Atlassian (NASDAQ:TEAM) Price Target Cut to $200.00 by Analysts at Truist Financial

Atlassian (NASDAQ:TEAM) had its price objective trimmed by Truist Financial from $220.00 to $200.00 in a report issued on Friday, Benzinga reports. The firm currently has a hold rating on the technology company’s stock.

A number of other analysts have also weighed in on the stock. Citigroup cut their price objective on shares of Atlassian from $280.00 to $265.00 and set a buy rating on the stock in a research note on Friday, April 12th. The Goldman Sachs Group increased their price objective 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. Mizuho cut their price objective on shares of Atlassian from $240.00 to $225.00 and set a buy rating on the stock in a research note on Friday. Robert W. Baird cut their price objective on shares of Atlassian from $270.00 to $230.00 and set an outperform rating on the stock in a research note on Friday. Finally, Wells Fargo & Company increased their price objective on shares of Atlassian from $275.00 to $285.00 and gave the stock an overweight rating in a research note on Wednesday, January 24th. Eleven analysts have rated the stock with a hold rating and ten have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of Hold and an average target price of $223.22.

Atlassian Trading Down 9.6 %

Shares of 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. Atlassian has a 12-month low of $128.02 and a 12-month high of $258.69. The firm has a market capitalization of $46.55 billion, a price-to-earnings ratio of -284.84 and a beta of 0.63. The firm’s 50 day simple moving average is $199.98 and its two-hundred day simple moving average is $206.59.

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 analysts’ consensus estimates of ($0.06) by ($0.24). The company had revenue of $1.06 billion for the quarter, compared to analyst estimates of $1.02 billion. Atlassian had a negative net margin of 3.90% and a negative return on equity of 15.54%. Analysts predict that Atlassian will post -0.42 EPS for the current year.

Insider Buying and Selling at Atlassian

In other Atlassian news, President Anutthara Bharadwaj sold 4,139 shares of the stock in a transaction on 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 of the company’s stock, valued at $35,663,175.45. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In other news, CEO Scott Farquhar sold 8,241 shares of the firm’s stock in a transaction dated Wednesday, January 31st. The shares were sold at an average price of $251.76, for a total value of $2,074,754.16. Following the transaction, the chief executive officer now directly owns 329,640 shares of the company’s stock, valued at $82,990,166.40. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, President Anutthara Bharadwaj sold 4,139 shares of the firm’s stock in a transaction dated Wednesday, February 14th. The stock was sold at an average price of $212.87, for a total transaction of $881,068.93. Following the completion of the transaction, the president now directly owns 167,535 shares in the company, valued at $35,663,175.45. The disclosure for this sale can be found here. Insiders have sold a total of 292,209 shares of company stock valued at $59,632,213 over the last ninety days. Corporate insiders own 40.48% of the company’s stock.

Hedge Funds Weigh In On Atlassian

Several hedge funds and other institutional investors have recently modified their holdings of the business. BLB&B Advisors LLC purchased a new position in shares of Atlassian in the first quarter worth about $344,000. UMB Bank n.a. lifted its stake in shares of Atlassian by 6.8% in the first quarter. UMB Bank n.a. now owns 1,112 shares of the technology company’s stock worth $217,000 after buying an additional 71 shares in the last quarter. Yousif Capital Management LLC increased its position in Atlassian by 11.3% during the first quarter. Yousif Capital Management LLC now owns 1,737 shares of the technology company’s stock worth $339,000 after purchasing an additional 176 shares during the last quarter. Mesirow Financial Investment Management Inc. acquired a new stake in Atlassian during the first quarter worth about $353,000. Finally, Verdence Capital Advisors LLC increased its position in Atlassian by 14.0% during the first quarter. Verdence Capital Advisors LLC now owns 1,403 shares of the technology company’s stock worth $274,000 after purchasing an additional 172 shares during the last quarter. 93.03% of the stock is owned by hedge funds and other institutional investors.

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.