Atlassian (NASDAQ:TEAM) Stock Price Target Cut by Barclays

Key Points

• Barclays lowered its Atlassian price target from $222 to $210 but maintained an “overweight” rating; the new target implies about 37.8% upside from the share price cited in the report.
• Analyst sentiment remains broadly positive: MarketBeat reports a “Moderate Buy” consensus and an average price target of $210.48, with 24 Buy, three Hold, and one Sell rating.
• Atlassian’s latest quarter beat expectations, reporting adjusted earnings per share of $1.65 versus $1.39 expected and revenue of $1.77 billion, up 23.7% year over year.

Atlassian (NASDAQ:TEAM - Get Free Report) had its price target decreased by investment analysts at Barclays from $222.00 to $210.00 in a research report issued on Monday, Benzinga reports. The brokerage presently has an "overweight" rating on the technology company's stock. Barclays's target price would suggest a potential upside of 37.76% from the stock's current price.

Other equities research analysts have also issued reports about the stock. TD Cowen boosted their target price on shares of Atlassian from $145.00 to $180.00 and gave the company a "hold" rating in a research note on Tuesday, November 3rd. Truist Financial restated a "buy" rating and issued a $200.00 price target (down from $250.00) on shares of Atlassian in a research note on Friday. Bank of America lifted their price objective on Atlassian from $175.00 to $210.00 and gave the stock a "buy" rating in a report on Monday, August 31st. Piper Sandler upped their price objective on Atlassian from $175.00 to $190.00 and gave the company an "overweight" rating in a research report on Friday. Finally, Weiss Ratings reissued a "sell (e+)" rating on shares of Atlassian in a report on Thursday, October 15th. Twenty-four research analysts have rated the stock with a Buy rating, three have given a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $210.48.

Atlassian Stock Performance

Shares of TEAM stock traded down $1.25 during trading hours on Monday, reaching $152.44. The company had a trading volume of 621,837 shares, compared to its average volume of 5,478,740. The business has a fifty day moving average price of $196.05 and a 200-day moving average price of $119.57. Atlassian has a one year low of $56.01 and a one year high of $229.96. The firm has a market cap of $38.59 billion, a PE ratio of 423.63, a price-to-earnings-growth ratio of 17.13 and a beta of 1.16. The company has a debt-to-equity ratio of 0.93, a quick ratio of 0.78 and a current ratio of 0.78.

Atlassian (NASDAQ:TEAM - Get Free Report) 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 net margin of 1.28% and a return on equity of 31.64%. The firm had revenue of $1.77 billion during the quarter, compared to analysts' expectations of $1.71 billion. During the same period in the previous year, the company earned $1.04 earnings per share. The firm's quarterly revenue was up 23.7% on a year-over-year basis. Sell-side analysts predict that Atlassian will post 0.66 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, CRO Brian Duffy sold 7,617 shares of Atlassian stock in a transaction on Friday, August 14th. The shares were sold at an average price of $163.00, for a total transaction of $1,241,571.00. Following the transaction, the executive owned 220,074 shares in the company, valued at $35,872,062. This trade represents a 3.35% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. 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 transaction, the chief financial officer owned 279,218 shares in the company, valued at $48,151,144.10. This represents a 3.14% decrease in their position. 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. Over the last ninety days, insiders have sold 22,475 shares of company stock worth $3,822,643. Company insiders own 37.63% of the company's stock.

Institutional Trading of Atlassian

Several hedge funds have recently bought and sold shares of TEAM. Arizona State Retirement System increased its position in Atlassian by 6.5% during the second quarter. Arizona State Retirement System now owns 48,629 shares of the technology company's stock valued at $3,783,000 after acquiring an additional 2,969 shares during the last quarter. Choreo LLC raised its stake in shares of Atlassian by 90.5% in the third quarter. Choreo LLC now owns 7,888 shares of the technology company's stock valued at $1,414,000 after acquiring an additional 3,748 shares during the period. Fluent Financial LLC purchased a new stake in shares of Atlassian in the second quarter valued at $2,239,000. VIRGINIA RETIREMENT SYSTEMS ET Al bought a new stake in shares of Atlassian in the 2nd quarter worth about $11,584,000. Finally, IFP Advisors Inc lifted its holdings in shares of Atlassian by 76.0% in the 2nd quarter. IFP Advisors Inc now owns 9,428 shares of the technology company's stock worth $733,000 after acquiring an additional 4,071 shares during the last quarter. Institutional investors own 94.45% of the company's stock.

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.

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