Atlassian (NASDAQ:TEAM) Price Target Cut to $210.00 by Analysts at TD Cowen

Atlassian (NASDAQ:TEAM) had its price objective trimmed by TD Cowen from $220.00 to $210.00 in a research report report published on Friday morning, Benzinga reports. The firm currently has a hold rating on the technology company’s stock.

Other analysts have also recently issued research reports about the stock. William Blair reiterated an outperform rating on shares of Atlassian in a research note on Friday, February 2nd. Piper Sandler decreased their price target on shares of Atlassian from $225.00 to $200.00 and set a neutral rating for the company in a research note on Friday. Robert W. Baird reduced their target price on shares of Atlassian from $270.00 to $230.00 and set an outperform rating for the company in a research note on Friday. The Goldman Sachs Group raised their target price on shares of Atlassian from $188.00 to $215.00 and gave the stock a neutral rating in a research note on Friday, February 2nd. Finally, StockNews.com cut shares of Atlassian from a buy rating to a hold rating in a research note on Tuesday, March 19th. Eleven analysts have rated the stock with a hold rating and ten have issued a buy rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of Hold and an average price target of $223.22.

Atlassian Trading Down 9.6 %

Shares of Atlassian stock opened at $179.45 on Friday. The company has a fifty day simple moving average of $199.98 and a 200-day simple moving average of $206.53. Atlassian has a 12-month low of $128.02 and a 12-month 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.

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

Insider Buying and Selling at Atlassian

In other Atlassian news, CEO Scott Farquhar sold 8,241 shares of the firm’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 completion of the transaction, the chief executive officer now directly owns 346,122 shares in the company, valued at approximately $87,752,310.66. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other Atlassian news, CEO Scott Farquhar sold 8,241 shares of the firm’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 completion of the transaction, the chief executive officer now directly owns 346,122 shares in the company, valued at approximately $87,752,310.66. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CAO Gene Liu sold 227 shares of the firm’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 $48,321.49. Following the transaction, the chief accounting officer now owns 47,066 shares of the company’s stock, valued at $10,018,939.42. The disclosure for this sale can be found here. In the last three months, insiders sold 300,450 shares of company stock worth $61,721,553. 40.48% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Atlassian

Hedge funds and other institutional investors have recently modified their holdings of the company. OFI Invest Asset Management purchased a new stake in shares of Atlassian during the third quarter worth 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 buying an additional 57 shares in the last quarter. Livforsakringsbolaget Skandia Omsesidigt boosted its position 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 last quarter. EverSource Wealth Advisors LLC boosted its position 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 last quarter. Finally, GAMMA Investing LLC acquired a new stake in shares of Atlassian in the fourth quarter worth approximately $107,000. 93.03% of the stock is currently owned by hedge funds and other 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.