45. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Atlassian news, President Anutthara Bharadwaj sold 4,139 shares of the company’s stock in a transaction 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 directly owns 167,535 shares in the company, valued at $35,663,175.45. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Scott Farquhar sold 8,241 shares of the stock in a transaction on Monday, January 29th. The shares were sold at an average price of $253.53, for a total value of $2,089,340.73. Following the completion of the sale, the chief executive officer now owns 346,122 shares in the company, valued at $87,752,310.66. The disclosure for this sale can be found here. Over the last three months, insiders have sold 298,930 shares of company stock worth $62,707,908. Insiders own 40.48% of the company’s stock.

Hedge Funds Weigh In On Atlassian

Several large investors have recently bought and sold shares of the business. OFI Invest Asset Management purchased a new position in shares of Atlassian during the third quarter worth about $26,000. Harbour Investments Inc. increased its stake in shares of Atlassian by 148.8% during the 4th quarter. Harbour Investments Inc. now owns 199 shares of the technology company’s stock worth $47,000 after purchasing an additional 119 shares in the last quarter. Tyler Stone Wealth Management purchased a new position in shares of Atlassian during the 2nd quarter worth approximately $34,000. Meeder Asset Management Inc. grew its stake in Atlassian by 151.5% in the 4th quarter. Meeder Asset Management Inc. now owns 244 shares of the technology company’s stock worth $31,000 after acquiring an additional 147 shares during the period. Finally, Carmel Capital Partners LLC grew its stake in Atlassian by 28.5% in the 3rd quarter. Carmel Capital Partners LLC now owns 257 shares of the technology company’s stock worth $52,000 after acquiring an additional 57 shares during the period. Hedge funds and other institutional investors own 93.03% of the company’s stock.

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.