Wall Street Zen Downgrades Atlassian (NASDAQ:TEAM) to Hold

Atlassian (NASDAQ:TEAM) was downgraded by research analysts at Wall Street Zen from a “buy” rating to a “hold” rating in a report issued on Saturday.

A number of other research firms have also recently issued reports on TEAM. Mizuho decreased their target price on Atlassian from $325.00 to $290.00 and set an “outperform” rating for the company in a research note on Thursday. Raymond James reiterated an “outperform” rating and set a $300.00 target price (down previously from $330.00) on shares of Atlassian in a report on Friday, May 2nd. Jefferies Financial Group dropped their target price on Atlassian from $330.00 to $262.00 and set a “buy” rating on the stock in a report on Monday, April 7th. Wells Fargo & Company dropped their price objective on Atlassian from $330.00 to $315.00 and set an “overweight” rating on the stock in a research note on Friday, May 2nd. Finally, Robert W. Baird upgraded Atlassian from a “neutral” rating to an “outperform” rating and lowered their target price for the stock from $320.00 to $255.00 in a research note on Monday, April 14th. Five equities research analysts have rated the stock with a hold rating, nineteen have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, Atlassian currently has a consensus rating of “Moderate Buy” and a consensus price target of $282.19.

Atlassian Price Performance

Shares of TEAM stock opened at $196.82 on Friday. The stock’s fifty day simple moving average is $210.45 and its 200 day simple moving average is $243.37. The company has a debt-to-equity ratio of 0.81, a current ratio of 1.24 and a quick ratio of 1.24. The firm has a market cap of $51.67 billion, a price-to-earnings ratio of -146.88 and a beta of 0.96. Atlassian has a one year low of $135.29 and a one year high of $326.00.

Atlassian (NASDAQ:TEAM) last issued its quarterly earnings data on Thursday, May 1st. The technology company reported $0.97 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.93 by $0.04. The firm 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%. The business’s revenue for the quarter was up 14.1% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.89 EPS. On average, analysts expect that Atlassian will post -0.34 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, CEO Michael Cannon-Brookes sold 7,948 shares of the business’s stock in a transaction on Monday, April 28th. The stock was sold at an average price of $229.59, for a total value of $1,824,781.32. Following the completion of the transaction, the chief executive officer now directly owns 222,544 shares of the company’s stock, valued at approximately $51,093,876.96. The trade was a 3.45% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Scott Farquhar sold 7,665 shares of the firm’s stock in a transaction that occurred on Thursday, June 12th. The shares were sold at an average price of $199.55, for a total transaction of $1,529,550.75. Following the completion of the sale, the director now owns 84,315 shares of the company’s stock, valued at approximately $16,825,058.25. This trade represents a 8.33% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 351,759 shares of company stock valued at $74,833,479. Company insiders own 38.55% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in TEAM. Clean Yield Group boosted its position in Atlassian by 372.0% during the first quarter. Clean Yield Group now owns 118 shares of the technology company’s stock worth $25,000 after acquiring an additional 93 shares during the last quarter. Murphy & Mullick Capital Management Corp acquired a new position in shares of Atlassian during the fourth quarter worth $27,000. Colonial Trust Co SC raised its holdings in Atlassian by 100.0% during the fourth quarter. Colonial Trust Co SC now owns 138 shares of the technology company’s stock worth $34,000 after purchasing an additional 69 shares in the last quarter. Smithfield Trust Co increased its position in shares of Atlassian by 90.7% during the first quarter. Smithfield Trust Co now owns 164 shares of the technology company’s stock worth $34,000 after purchasing an additional 78 shares in the last quarter. Finally, Summit Securities Group LLC acquired a new stake in Atlassian during the 4th quarter worth $38,000. 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.