Atlassian (NASDAQ:TEAM) Price Target Lowered to $200.00 at Truist Financial

Atlassian (NASDAQ:TEAM) had its price objective dropped by investment analysts at Truist Financial from $220.00 to $200.00 in a research report issued to clients and investors on Friday, Benzinga reports. The firm presently has a “hold” rating on the technology company’s stock. Truist Financial’s price objective suggests a potential upside of 10.88% from the stock’s previous close.

TEAM has been the topic of a number of other research reports. Barclays raised 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 research report on Thursday, April 11th. KeyCorp started coverage on shares of Atlassian in a research note on Tuesday, March 19th. They set a “sector weight” rating on the stock. UBS Group decreased their price target on shares of Atlassian from $260.00 to $250.00 and set a “neutral” rating on the stock 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. Finally, Robert W. Baird reduced their target price on shares of Atlassian from $270.00 to $230.00 and set an “outperform” rating on the stock in a research note on Friday. Ten equities research analysts have rated the stock with a hold rating and ten have given a buy rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $223.12.

Atlassian Stock Down 9.1 %

TEAM traded down $18.03 during midday trading on Friday, hitting $180.38. 3,094,798 shares of the company’s stock traded hands, compared to its average volume of 1,705,668. The company has a market cap of $46.79 billion, a PE ratio of -120.72 and a beta of 0.63. The stock’s fifty day simple moving average is $200.55 and its 200-day simple moving average is $206.69. The company has a debt-to-equity ratio of 1.04, a current ratio of 1.07 and a quick ratio of 1.07. Atlassian has a one year low of $128.02 and a one year high of $258.69.

Atlassian (NASDAQ:TEAM) last released 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 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 the consensus estimate of $1.02 billion. As a group, equities analysts anticipate that Atlassian will post -0.4 earnings per share for the current fiscal year.

Insider Activity

In related news, CEO Scott Farquhar sold 8,241 shares of the stock in a transaction on Wednesday, January 31st. The stock was sold at an average price of $251.76, for a total value 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 document filed with the SEC, which can be accessed through this hyperlink. In related news, CEO Scott Farquhar sold 8,241 shares of the stock in a transaction on Wednesday, January 31st. The stock was sold at an average price of $251.76, for a total value 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 document filed with the SEC, which can be accessed through this hyperlink. Also, CAO Gene Liu sold 227 shares of the stock in a transaction on Wednesday, February 14th. The shares were sold at an average price of $212.87, for a total value of $48,321.49. Following the completion of the sale, the chief accounting officer now owns 47,066 shares in the company, valued at approximately $10,018,939.42. The disclosure for this sale can be found here. In the last 90 days, insiders sold 300,450 shares of company stock valued at $61,721,553. 40.48% of the stock is owned by insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the business. OFI Invest Asset Management bought a new position in Atlassian in the third quarter valued at about $26,000. Carmel Capital Partners LLC grew its holdings in shares of 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 during the last quarter. Livforsakringsbolaget Skandia Omsesidigt lifted its stake in shares of Atlassian by 271.0% in the fourth quarter. Livforsakringsbolaget Skandia Omsesidigt now owns 371 shares of the technology company’s stock worth $88,000 after acquiring an additional 271 shares during the period. EverSource Wealth Advisors LLC lifted its stake in shares of Atlassian by 255.3% in the fourth quarter. EverSource Wealth Advisors LLC now owns 405 shares of the technology company’s stock worth $96,000 after acquiring an additional 291 shares during the period. Finally, Operose Advisors LLC acquired a new position in shares of Atlassian in the third quarter worth approximately $99,000. 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.