Barclays Lowers Atlassian (NASDAQ:TEAM) Price Target to $260.00

Atlassian (NASDAQ:TEAM - Get Free Report) had its target price cut by investment analysts at Barclays from $350.00 to $260.00 in a research note issued on Monday, Marketbeat Ratings reports. The firm currently has an "overweight" rating on the technology company's stock. Barclays's price objective suggests a potential upside of 26.39% from the stock's previous close.

A number of other research analysts also recently commented on TEAM. Robert W. Baird raised shares of Atlassian from a "neutral" rating to an "outperform" rating and lowered their price objective for the company from $320.00 to $255.00 in a research report on Monday, April 14th. JMP Securities reiterated a "market perform" rating on shares of Atlassian in a research note on Friday, January 31st. Wells Fargo & Company cut their target price on shares of Atlassian from $330.00 to $315.00 and set an "overweight" rating for the company in a research report on Friday, May 2nd. Scotiabank boosted their target price on shares of Atlassian from $250.00 to $330.00 and gave the stock a "sector perform" rating in a research report on Friday, January 31st. Finally, UBS Group reduced their price target on shares of Atlassian from $230.00 to $215.00 and set a "neutral" rating for the company in a report on Friday, May 2nd. Five investment analysts have rated the stock with a hold rating, nineteen have assigned a buy rating and one has given a strong buy rating to the company's stock. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average price target of $285.29.

Atlassian Stock Performance

Shares of Atlassian stock traded down $2.18 during trading on Monday, hitting $205.71. 2,203,106 shares of the stock were exchanged, compared to its average volume of 2,078,971. The stock has a market cap of $53.90 billion, a PE ratio of -153.51 and a beta of 1.06. The stock's fifty day moving average is $218.00 and its 200 day moving average is $245.42. Atlassian has a 12 month low of $135.29 and a 12 month high of $326.00. The company has a debt-to-equity ratio of 0.81, a quick ratio of 1.24 and a current ratio of 1.24.

Atlassian (NASDAQ:TEAM - Get Free Report) last released its quarterly earnings results on Thursday, May 1st. The technology company reported $0.97 earnings per share for the quarter, beating analysts' consensus estimates of $0.93 by $0.04. The company had revenue of $1.36 billion for the quarter, compared to analysts' expectations of $1.35 billion. Atlassian had a negative return on equity of 17.37% and a negative net margin of 7.22%. The business's revenue for the quarter was up 14.1% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.89 earnings per share. As a group, sell-side analysts anticipate that Atlassian will post -0.34 EPS for the current year.

Insider Transactions at Atlassian

In related news, Director Scott Farquhar sold 7,948 shares of the business's stock in a transaction that occurred on Monday, April 7th. The shares were sold at an average price of $185.61, for a total transaction of $1,475,228.28. Following the completion of the sale, the director now directly owns 333,816 shares of the company's stock, valued at $61,959,587.76. The trade was a 2.33 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, CFO Joseph Leo Binz sold 2,587 shares of the stock in a transaction dated Friday, February 14th. The shares were sold at an average price of $312.09, for a total value of $807,376.83. Following the completion of the transaction, the chief financial officer now directly owns 169,342 shares in the company, valued at $52,849,944.78. The trade was a 1.50 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 260,734 shares of company stock worth $62,944,544. Corporate insiders own 38.55% of the company's stock.

Hedge Funds Weigh In On Atlassian

A number of hedge funds and other institutional investors have recently made changes to their positions in TEAM. Baillie Gifford & Co. grew its stake in Atlassian by 7.1% in the first quarter. Baillie Gifford & Co. now owns 8,694,755 shares of the technology company's stock valued at $1,845,114,000 after acquiring an additional 573,696 shares during the period. JPMorgan Chase & Co. increased its stake in Atlassian by 72.9% during the 4th quarter. JPMorgan Chase & Co. now owns 4,284,400 shares of the technology company's stock worth $1,042,737,000 after purchasing an additional 1,806,042 shares in the last quarter. Massachusetts Financial Services Co. MA increased its stake in Atlassian by 21.8% during the 1st quarter. Massachusetts Financial Services Co. MA now owns 3,440,813 shares of the technology company's stock worth $730,175,000 after purchasing an additional 616,071 shares in the last quarter. Invesco Ltd. raised its holdings in Atlassian by 265.9% during the 4th quarter. Invesco Ltd. now owns 2,445,440 shares of the technology company's stock worth $595,171,000 after buying an additional 1,777,179 shares during the period. Finally, Geode Capital Management LLC lifted its stake in Atlassian by 1.3% in the fourth quarter. Geode Capital Management LLC now owns 2,177,813 shares of the technology company's stock valued at $528,851,000 after buying an additional 27,899 shares in the last quarter. 94.45% of the stock is owned by institutional investors.

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.