Atlassian (NASDAQ:TEAM) Given New $230.00 Price Target at Canaccord Genuity Group

Atlassian (NASDAQ:TEAM) had its price target lowered by Canaccord Genuity Group from $260.00 to $230.00 in a research report sent to investors on Friday, Benzinga reports. The firm currently has a buy rating on the technology company’s stock.

A number of other research firms have also recently commented on TEAM. Barclays upgraded shares of Atlassian from an equal weight rating to an overweight rating and increased their price target for the company from $235.00 to $275.00 in a report on Thursday, April 11th. StockNews.com cut shares of Atlassian from a buy rating to a hold rating in a report on Tuesday, March 19th. William Blair restated an outperform rating on shares of Atlassian in a report on Friday, February 2nd. The Goldman Sachs Group lifted their target price on shares of Atlassian from $188.00 to $215.00 and gave the stock a neutral rating in a research report on Friday, February 2nd. Finally, Citigroup cut their target price on shares of Atlassian from $280.00 to $265.00 and set a buy rating for the company in a research report on Friday, April 12th. Eleven equities research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of Hold and a consensus target price of $223.22.

Atlassian Stock Down 9.6 %

Atlassian stock opened at $179.45 on Friday. The company has a current ratio of 1.07, a quick ratio of 1.07 and a debt-to-equity ratio of 1.04. The firm has a 50-day moving average of $199.98 and a 200-day moving average of $206.53. Atlassian has a 1-year low of $128.02 and a 1-year high of $258.69.

Atlassian (NASDAQ:TEAM) last released its quarterly earnings results on Thursday, February 1st. The technology company reported ($0.30) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.06) by ($0.24). Atlassian had a negative return on equity of 15.54% and a negative net margin of 3.90%. The company had revenue of $1.06 billion during the quarter, compared to the consensus estimate of $1.02 billion. On average, equities analysts expect that Atlassian will post -0.4 earnings per share for the current fiscal year.

Insider Activity

In other news, CEO Scott Farquhar sold 8,241 shares of the company’s stock in a transaction dated Monday, January 29th. The shares were sold at an average price of $253.53, for a total transaction of $2,089,340.73. Following the sale, the chief executive officer now directly owns 346,122 shares in the company, valued at approximately $87,752,310.66. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. In related news, President Anutthara Bharadwaj sold 4,139 shares of the company’s stock in a transaction dated Wednesday, February 14th. The shares were 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 approximately $35,663,175.45. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Scott Farquhar sold 8,241 shares of the company’s stock in a transaction dated Monday, January 29th. The shares were sold at an average price of $253.53, for a total transaction of $2,089,340.73. Following the transaction, 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. In the last three months, insiders have sold 300,450 shares of company stock worth $61,721,553. 40.48% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Atlassian

Several hedge funds have recently added to or reduced their stakes in the company. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. grew its stake in Atlassian by 12.4% in the 3rd quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. now owns 73,263 shares of the technology company’s stock worth $14,763,000 after acquiring an additional 8,073 shares in the last quarter. Arkadios Wealth Advisors bought a new position in Atlassian in the 4th quarter worth about $202,000. American Century Companies Inc. grew its stake in Atlassian by 58.7% in the 3rd quarter. American Century Companies Inc. now owns 430,112 shares of the technology company’s stock worth $86,672,000 after acquiring an additional 159,102 shares in the last quarter. International Assets Investment Management LLC bought a new position in Atlassian in the 4th quarter worth about $13,805,000. Finally, Royal Bank of Canada grew its stake in Atlassian by 17.3% in the 3rd quarter. Royal Bank of Canada now owns 381,430 shares of the technology company’s stock worth $76,862,000 after acquiring an additional 56,149 shares in the last quarter. 93.03% of the stock is currently owned by institutional investors.

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.