Piper Sandler Lowers Atlassian (NASDAQ:TEAM) Price Target to $200.00

Atlassian (NASDAQ:TEAM) had its price objective cut by research analysts at Piper Sandler from $225.00 to $200.00 in a report issued on Friday, Benzinga reports. The firm currently has a “neutral” rating on the technology company’s stock. Piper Sandler’s price objective would suggest a potential upside of 11.22% from the company’s current price.

Other research analysts have also recently issued research reports about the company. The Goldman Sachs Group raised their target price on Atlassian from $188.00 to $215.00 and gave the company a “neutral” rating in a research note on Friday, February 2nd. Barclays raised Atlassian from an “equal weight” rating to an “overweight” rating and upped their target price for the stock from $235.00 to $275.00 in a research report on Thursday, April 11th. Canaccord Genuity Group lowered their price objective on Atlassian from $260.00 to $230.00 and set a “buy” rating on the stock in a report on Friday. KeyCorp started coverage on Atlassian in a report on Tuesday, March 19th. They set a “sector weight” rating on the stock. Finally, UBS Group lowered 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. Ten research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $224.29.

Atlassian Stock Down 9.4 %

Shares of TEAM traded down $18.59 during trading on Friday, reaching $179.82. The company’s stock had a trading volume of 2,188,908 shares, compared to its average volume of 1,690,650. The company has a fifty day moving average of $200.55 and a two-hundred day moving average of $206.69. Atlassian has a twelve month low of $128.02 and a twelve month high of $258.69. The company has a market cap of $46.65 billion, a price-to-earnings ratio of -120.68 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.

Atlassian (NASDAQ:TEAM) last issued its quarterly earnings data on Thursday, February 1st. The technology company reported ($0.30) EPS for the quarter, missing analysts’ consensus estimates of ($0.06) by ($0.24). Atlassian had a negative return on equity of 34.56% and a negative net margin of 9.87%. The company had revenue of $1.06 billion for the quarter, compared to the consensus estimate of $1.02 billion. On average, sell-side analysts predict that Atlassian will post -0.4 EPS for the current fiscal year.

Insiders Place Their Bets

In other Atlassian news, CEO Scott Farquhar sold 8,241 shares of Atlassian stock in a transaction dated Monday, January 29th. The stock was sold at an average price of $253.53, for a total transaction of $2,089,340.73. Following the transaction, the chief executive officer now directly owns 346,122 shares in the company, valued at $87,752,310.66. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. In other news, 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 value of $48,321.49. Following the sale, 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 SEC, which is accessible through the SEC website. Also, CEO Scott Farquhar sold 8,241 shares of the business’s stock in a transaction dated Monday, January 29th. The shares were sold at an average price of $253.53, for a total value of $2,089,340.73. Following the completion of the sale, the chief executive officer now owns 346,122 shares in the company, valued at $87,752,310.66. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 300,450 shares of company stock worth $61,721,553. Corporate insiders own 40.48% of the company’s stock.

Hedge Funds Weigh In On Atlassian

Large investors have recently made changes to their positions in the company. Vanguard Group Inc. boosted its holdings in shares of Atlassian by 3.4% in the 4th quarter. Vanguard Group Inc. now owns 15,355,652 shares of the technology company’s stock valued at $3,652,495,000 after purchasing an additional 504,181 shares in the last quarter. Price T Rowe Associates Inc. MD increased its position in Atlassian by 3.3% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 10,237,507 shares of the technology company’s stock valued at $2,435,095,000 after buying an additional 326,673 shares in the last quarter. WCM Investment Management LLC increased its position in Atlassian by 2.7% in the 4th quarter. WCM Investment Management LLC now owns 9,640,536 shares of the technology company’s stock valued at $2,325,490,000 after buying an additional 249,017 shares in the last quarter. Baillie Gifford & Co. increased its position in Atlassian by 20.7% in the 4th quarter. Baillie Gifford & Co. now owns 8,807,619 shares of the technology company’s stock valued at $2,094,980,000 after buying an additional 1,511,318 shares in the last quarter. Finally, Artisan Partners Limited Partnership increased its position in Atlassian by 1.1% in the 3rd quarter. Artisan Partners Limited Partnership now owns 6,048,160 shares of the technology company’s stock valued at $1,218,765,000 after buying an additional 63,903 shares in the last quarter. Institutional investors own 93.03% of the company’s stock.

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.