Oppenheimer Trims Atlassian (NASDAQ:TEAM) Target Price to $250.00

Atlassian (NASDAQ:TEAM) had its target price dropped by research analysts at Oppenheimer from $300.00 to $250.00 in a research report issued on Friday, Benzinga reports. The firm presently has an “outperform” rating on the technology company’s stock. Oppenheimer’s target price would suggest a potential upside of 39.74% from the company’s previous close.

A number of other research firms also recently weighed in on TEAM. KeyCorp initiated coverage on Atlassian in a research report on Tuesday, March 19th. They set a “sector weight” rating for the company. The Goldman Sachs Group upped their price target on Atlassian from $188.00 to $215.00 and gave the stock a “neutral” rating in a research report on Friday, February 2nd. Robert W. Baird reduced their price target on Atlassian from $270.00 to $230.00 and set an “outperform” rating for the company in a research report on Friday. Mizuho reduced their price target on Atlassian from $240.00 to $225.00 and set a “buy” rating for the company in a research report on Friday. Finally, Citigroup reduced their price target on Atlassian from $280.00 to $265.00 and set a “buy” rating for the company in a research report on Friday, April 12th. Eleven analysts have rated the stock with a hold rating and ten have issued a buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $223.22.

Atlassian Stock Down 9.8 %

NASDAQ TEAM traded down $19.51 during trading hours on Friday, reaching $178.90. 4,199,079 shares of the company’s stock were exchanged, compared to its average volume of 1,718,436. The company’s 50-day moving average is $200.55 and its two-hundred day moving average is $206.69. Atlassian has a one year low of $128.02 and a one year high of $258.69. The company has a debt-to-equity ratio of 1.04, a quick ratio of 1.07 and a current ratio of 1.07. The company has a market capitalization of $46.41 billion, a price-to-earnings ratio of -120.13 and a beta of 0.63.

Atlassian (NASDAQ:TEAM) last posted its earnings results on Thursday, February 1st. The technology company reported ($0.30) earnings per share (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 business had revenue of $1.06 billion for the quarter, compared to the consensus estimate of $1.02 billion. On average, analysts forecast that Atlassian will post -0.4 EPS for the current fiscal year.

Insider Buying and Selling at Atlassian

In other Atlassian news, President Anutthara Bharadwaj sold 4,139 shares of the stock in a transaction on Wednesday, February 14th. The stock was sold at an average price of $212.87, for a total transaction of $881,068.93. Following the transaction, the president now owns 167,535 shares in the company, valued at approximately $35,663,175.45. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other Atlassian news, President Anutthara Bharadwaj sold 4,139 shares of the stock in a transaction on Wednesday, February 14th. The stock was sold at an average price of $212.87, for a total transaction of $881,068.93. Following the transaction, the president now owns 167,535 shares in the company, valued at approximately $35,663,175.45. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Scott Farquhar sold 8,241 shares of the stock in a transaction on Monday, January 29th. The stock was sold at an average price of $253.53, for a total value of $2,089,340.73. Following the transaction, the chief executive officer now owns 346,122 shares in the company, valued at approximately $87,752,310.66. The disclosure for this sale can be found here. Insiders sold 300,450 shares of company stock valued at $61,721,553 in the last quarter. 40.48% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the stock. OFI Invest Asset Management bought a new position in shares of Atlassian in the third quarter worth $26,000. Carmel Capital Partners LLC boosted its stake in Atlassian by 28.5% in the third quarter. Carmel Capital Partners LLC now owns 257 shares of the technology company’s stock valued at $52,000 after buying an additional 57 shares in the last quarter. Livforsakringsbolaget Skandia Omsesidigt boosted its stake in Atlassian by 271.0% in the fourth quarter. Livforsakringsbolaget Skandia Omsesidigt now owns 371 shares of the technology company’s stock valued at $88,000 after buying an additional 271 shares in the last quarter. EverSource Wealth Advisors LLC boosted its stake in Atlassian by 255.3% in the fourth quarter. EverSource Wealth Advisors LLC now owns 405 shares of the technology company’s stock valued at $96,000 after buying an additional 291 shares in the last quarter. Finally, GAMMA Investing LLC acquired a new stake in Atlassian in the fourth quarter valued at about $107,000. 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.