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

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

TEAM has been the topic of several other reports. Capital One Financial initiated coverage on Atlassian in a research report on Monday, December 18th. They set an equal weight rating and a $238.00 price target on the stock. StockNews.com downgraded Atlassian from a buy rating to a hold rating in a report on Tuesday, March 19th. Truist Financial lifted their price target on Atlassian from $180.00 to $220.00 and gave the stock a hold rating in a research note on Tuesday, January 16th. Wells Fargo & Company boosted their price objective on Atlassian from $275.00 to $285.00 and gave the stock an overweight rating in a report on Wednesday, January 24th. Finally, KeyCorp initiated coverage on Atlassian in a report on Tuesday, March 19th. They set a sector weight rating on the stock. Ten research analysts have rated the stock with a hold rating and nine have given a buy rating to the company. According to data from MarketBeat, Atlassian presently has a consensus rating of Hold and an average target price of $224.25.

Atlassian Stock Up 0.1 %

Shares of Atlassian stock opened at $195.07 on Monday. The business’s fifty day moving average price is $203.04 and its two-hundred day moving average price is $206.74. 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 capitalization of $50.60 billion, a P/E ratio of -130.92 and a beta of 0.63. Atlassian has a 1-year low of $128.02 and a 1-year high of $258.69.

Atlassian (NASDAQ:TEAM) last announced its earnings results on Thursday, February 1st. The technology company reported ($0.30) earnings per share 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 business had revenue of $1.06 billion for the quarter, compared to the consensus estimate of $1.02 billion. As a group, research analysts forecast that Atlassian will post -0.4 EPS for the current year.

Insider Activity at Atlassian

In other Atlassian news, CEO Michael Cannon-Brookes sold 8,241 shares of the stock in a transaction on Monday, March 25th. The stock was sold at an average price of $192.21, for a total transaction of $1,584,002.61. Following the completion of the transaction, the chief executive officer now directly owns 24,723 shares in the company, valued at $4,752,007.83. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, President Anutthara Bharadwaj sold 1,520 shares of the firm’s stock in a transaction on Friday, March 15th. The stock was sold at an average price of $201.05, for a total value of $305,596.00. Following the completion of the sale, the president now directly owns 163,370 shares in the company, valued at $32,845,538.50. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, CEO Michael Cannon-Brookes sold 8,241 shares of the firm’s stock in a transaction dated Monday, March 25th. The shares were sold at an average price of $192.21, for a total value of $1,584,002.61. Following the completion of the transaction, the chief executive officer now owns 24,723 shares in the company, valued at approximately $4,752,007.83. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 293,159 shares of company stock worth $61,684,688. 40.48% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Atlassian

Hedge funds have recently added to or reduced their stakes in the company. OFI Invest Asset Management bought a new position in shares of Atlassian during the 3rd quarter valued at about $26,000. Meeder Asset Management Inc. lifted its holdings in shares of Atlassian by 151.5% during the 4th quarter. Meeder Asset Management Inc. now owns 244 shares of the technology company’s stock valued at $31,000 after purchasing an additional 147 shares in the last quarter. Tyler Stone Wealth Management bought a new position in shares of Atlassian during the 2nd quarter valued at about $34,000. Quarry LP bought a new position in shares of Atlassian during the 2nd quarter valued at about $44,000. Finally, Harbour Investments Inc. raised its position in Atlassian by 148.8% in the 4th quarter. Harbour Investments Inc. now owns 199 shares of the technology company’s stock valued at $47,000 after buying an additional 119 shares during the last quarter. Institutional investors own 93.03% of the company’s stock.

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.