Citigroup Cuts Atlassian (NASDAQ:TEAM) Price Target to $265.00

Atlassian (NASDAQ:TEAM) had its price target reduced by Citigroup from $280.00 to $265.00 in a report issued on Friday morning, Benzinga reports. Citigroup currently has a buy rating on the technology company’s stock.

Other equities research analysts have also recently issued reports about the company. Truist Financial increased their price objective on Atlassian from $180.00 to $220.00 and gave the company a hold rating in a research report on Tuesday, January 16th. Mizuho boosted their price objective on shares of Atlassian from $240.00 to $265.00 and gave the stock a buy rating in a report on Tuesday, January 16th. Barclays upgraded shares of Atlassian from an equal weight rating to an overweight rating and increased their target price for the company from $235.00 to $275.00 in a research note on Thursday. Wells Fargo & Company boosted their price target on Atlassian from $275.00 to $285.00 and gave the company an overweight rating in a research note on Wednesday, January 24th. Finally, UBS Group reduced their price objective 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 analysts have rated the stock with a hold rating and nine have assigned a buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of Hold and an average price target of $225.81.

Atlassian Stock Performance

NASDAQ:TEAM opened at $206.53 on Friday. The firm has a market capitalization of $53.58 billion, a PE ratio of -138.61 and a beta of 0.63. Atlassian has a 1 year low of $128.02 and a 1 year high of $258.69. 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’s fifty day simple moving average is $203.83 and its 200 day simple moving average is $206.76.

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, sell-side analysts anticipate that Atlassian will post -0.4 EPS for the current year.

Insider Buying and Selling

In other news, 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 value of $48,321.49. Following the transaction, the chief accounting officer now owns 47,066 shares of the company’s stock, valued at approximately $10,018,939.42. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, CEO Scott Farquhar sold 8,241 shares of the company’s stock in a transaction dated Monday, January 29th. The stock was sold at an average price of $253.53, for a total value of $2,089,340.73. Following the completion of the sale, the chief executive officer now directly owns 346,122 shares of the company’s stock, valued at approximately $87,752,310.66. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CAO Gene Liu sold 227 shares of the company’s stock in a transaction that occurred on Wednesday, February 14th. The shares were sold at an average price of $212.87, for a total transaction of $48,321.49. Following the completion of the sale, the chief accounting officer now directly owns 47,066 shares of the company’s stock, valued at approximately $10,018,939.42. The disclosure for this sale can be found here. Insiders sold a total of 293,159 shares of company stock worth $62,296,500 over the last three months. 40.48% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the stock. Graypoint LLC raised its position in 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 buying an additional 42 shares during the last quarter. Legacy Wealth Asset Management LLC raised its holdings in shares of Atlassian by 1.4% in the fourth quarter. Legacy Wealth Asset Management LLC now owns 3,095 shares of the technology company’s stock valued at $736,000 after purchasing an additional 43 shares during the last quarter. Park National Corp OH lifted its position in shares of Atlassian by 3.5% in the fourth quarter. Park National Corp OH now owns 1,439 shares of the technology company’s stock worth $342,000 after purchasing an additional 48 shares in the last quarter. UMB Bank n.a. boosted its holdings in Atlassian by 5.7% during the fourth quarter. UMB Bank n.a. now owns 1,041 shares of the technology company’s stock worth $248,000 after purchasing an additional 56 shares during the last quarter. Finally, Carmel Capital Partners LLC boosted its holdings in 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 purchasing an additional 57 shares during the last quarter. Institutional investors and hedge funds own 93.03% of the company’s stock.

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.