Atlassian (NASDAQ:TEAM) Price Target Cut to $200.00

Atlassian (NASDAQ:TEAM) had its price target trimmed by Piper Sandler from $225.00 to $200.00 in a report published on Friday morning, Benzinga reports. The firm currently has a neutral rating on the technology company’s stock.

A number of other brokerages have also recently commented on TEAM. StockNews.com cut shares of Atlassian from a buy rating to a hold rating in a research note on Tuesday, March 19th. Truist Financial upped their price objective on Atlassian from $180.00 to $220.00 and gave the company a hold rating in a research note on Tuesday, January 16th. The Goldman Sachs Group lifted their target price on Atlassian from $188.00 to $215.00 and gave the stock a neutral rating in a research note on Friday, February 2nd. Citigroup reduced their price objective 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. Finally, KeyCorp began coverage on shares of Atlassian in a report on Tuesday, March 19th. They set a sector weight rating for the company. Ten research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company. According to data from MarketBeat.com, Atlassian currently has an average rating of Moderate Buy and a consensus price target of $223.22.

Atlassian Trading Down 1.3 %

Shares of NASDAQ:TEAM opened at $177.07 on Friday. The firm has a market cap of $45.93 billion, a price-to-earnings ratio of -281.06 and a beta of 0.63. The company’s fifty day simple moving average is $199.36 and its 200 day simple moving average is $206.52. Atlassian has a 12 month low of $128.02 and a 12 month high of $258.69. The company has a quick ratio of 1.07, a current ratio of 1.07 and a debt-to-equity ratio of 1.04.

Atlassian (NASDAQ:TEAM) last posted its quarterly earnings data on Thursday, April 25th. The technology company reported $0.89 EPS for the quarter, topping analysts’ consensus estimates of $0.62 by $0.27. The company had revenue of $1.19 billion during the quarter, compared to the consensus estimate of $1.10 billion. Atlassian had a negative net margin of 3.90% and a negative return on equity of 15.54%. The company’s quarterly revenue was up 29.9% on a year-over-year basis. During the same period in the prior year, the business posted ($0.40) EPS. As a group, research analysts forecast that Atlassian will post -0.42 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, CEO Michael Cannon-Brookes sold 8,241 shares of the business’s stock in a transaction on Friday, April 26th. The stock was sold at an average price of $178.95, for a total transaction of $1,474,726.95. Following the completion of the transaction, the chief executive officer now owns 349,968 shares of the company’s stock, valued at approximately $62,626,773.60. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. In related news, CEO Michael Cannon-Brookes sold 8,241 shares of Atlassian stock in a transaction that occurred on Friday, April 26th. The shares were sold at an average price of $178.95, for a total transaction of $1,474,726.95. Following the sale, the chief executive officer now directly owns 349,968 shares of the company’s stock, valued at approximately $62,626,773.60. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CAO Gene Liu sold 227 shares of the company’s stock in a transaction that occurred 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 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. Insiders sold 300,450 shares of company stock worth $61,106,939 over the last three months. Insiders own 40.48% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the company. Allspring Global Investments Holdings LLC grew its stake in shares of Atlassian by 123.7% in the first quarter. Allspring Global Investments Holdings LLC now owns 61,856 shares of the technology company’s stock worth $12,069,000 after purchasing an additional 34,204 shares during the last quarter. Benjamin F. Edwards & Company Inc. lifted its holdings in Atlassian by 9.6% during the 1st quarter. Benjamin F. Edwards & Company Inc. now owns 1,198 shares of the technology company’s stock worth $234,000 after buying an additional 105 shares during the period. China Universal Asset Management Co. Ltd. grew its position in shares of Atlassian by 17.8% in the 1st quarter. China Universal Asset Management Co. Ltd. now owns 16,610 shares of the technology company’s stock valued at $3,241,000 after buying an additional 2,504 shares during the last quarter. BLB&B Advisors LLC acquired a new stake in shares of Atlassian in the first quarter valued at about $344,000. Finally, UMB Bank n.a. raised its position in shares of Atlassian by 6.8% during the first quarter. UMB Bank n.a. now owns 1,112 shares of the technology company’s stock worth $217,000 after acquiring an additional 71 shares during the last quarter. Institutional investors and hedge funds 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.