Robert W. Baird Lowers Atlassian (NASDAQ:TEAM) Price Target to $230.00

Atlassian (NASDAQ:TEAM) had its price objective lowered by equities researchers at Robert W. Baird from $270.00 to $230.00 in a report issued on Friday, Benzinga reports. The brokerage presently has an “outperform” rating on the technology company’s stock. Robert W. Baird’s target price points to a potential upside of 15.92% from the company’s previous close.

Several other equities analysts have also issued reports on TEAM. Citigroup dropped their price target on Atlassian from $280.00 to $265.00 and set a “buy” rating on the stock in a research note on Friday, April 12th. Barclays raised Atlassian from an “equal weight” rating to an “overweight” rating and upped their target price for the stock from $235.00 to $275.00 in a research report on Thursday, April 11th. Wells Fargo & Company upped their target price on Atlassian from $275.00 to $285.00 and gave the stock an “overweight” rating in a research report on Wednesday, January 24th. William Blair reaffirmed an “outperform” rating on shares of Atlassian in a research report on Friday, February 2nd. Finally, UBS Group lowered their price target on Atlassian from $260.00 to $250.00 and set a “neutral” rating for the company in a research report on Friday, February 2nd. Ten investment analysts have rated the stock with a hold rating and ten have given a buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $223.12.

Atlassian Price Performance

Shares of TEAM opened at $198.41 on Friday. Atlassian has a 52-week low of $128.02 and a 52-week 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 business’s 50 day moving average price is $200.55 and its two-hundred day moving average price is $206.69. The firm has a market cap of $51.47 billion, a PE ratio of -133.16 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) 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 business had revenue of $1.06 billion during the quarter, compared to analyst estimates of $1.02 billion. On average, equities analysts anticipate that Atlassian will post -0.4 EPS for the current year.

Insider Buying and Selling at Atlassian

In other Atlassian news, CAO Gene Liu sold 227 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 value of $48,321.49. Following the completion of the transaction, the chief accounting officer now owns 47,066 shares in the company, valued at approximately $10,018,939.42. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, CAO Gene Liu sold 227 shares of the stock in a transaction on Wednesday, February 14th. The stock was sold at an average price of $212.87, for a total transaction of $48,321.49. Following the completion of the transaction, the chief accounting officer now owns 47,066 shares in the company, valued at approximately $10,018,939.42. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Scott Farquhar sold 8,241 shares of the firm’s stock in a transaction dated Wednesday, April 24th. The stock was sold at an average price of $199.71, for a total value of $1,645,810.11. Following the completion of the transaction, the chief executive officer now owns 366,450 shares of the company’s stock, valued at approximately $73,183,729.50. The disclosure for this sale can be found here. Insiders sold 300,450 shares of company stock worth $61,721,553 in the last quarter. 40.48% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in TEAM. Graypoint LLC raised its holdings in shares of Atlassian by 2.4% in the 4th quarter. Graypoint LLC now owns 1,784 shares of the technology company’s stock valued at $424,000 after acquiring an additional 42 shares in the last quarter. Legacy Wealth Asset Management LLC raised its holdings in shares of Atlassian by 1.4% in the 4th quarter. Legacy Wealth Asset Management LLC now owns 3,095 shares of the technology company’s stock valued at $736,000 after acquiring an additional 43 shares in the last quarter. Park National Corp OH raised its holdings in shares of Atlassian by 3.5% in the 4th quarter. Park National Corp OH now owns 1,439 shares of the technology company’s stock valued at $342,000 after acquiring an additional 48 shares in the last quarter. First Trust Direct Indexing L.P. raised its holdings in shares of Atlassian by 1.5% in the 1st quarter. First Trust Direct Indexing L.P. now owns 3,693 shares of the technology company’s stock valued at $721,000 after acquiring an additional 55 shares in the last quarter. Finally, UMB Bank n.a. raised its holdings in shares of Atlassian by 5.7% in the 4th quarter. UMB Bank n.a. now owns 1,041 shares of the technology company’s stock valued at $248,000 after acquiring an additional 56 shares in the last quarter. 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.