Atlassian (NASDAQ:TEAM) Price Target Lowered to $221.00 at Stephens

Atlassian (NASDAQ:TEAM) had its price target reduced by Stephens from $255.00 to $221.00 in a research note released on Friday,Benzinga reports. They currently have an equal weight rating on the technology company’s stock.

Several other equities analysts have also commented on the stock. Macquarie dropped their price target on shares of Atlassian from $270.00 to $250.00 and set an “outperform” rating on the stock in a research note on Friday. William Blair reaffirmed an “outperform” rating on shares of Atlassian in a research report on Friday, January 31st. Wells Fargo & Company reduced their price target on shares of Atlassian from $375.00 to $330.00 and set an “overweight” rating for the company in a research report on Thursday, April 10th. StockNews.com lowered Atlassian from a “buy” rating to a “hold” rating in a report on Monday, March 31st. Finally, Cantor Fitzgerald raised Atlassian from a “neutral” rating to an “overweight” rating and decreased their target price for the company from $304.00 to $272.00 in a research report on Wednesday, April 2nd. Five analysts have rated the stock with a hold rating, nineteen have given a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $289.57.

Atlassian Price Performance

Shares of TEAM opened at $208.48 on Friday. The firm has a market capitalization of $54.62 billion, a price-to-earnings ratio of -155.58 and a beta of 1.06. The firm’s fifty day simple moving average is $222.61 and its 200-day simple moving average is $245.06. Atlassian has a twelve month low of $135.29 and a twelve month high of $326.00. The company has a current ratio of 1.24, a quick ratio of 1.24 and a debt-to-equity ratio of 0.81.

Atlassian (NASDAQ:TEAM) last announced its quarterly earnings results on Thursday, May 1st. The technology company reported $0.97 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.93 by $0.04. The company had revenue of $1.36 billion during the quarter, compared to the consensus estimate of $1.35 billion. Atlassian had a negative return on equity of 17.37% and a negative net margin of 7.22%. Atlassian’s revenue for the quarter was up 14.1% on a year-over-year basis. During the same period in the previous year, the business earned $0.89 EPS. Equities analysts forecast that Atlassian will post -0.34 EPS for the current fiscal year.

Insider Activity at Atlassian

In related news, CFO Joseph Leo Binz sold 2,587 shares of the firm’s stock in a transaction dated Friday, February 14th. The shares were sold at an average price of $312.09, for a total value of $807,376.83. Following the completion of the sale, the chief financial officer now owns 169,342 shares in the company, valued at $52,849,944.78. This trade represents a 1.50 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Scott Farquhar sold 7,948 shares of the company’s stock in a transaction dated Friday, February 7th. The stock was sold at an average price of $315.69, for a total transaction of $2,509,104.12. Following the transaction, the director now owns 278,180 shares in the company, valued at $87,818,644.20. The trade was a 2.78 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 260,734 shares of company stock worth $64,629,600 over the last three months. 38.55% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Atlassian

A number of hedge funds and other institutional investors have recently modified their holdings of TEAM. Virtu Financial LLC acquired a new position in Atlassian during the third quarter worth $606,000. Fulton Bank N.A. purchased a new position in shares of Atlassian in the fourth quarter valued at $447,000. Allworth Financial LP raised its stake in shares of Atlassian by 3.1% during the 4th quarter. Allworth Financial LP now owns 1,548 shares of the technology company’s stock worth $404,000 after buying an additional 47 shares during the last quarter. Nordea Investment Management AB boosted its position in shares of Atlassian by 20.1% in the 4th quarter. Nordea Investment Management AB now owns 30,442 shares of the technology company’s stock worth $7,458,000 after buying an additional 5,088 shares in the last quarter. Finally, Principal Financial Group Inc. grew its stake in Atlassian by 61.4% in the 3rd quarter. Principal Financial Group Inc. now owns 10,770 shares of the technology company’s stock valued at $1,710,000 after acquiring an additional 4,099 shares during the last quarter. 94.45% of the stock is currently owned by institutional investors and hedge funds.

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.