Oppenheimer Trims Atlassian (NASDAQ:TEAM) Target Price to $250.00

Atlassian (NASDAQ:TEAM) had its price target trimmed by Oppenheimer from $300.00 to $250.00 in a research note issued to investors on Friday morning, Benzinga reports. They currently have an outperform rating on the technology company’s stock.

Other analysts have also issued research reports about the stock. The Goldman Sachs Group raised their target price on shares of Atlassian from $188.00 to $215.00 and gave the company a neutral rating in a research report on Friday, February 2nd. Piper Sandler lowered their target price on shares of Atlassian from $225.00 to $200.00 and set a neutral rating for the company in a research note on Friday. StockNews.com downgraded shares of Atlassian from a buy rating to a hold rating in a research note on Tuesday, March 19th. Mizuho lowered their target price on shares of Atlassian from $240.00 to $225.00 and set a buy rating for the company in a research note on Friday. Finally, KeyCorp initiated coverage on shares of Atlassian in a research note on Tuesday, March 19th. They set a sector weight rating for the company. Eleven research analysts have rated the stock with a hold rating and ten have given a buy rating to the stock. Based on data from MarketBeat.com, Atlassian presently has a consensus rating of Hold and a consensus target price of $223.22.

Atlassian Price Performance

Shares of TEAM stock opened at $179.45 on Friday. 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 company has a quick ratio of 1.07, a current ratio of 1.07 and a debt-to-equity ratio of 1.04. The firm has a fifty day moving average of $199.98 and a 200-day moving average of $206.59.

Atlassian (NASDAQ:TEAM) last issued its quarterly earnings results on Thursday, February 1st. The technology company reported ($0.30) EPS for the quarter, missing the consensus estimate of ($0.06) by ($0.24). The business had revenue of $1.06 billion for the quarter, compared to the consensus estimate of $1.02 billion. Atlassian had a negative return on equity of 15.54% and a negative net margin of 3.90%. On average, equities research analysts forecast that Atlassian will post -0.42 earnings per share for the current year.

Insider Activity

In other news, CAO Gene Liu sold 227 shares of Atlassian 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 completion of the transaction, the chief accounting officer now directly owns 47,066 shares in the company, valued at $10,018,939.42. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. In related news, CEO Scott Farquhar sold 8,241 shares of the business’s stock in a transaction dated Wednesday, January 31st. The shares were sold at an average price of $251.76, for a total transaction of $2,074,754.16. Following the transaction, the chief executive officer now directly owns 329,640 shares in the company, valued at $82,990,166.40. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CAO Gene Liu sold 227 shares of the business’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 $48,321.49. Following the transaction, the chief accounting officer now owns 47,066 shares in the company, valued at $10,018,939.42. The disclosure for this sale can be found here. Insiders sold 292,209 shares of company stock worth $59,632,213 over the last three months. 40.48% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in TEAM. OFI Invest Asset Management purchased a new position in Atlassian during the third quarter worth about $26,000. 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. Livforsakringsbolaget Skandia Omsesidigt boosted its holdings in Atlassian by 271.0% during the fourth quarter. Livforsakringsbolaget Skandia Omsesidigt now owns 371 shares of the technology company’s stock worth $88,000 after purchasing an additional 271 shares during the last quarter. EverSource Wealth Advisors LLC raised its position in 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 period. Finally, Operose Advisors LLC bought a new stake in Atlassian in the third quarter worth about $99,000. 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.