Atlassian (NASDAQ:TEAM) Price Target Cut to $200.00 by Analysts at Truist Financial

Atlassian (NASDAQ:TEAM) had its target price trimmed by Truist Financial from $220.00 to $200.00 in a research report sent to investors on Friday morning, Benzinga reports. The firm currently has a hold rating on the technology company’s stock.

A number of other research firms have also recently issued reports on TEAM. Robert W. Baird lowered their target price on Atlassian from $270.00 to $230.00 and set an outperform rating for the company in a report on Friday. William Blair restated an outperform rating on shares of Atlassian in a research note on Friday, February 2nd. Citigroup decreased their price target on shares of Atlassian from $280.00 to $265.00 and set a buy rating for the company in a research note on Friday, April 12th. Canaccord Genuity Group cut their price objective on shares of Atlassian from $260.00 to $230.00 and set a buy rating on the stock in a research report on Friday. Finally, Mizuho decreased their target price on shares of Atlassian from $240.00 to $225.00 and set a buy rating for the company in a research report on Friday. Ten equities research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of Moderate Buy and a consensus price target of $223.22.

Atlassian Price Performance

TEAM opened at $177.07 on Friday. The company has a fifty day simple moving average of $199.36 and a 200 day simple moving average of $206.52. The company has a quick ratio of 1.07, a current ratio of 1.07 and a debt-to-equity ratio of 1.04. The stock has a market cap of $45.93 billion, a P/E ratio of -281.06 and a beta of 0.63. Atlassian has a 12 month low of $128.02 and a 12 month high of $258.69.

Atlassian (NASDAQ:TEAM) last released its quarterly earnings data on Thursday, April 25th. The technology company reported $0.89 earnings per share for the quarter, beating the consensus estimate of $0.62 by $0.27. The business had revenue of $1.19 billion for the quarter, compared to analysts’ expectations of $1.10 billion. Atlassian had a negative return on equity of 15.54% and a negative net margin of 3.90%. Atlassian’s revenue for the quarter was up 29.9% on a year-over-year basis. During the same quarter in the previous year, the business posted ($0.40) EPS. On average, research analysts expect that Atlassian will post -0.42 EPS for the current year.

Insider Buying and Selling

In other news, CEO Scott Farquhar sold 8,241 shares of the business’s stock in a transaction that occurred on Wednesday, January 31st. The shares were sold at an average price of $251.76, for a total value of $2,074,754.16. Following the completion of the transaction, the chief executive officer now directly owns 329,640 shares in the company, valued at approximately $82,990,166.40. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In other Atlassian news, CEO Scott Farquhar sold 8,241 shares of the company’s stock in a transaction on Wednesday, January 31st. The stock was sold at an average price of $251.76, for a total transaction of $2,074,754.16. Following the completion of the sale, the chief executive officer now directly owns 329,640 shares in the company, valued at $82,990,166.40. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, President Anutthara Bharadwaj sold 760 shares of Atlassian stock in a transaction on Tuesday, April 23rd. The shares were sold at an average price of $200.00, for a total value of $152,000.00. Following the completion of the transaction, the president now owns 161,850 shares in the company, valued at approximately $32,370,000. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 300,450 shares of company stock worth $61,106,939. Company insiders own 40.48% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the stock. Graypoint LLC boosted its stake in shares of Atlassian by 2.4% during the fourth quarter. Graypoint LLC now owns 1,784 shares of the technology company’s stock valued at $424,000 after purchasing an additional 42 shares in the last quarter. Legacy Wealth Asset Management LLC grew its stake in shares of Atlassian by 1.4% in the fourth quarter. Legacy Wealth Asset Management LLC now owns 3,095 shares of the technology company’s stock worth $736,000 after purchasing an additional 43 shares during the last quarter. Park National Corp OH grew its stake in shares of Atlassian by 3.5% in the fourth quarter. Park National Corp OH now owns 1,439 shares of the technology company’s stock worth $342,000 after purchasing an additional 48 shares during the last quarter. First Trust Direct Indexing L.P. raised its position in Atlassian by 1.5% during the 1st quarter. First Trust Direct Indexing L.P. now owns 3,693 shares of the technology company’s stock worth $721,000 after purchasing an additional 55 shares during the last quarter. Finally, UMB Bank n.a. grew its position in shares of Atlassian by 5.7% in the 4th quarter. UMB Bank n.a. now owns 1,041 shares of the technology company’s stock valued at $248,000 after buying an additional 56 shares during the last quarter. 93.03% of the stock is currently owned by institutional investors and hedge funds.

Atlassian Company Profile

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.