Robert W. Baird Lowers Atlassian (NASDAQ:TEAM) Price Target to $170.00

Atlassian (NASDAQ:TEAM) had its price target cut by equities researchers at Robert W. Baird from $230.00 to $170.00 in a report released on Monday,Benzinga reports. The firm currently has an “outperform” rating on the technology company’s stock. Robert W. Baird’s price objective points to a potential upside of 29.03% from the stock’s previous close.

Several other research firms have also weighed in on TEAM. Citigroup lowered their target price on shares of Atlassian from $240.00 to $210.00 and set a “buy” rating for the company in a research note on Friday, January 16th. KeyCorp decreased their price target on shares of Atlassian from $250.00 to $210.00 and set an “overweight” rating for the company in a report on Thursday, October 23rd. TD Cowen lowered their price objective on shares of Atlassian from $205.00 to $175.00 and set a “hold” rating for the company in a research report on Tuesday, January 20th. Weiss Ratings reissued a “sell (e+)” rating on shares of Atlassian in a report on Wednesday. Finally, Zacks Research upgraded Atlassian from a “strong sell” rating to a “hold” rating in a research note on Monday, November 3rd. Twenty-one investment analysts have rated the stock with a Buy rating, eight have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, Atlassian currently has an average rating of “Moderate Buy” and a consensus price target of $233.08.

Atlassian Trading Up 2.6%

Shares of NASDAQ TEAM opened at $131.75 on Monday. The company has a quick ratio of 1.26, a current ratio of 1.26 and a debt-to-equity ratio of 0.72. The stock’s 50 day moving average price is $150.71 and its two-hundred day moving average price is $163.33. Atlassian has a 52-week low of $115.53 and a 52-week high of $326.00. The stock has a market capitalization of $34.66 billion, a P/E ratio of -185.56, a PEG ratio of 20.40 and a beta of 0.88.

Atlassian (NASDAQ:TEAM) last issued its earnings results on Thursday, October 30th. The technology company reported $1.04 EPS for the quarter, topping the consensus estimate of $0.83 by $0.21. The company had revenue of $1.43 billion during the quarter, compared to analyst estimates of $1.40 billion. Atlassian had a negative return on equity of 7.11% and a negative net margin of 3.38%.The business’s revenue was up 20.6% on a year-over-year basis. During the same quarter last year, the firm earned $0.77 EPS. On average, analysts anticipate that Atlassian will post -0.34 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, Director Scott Farquhar sold 7,665 shares of the stock in a transaction that occurred on Thursday, January 22nd. The stock was sold at an average price of $126.11, for a total value of $966,633.15. Following the completion of the transaction, the director directly owned 360,255 shares of the company’s stock, valued at $45,431,758.05. This represents a 2.08% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CEO Michael Cannon-Brookes sold 7,665 shares of the firm’s stock in a transaction that occurred on Thursday, January 22nd. The shares were sold at an average price of $126.11, for a total value of $966,633.15. Following the completion of the sale, the chief executive officer owned 360,255 shares in the company, valued at approximately $45,431,758.05. This represents a 2.08% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last ninety days, insiders have sold 551,049 shares of company stock worth $84,434,930. Corporate insiders own 36.66% of the company’s stock.

Hedge Funds Weigh In On Atlassian

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Capco Asset Management LLC bought a new stake in shares of Atlassian during the 2nd quarter worth about $25,000. Physician Wealth Advisors Inc. raised its holdings in Atlassian by 60.4% during the third quarter. Physician Wealth Advisors Inc. now owns 162 shares of the technology company’s stock worth $26,000 after purchasing an additional 61 shares in the last quarter. Geneos Wealth Management Inc. raised its holdings in Atlassian by 447.2% during the first quarter. Geneos Wealth Management Inc. now owns 197 shares of the technology company’s stock worth $42,000 after purchasing an additional 161 shares in the last quarter. Atlantic Union Bankshares Corp lifted its position in Atlassian by 19,900.0% in the third quarter. Atlantic Union Bankshares Corp now owns 200 shares of the technology company’s stock worth $32,000 after purchasing an additional 199 shares during the period. Finally, Board of the Pension Protection Fund bought a new position in Atlassian during the 4th quarter valued at $32,000. Institutional investors own 94.45% of the company’s stock.

About Atlassian

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.