Atlassian (NASDAQ:TEAM) Price Target Cut to $200.00 by Analysts at BMO Capital Markets

Key Points

• BMO Capital Markets has reduced its price target for Atlassian from $225.00 to $200.00, while maintaining an "outperform" rating, indicating a potential upside of 16.96% based on the company's previous close.
• Other analysts have also revised their price targets for Atlassian, with a recent consensus target price of $271.90 and an average rating of "Moderate Buy".
• Insiders, including the CEO and a director, sold shares valued at approximately $1.42 million each, indicating a 2.56% decrease in their ownership in the company.

Atlassian (NASDAQ:TEAM - Get Free Report) had its price target cut by equities research analysts at BMO Capital Markets from $225.00 to $200.00 in a report issued on Friday, Marketbeat.com reports. The firm presently has an "outperform" rating on the technology company's stock. BMO Capital Markets' price objective indicates a potential upside of 19.01% from the stock's previous close.

Several other brokerages have also recently issued reports on TEAM. Robert W. Baird upgraded Atlassian from a "neutral" rating to an "outperform" rating and reduced their price objective for the company from $320.00 to $255.00 in a research note on Monday, April 14th. Capital One Financial cut Atlassian from an "overweight" rating to an "equal weight" rating and set a $211.00 price target on the stock. in a research note on Wednesday, July 16th. Macquarie cut their price target on Atlassian from $270.00 to $250.00 and set an "outperform" rating on the stock in a research note on Friday, May 2nd. Barclays cut their price target on Atlassian from $260.00 to $244.00 and set an "overweight" rating on the stock in a research note on Monday, July 21st. Finally, Raymond James Financial restated an "outperform" rating and issued a $300.00 price target (down from $330.00) on shares of Atlassian in a research note on Friday, May 2nd. Five research 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. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $260.67.

Atlassian Stock Down 1.7%

Shares of NASDAQ TEAM traded down $2.94 during mid-day trading on Friday, hitting $168.06. The company had a trading volume of 7,902,491 shares, compared to its average volume of 2,193,492. The company has a market capitalization of $44.12 billion, a PE ratio of -169.76 and a beta of 0.96. The company has a debt-to-equity ratio of 0.72, a current ratio of 1.26 and a quick ratio of 1.26. Atlassian has a 1-year low of $137.27 and a 1-year high of $326.00. The business's 50-day simple moving average is $199.40 and its 200 day simple moving average is $225.85.

Atlassian (NASDAQ:TEAM - Get Free Report) last announced its quarterly earnings data on Thursday, August 7th. The technology company reported $0.98 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.83 by $0.15. The business had revenue of $1.38 billion for the quarter, compared to analysts' expectations of $1.36 billion. Atlassian had a negative return on equity of 15.19% and a negative net margin of 4.92%. The company's revenue for the quarter was up 22.3% compared to the same quarter last year. During the same period last year, the firm earned $0.66 earnings per share. On average, analysts predict that Atlassian will post -0.34 earnings per share for the current year.

Insider Transactions at Atlassian

In related news, Director Scott Farquhar sold 7,948 shares of the firm's stock in a transaction dated Monday, May 19th. The stock was sold at an average price of $214.92, for a total transaction of $1,708,184.16. Following the transaction, the director owned 103,324 shares of the company's stock, valued at $22,206,394.08. This trade represents a 7.14% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, CEO Michael Cannon-Brookes sold 7,948 shares of the firm's stock in a transaction dated Monday, May 12th. The stock was sold at an average price of $222.47, for a total value of $1,768,191.56. Following the transaction, the chief executive officer directly owned 143,064 shares in the company, valued at approximately $31,827,448.08. This represents a 5.26% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 522,111 shares of company stock worth $106,345,639. Corporate insiders own 38.55% of the company's stock.

Institutional Investors Weigh In On Atlassian

Institutional investors have recently added to or reduced their stakes in the business. Clean Yield Group boosted its holdings in Atlassian by 372.0% in the 1st quarter. Clean Yield Group now owns 118 shares of the technology company's stock valued at $25,000 after purchasing an additional 93 shares in the last quarter. Capco Asset Management LLC purchased a new stake in Atlassian in the 2nd quarter valued at approximately $25,000. Colonial Trust Co SC boosted its holdings in Atlassian by 100.0% in the 4th quarter. Colonial Trust Co SC now owns 138 shares of the technology company's stock valued at $34,000 after purchasing an additional 69 shares in the last quarter. Smithfield Trust Co boosted its holdings in Atlassian by 90.7% in the 1st quarter. Smithfield Trust Co now owns 164 shares of the technology company's stock valued at $34,000 after purchasing an additional 78 shares in the last quarter. Finally, Geneos Wealth Management Inc. boosted its holdings in Atlassian by 447.2% in the 1st quarter. Geneos Wealth Management Inc. now owns 197 shares of the technology company's stock valued at $42,000 after purchasing an additional 161 shares in the last quarter. Hedge funds and other institutional investors own 94.45% 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.