Atlassian (NASDAQ:TEAM) Given New $95.00 Price Target at UBS Group

Atlassian (NASDAQ:TEAM) had its target price lowered by UBS Group from $105.00 to $95.00 in a research note published on Friday,Benzinga reports. The brokerage currently has a neutral rating on the technology company’s stock.

Several other equities research analysts have also recently issued reports on TEAM. BMO Capital Markets decreased their price target on shares of Atlassian from $130.00 to $105.00 and set an “outperform” rating on the stock in a research note on Friday. Morgan Stanley decreased their price target on shares of Atlassian from $290.00 to $120.00 and set an “overweight” rating on the stock in a research note on Thursday, April 16th. Wall Street Zen raised shares of Atlassian from a “hold” rating to a “buy” rating in a research note on Monday, March 23rd. TD Cowen raised their price target on shares of Atlassian from $85.00 to $105.00 and gave the stock a “hold” rating in a research note on Friday. Finally, Citigroup decreased their price target on shares of Atlassian from $160.00 to $110.00 and set a “buy” rating on the stock in a research note on Friday. Twenty-one investment analysts have rated the stock with a Buy rating, six have assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $144.67.

Atlassian Price Performance

NASDAQ TEAM traded up $20.29 during trading hours on Friday, reaching $88.88. The company’s stock had a trading volume of 27,361,284 shares, compared to its average volume of 7,734,163. Atlassian has a fifty-two week low of $56.01 and a fifty-two week high of $232.36. The stock has a market cap of $23.44 billion, a PE ratio of -123.44 and a beta of 0.99. The company’s 50-day moving average is $70.97 and its two-hundred day moving average is $118.12. The company has a debt-to-equity ratio of 0.62, a quick ratio of 0.89 and a current ratio of 0.89.

Atlassian (NASDAQ:TEAM) last released its quarterly earnings results on Thursday, April 30th. The technology company reported $1.75 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.33 by $0.42. Atlassian had a negative net margin of 3.50% and a positive return on equity of 5.62%. The company had revenue of $1.79 billion for the quarter, compared to analysts’ expectations of $1.70 billion. During the same period last year, the company earned $0.97 EPS. The firm’s revenue for the quarter was up 31.7% compared to the same quarter last year. Analysts forecast that Atlassian will post -0.01 EPS for the current year.

Insider Buying and Selling at Atlassian

In other news, Director Scott Farquhar sold 7,665 shares of the stock in a transaction dated Friday, February 6th. The shares were sold at an average price of $94.81, for a total transaction of $726,718.65. Following the transaction, the director directly owned 275,940 shares in the company, valued at $26,161,871.40. This represents a 2.70% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO Michael Cannon-Brookes sold 7,665 shares of the stock in a transaction dated Friday, February 6th. The stock was sold at an average price of $94.81, for a total transaction of $726,718.65. Following the transaction, the chief executive officer owned 275,940 shares in the company, valued at approximately $26,161,871.40. The trade was a 2.70% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last 90 days, insiders sold 52,003 shares of company stock worth $5,338,804. 36.66% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of TEAM. AQR Capital Management LLC raised its holdings in Atlassian by 291.4% in the fourth quarter. AQR Capital Management LLC now owns 7,749,694 shares of the technology company’s stock valued at $1,256,535,000 after buying an additional 5,769,788 shares during the period. DNB Asset Management AS raised its holdings in Atlassian by 266.6% in the third quarter. DNB Asset Management AS now owns 2,806,888 shares of the technology company’s stock valued at $448,260,000 after buying an additional 2,041,210 shares during the period. Norges Bank purchased a new position in Atlassian in the fourth quarter valued at approximately $323,526,000. Morgan Stanley raised its holdings in Atlassian by 52.4% in the fourth quarter. Morgan Stanley now owns 4,822,007 shares of the technology company’s stock valued at $781,841,000 after buying an additional 1,657,309 shares during the period. Finally, Carmignac Gestion raised its holdings in Atlassian by 6,602.0% in the fourth quarter. Carmignac Gestion now owns 1,206,368 shares of the technology company’s stock valued at $195,601,000 after buying an additional 1,188,368 shares during the period. 94.45% of the stock is currently owned by hedge funds and other institutional investors.

Trending Headlines about Atlassian

Here are the key news stories impacting Atlassian this week:

• Positive Sentiment: Q3 beat and raised revenue guidance — Atlassian reported ~32% revenue growth (roughly $1.8B) and beat EPS estimates, then lifted its FY revenue growth target, which is the main catalyst for the rally. Read More.
• Positive Sentiment: Strong execution driven by cloud, AI and enterprise expansion — Management pointed to AI features, cloud migrations and growing enterprise adoption (including Rovo usage) as sustainable growth drivers. Read More.
• Positive Sentiment: Street praise and sector lift — Multiple outlets and analysts praised the quarter; the results helped lift other beaten?down SaaS names as investors reassess demand risk for enterprise software. Read More.
• Neutral Sentiment: Mixed analyst/Wall Street reactions — Some commentators called the results “solid,” while others raised questions about margin and longer?term software pricing compression; expect divergent sell?side takes to continue. Read More.
• Neutral Sentiment: Marketplace/venture news — Atlassian Ventures invested in Riffle and a new app launched on the Atlassian Marketplace, supporting ecosystem growth but with limited near?term revenue impact. Read More.
• Negative Sentiment: Some price?target cuts and a neutral/tempered tone — UBS cut its target to $95 and moved to a neutral rating, which could weigh on upside expectations near term. Read More.
• Negative Sentiment: Other target resets — BMO and Piper Sandler lowered targets (BMO to $105, Piper Sandler to $175) even as some keep outperform/overweight stances; these mixed cuts reflect caution on medium?term multiples despite the beat. Read More.

Atlassian Company Profile

Atlassian Corporation Plc is a software company headquartered in Sydney, Australia, best known for developing collaboration, project management and software development tools. Founded in 2002 by Mike Cannon-Brookes and Scott Farquhar, Atlassian grew from a small engineering-focused team into a publicly traded company after its initial public offering in 2015. The company serves a global customer base that spans small teams to large enterprises across technology, financial services, government and other sectors.

Atlassian’s product portfolio centers on tools designed to help teams plan, build and support software and business processes.