Atlassian (NASDAQ:TEAM) Price Target Cut to $200.00 by Analysts at Wells Fargo & Company

Atlassian (NASDAQ:TEAM) had its price objective trimmed by Wells Fargo & Company from $270.00 to $200.00 in a research note issued to investors on Friday morning,Benzinga reports. The firm currently has an overweight rating on the technology company’s stock.

Several other equities analysts have also issued reports on the stock. Jefferies Financial Group reissued a “buy” rating and set a $200.00 price objective on shares of Atlassian in a report on Friday, August 7th. Morgan Stanley upped their target price on Atlassian from $120.00 to $180.00 and gave the stock an “overweight” rating in a report on Friday, August 7th. Barclays increased their target price on Atlassian from $172.00 to $222.00 and gave the company an “overweight” rating in a research report on Tuesday, October 13th. Weiss Ratings reiterated a “sell (e+)” rating on shares of Atlassian in a report on Thursday, October 15th. Finally, BMO Capital Markets reissued an “outperform” rating and issued a $225.00 price target on shares of Atlassian in a research report on Friday, October 30th. Twenty-four equities research analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $210.96.

Atlassian Trading Down 16.2%

NASDAQ:TEAM traded down $29.61 during midday trading on Friday, hitting $153.68. The stock had a trading volume of 7,474,600 shares, compared to its average volume of 2,508,672. The company has a quick ratio of 0.78, a current ratio of 0.78 and a debt-to-equity ratio of 0.93. The stock has a 50-day moving average of $196.05 and a 200 day moving average of $119.57. The company has a market capitalization of $38.90 billion, a price-to-earnings ratio of 426.90, a PEG ratio of 19.95 and a beta of 1.16. Atlassian has a one year low of $56.01 and a one year high of $229.96.

Atlassian (NASDAQ:TEAM) last released its quarterly earnings data on Thursday, November 5th. The technology company reported $1.65 earnings per share for the quarter, beating the consensus estimate of $1.39 by $0.26. Atlassian had a positive return on equity of 20.99% and a negative net margin of 0.82%. The firm had revenue of $1.77 billion during the quarter, compared to the consensus estimate of $1.71 billion. During the same period in the previous year, the company posted $1.04 earnings per share. The firm’s quarterly revenue was up 23.7% on a year-over-year basis. As a group, sell-side analysts forecast that Atlassian will post 0.69 EPS for the current year.

Insider Activity at Atlassian

In other Atlassian news, CAO Gene Liu sold 337 shares of the firm’s stock in a transaction that occurred on Monday, October 12th. The shares were sold at an average price of $210.00, for a total value of $70,770.00. Following the completion of the sale, the chief accounting officer directly owned 55,531 shares in the company, valued at $11,661,510. This trade represents a 0.60% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO James Chuong sold 9,054 shares of Atlassian stock in a transaction on Wednesday, August 19th. The stock was sold at an average price of $172.45, for a total transaction of $1,561,362.30. Following the completion of the transaction, the chief financial officer directly owned 279,218 shares in the company, valued at $48,151,144.10. This represents a 3.14% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders sold 22,475 shares of company stock valued at $3,822,643 over the last 90 days. Insiders own 37.63% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the business. Fortitude Family Office LLC raised its stake in Atlassian by 23.0% in the third quarter. Fortitude Family Office LLC now owns 289 shares of the technology company’s stock valued at $52,000 after buying an additional 54 shares during the last quarter. Allworth Financial LP boosted its holdings in Atlassian by 0.5% in the third quarter. Allworth Financial LP now owns 16,055 shares of the technology company’s stock worth $2,879,000 after acquiring an additional 74 shares in the last quarter. Activest Wealth Management boosted its holdings in Atlassian by 372.4% in the third quarter. Activest Wealth Management now owns 137 shares of the technology company’s stock worth $25,000 after acquiring an additional 108 shares in the last quarter. Parallel Advisors LLC grew its stake in shares of Atlassian by 3.0% during the third quarter. Parallel Advisors LLC now owns 3,851 shares of the technology company’s stock worth $690,000 after acquiring an additional 112 shares during the last quarter. Finally, Greenleaf Trust grew its stake in shares of Atlassian by 3.7% during the third quarter. Greenleaf Trust now owns 3,225 shares of the technology company’s stock worth $578,000 after acquiring an additional 114 shares during the last quarter. 94.45% of the stock is owned by institutional investors and hedge funds.

Atlassian News Roundup

Here are the key news stories impacting Atlassian this week:

• Positive Sentiment: Fiscal Q1 revenue rose 23.7% year over year to $1.77 billion, while adjusted EPS of $1.65 topped the $1.39 consensus. Cloud revenue grew 30.5%, and the company reported stronger margins and free cash flow. Atlassian Q1 results
• Positive Sentiment: AI-related adoption showed momentum: Teamwork Collection customers grew sevenfold year over year, and remaining performance obligations increased 44%. Atlassian also guided to $7.5 billion in FY2027 revenue, above the $7.4 billion consensus. Q1 earnings call highlights
• Positive Sentiment: Piper Sandler raised its price target to $190 and kept an “overweight” rating, signaling continued optimism despite the post-earnings concerns. Piper Sandler target update
• Negative Sentiment: The main concern is deceleration: Atlassian expects next-quarter cloud growth of 27%, below Q1’s 30.5%, and increased its full-year cloud growth outlook only modestly, from 25.5% to 26%. Management cited timing-related Data Center revenue effects, dampening the impact of the quarterly beat. Cloud growth outlook
• Negative Sentiment: Several firms cut price targets, including Truist ($250 to $200), Wells Fargo ($270 to $200), and Oppenheimer ($275 to $240), though they maintained positive ratings. These reductions underscore investor concerns about growth expectations after the results. Truist rating update

Atlassian Company Profile

Atlassian Corporation develops collaboration and productivity software for software, IT and business teams. Its products help organizations plan and track work, manage software development and support services, and share information across teams.

Its product portfolio includes Jira for project and issue tracking, Confluence for team documentation and collaboration, Jira Service Management for IT and other service teams, Trello for visual work management, and Bitbucket for code collaboration.