TD Cowen Trims Atlassian (NASDAQ:TEAM) Target Price to $210.00

Atlassian (NASDAQ:TEAM) had its price objective trimmed by TD Cowen from $220.00 to $210.00 in a research note released on Friday morning, Benzinga reports. The firm currently has a hold rating on the technology company’s stock.

A number of other research analysts have also weighed in on the company. UBS Group dropped their price objective on Atlassian from $260.00 to $250.00 and set a neutral rating on the stock in a report on Friday, February 2nd. Barclays raised Atlassian from an equal weight rating to an overweight rating and upped their price objective for the stock from $235.00 to $275.00 in a report on Thursday, April 11th. KeyCorp initiated coverage on Atlassian in a report on Tuesday, March 19th. They set a sector weight rating on the stock. Mizuho dropped their price objective on Atlassian from $240.00 to $225.00 and set a buy rating on the stock in a report on Friday. Finally, Truist Financial dropped their price objective on Atlassian from $220.00 to $200.00 and set a hold rating on the stock in a report on Friday. Eleven investment analysts have rated the stock with a hold rating and ten have given a buy rating to the company’s stock. Based on data from MarketBeat.com, Atlassian has an average rating of Hold and a consensus price target of $223.22.

Atlassian Price Performance

Atlassian 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 company has a debt-to-equity ratio of 1.04, a current ratio of 1.07 and a quick ratio of 1.07. The business has a 50 day simple moving average of $199.98 and a 200-day simple moving average of $206.59. The stock has a market capitalization of $46.55 billion, a PE ratio of -284.84 and a beta of 0.63.

Atlassian (NASDAQ:TEAM) last released 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). Atlassian had a negative return on equity of 15.54% and a negative net margin of 3.90%. The company had revenue of $1.06 billion for the quarter, compared to analysts’ expectations of $1.02 billion. Equities analysts predict that Atlassian will post -0.42 earnings per share for the current year.

Insider Activity at Atlassian

In related news, CEO Michael Cannon-Brookes sold 8,241 shares of the stock in a transaction on Friday, February 2nd. The stock was sold at an average price of $219.24, for a total transaction of $1,806,756.84. Following the sale, the chief executive officer now owns 313,158 shares of the company’s stock, valued at $68,656,759.92. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. In related news, President Anutthara Bharadwaj sold 760 shares of the stock in a transaction dated Tuesday, April 23rd. The stock was sold at an average price of $200.00, for a total transaction of $152,000.00. Following the transaction, the president now directly owns 161,850 shares in the company, valued at $32,370,000. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Michael Cannon-Brookes sold 8,241 shares of the stock in a transaction dated Friday, February 2nd. The stock was sold at an average price of $219.24, for a total value of $1,806,756.84. Following the transaction, the chief executive officer now owns 313,158 shares in the company, valued at $68,656,759.92. 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 quarter. Insiders own 40.48% of the company’s stock.

Hedge Funds Weigh In On Atlassian

Several large 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 lifted its position 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 buying an additional 57 shares during the period. Livforsakringsbolaget Skandia Omsesidigt lifted its position 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 buying an additional 271 shares during the period. EverSource Wealth Advisors LLC lifted its position in Atlassian by 255.3% during the fourth quarter. EverSource Wealth Advisors LLC now owns 405 shares of the technology company’s stock worth $96,000 after buying an additional 291 shares during the period. Finally, Operose Advisors LLC purchased a new position in Atlassian during 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.