Atlassian (NASDAQ:TEAM) Price Target Lowered to $240.00 at Cantor Fitzgerald

Key Points

• Atlassian's target price was reduced by Cantor Fitzgerald from $256.00 to $240.00, while maintaining an "overweight" rating, indicating a potential upside of 41.55% from the previous close.
• The company recently reported earnings of $0.98 per share, surpassing expectations, with revenue for the quarter reaching $1.38 billion, up 22.3% year-over-year.
• Atlassian's stock has seen a 0.8% decline, trading at $169.55, with a market capitalization of $44.51 billion.

Atlassian (NASDAQ:TEAM - Get Free Report) had its target price dropped by analysts at Cantor Fitzgerald from $256.00 to $240.00 in a research report issued to clients and investors on Friday,Benzinga reports. The firm presently has an "overweight" rating on the technology company's stock. Cantor Fitzgerald's price objective would suggest a potential upside of 41.55% from the company's previous close.

Several other research analysts have also recently weighed in on TEAM. KeyCorp cut their price objective on Atlassian from $275.00 to $250.00 and set an "overweight" rating on the stock in a research report on Thursday, July 17th. Stephens dropped their price target on Atlassian from $255.00 to $221.00 and set an "equal weight" rating on the stock in a research report on Friday, May 2nd. Baird R W raised Atlassian from a "hold" rating to a "strong-buy" rating in a report on Monday, April 14th. Oppenheimer dropped their target price on Atlassian from $300.00 to $275.00 and set an "outperform" rating on the stock in a research report on Monday, July 21st. Finally, Morgan Stanley reduced their target price on Atlassian from $370.00 to $320.00 and set an "overweight" rating for the company in a report on Wednesday, April 16th. Five equities 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. According to MarketBeat.com, Atlassian presently has an average rating of "Moderate Buy" and an average target price of $265.19.

Atlassian Stock Down 0.8%

Atlassian stock traded down $1.45 during trading on Friday, hitting $169.55. 3,203,047 shares of the company were exchanged, compared to its average volume of 2,315,762. The company has a current ratio of 1.26, a quick ratio of 1.26 and a debt-to-equity ratio of 0.72. The business's 50 day moving average is $200.16 and its 200 day moving average is $226.70. Atlassian has a 52 week low of $137.27 and a 52 week high of $326.00. The company has a market capitalization of $44.51 billion, a P/E ratio of -101.98 and a beta of 0.96.

Atlassian (NASDAQ:TEAM - Get Free Report) last released its quarterly earnings results on Thursday, August 7th. The technology company reported $0.98 earnings per share for the quarter, topping the consensus estimate of $0.83 by $0.15. Atlassian had a negative net margin of 8.66% and a negative return on equity of 23.41%. The business had revenue of $1.38 billion for the quarter, compared to analysts' expectations of $1.36 billion. During the same period in the previous year, the company earned $0.66 earnings per share. The firm's revenue for the quarter was up 22.3% compared to the same quarter last year. Analysts predict that Atlassian will post -0.34 earnings per share for the current year.

Insider Buying and Selling

In other Atlassian news, CEO Michael Cannon-Brookes sold 7,948 shares of the stock in a transaction on Monday, May 12th. The stock was sold at an average price of $222.47, for a total transaction of $1,768,191.56. Following the sale, the chief executive officer directly owned 143,064 shares in the company, valued at approximately $31,827,448.08. This trade represents a 5.26% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Scott Farquhar sold 7,948 shares of the business's stock in a transaction on Monday, May 19th. The stock was sold at an average price of $214.92, for a total value of $1,708,184.16. Following the completion of the transaction, the director owned 103,324 shares of the company's stock, valued at $22,206,394.08. This represents a 7.14% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 522,111 shares of company stock valued at $106,345,639. 38.55% of the stock is owned by company insiders.

Institutional Trading of Atlassian

A number of institutional investors have recently made changes to their positions in TEAM. Vanguard Group Inc. lifted its holdings in shares of Atlassian by 3.5% during the 1st quarter. Vanguard Group Inc. now owns 16,993,537 shares of the technology company's stock valued at $3,606,198,000 after buying an additional 580,583 shares during the period. Baillie Gifford & Co. increased its position in shares of Atlassian by 7.1% during the 1st quarter. Baillie Gifford & Co. now owns 8,694,755 shares of the technology company's stock valued at $1,845,114,000 after purchasing an additional 573,696 shares during the last quarter. Massachusetts Financial Services Co. MA increased its position in shares of 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 valued at $730,175,000 after purchasing an additional 616,071 shares during the last quarter. Voya Investment Management LLC lifted its stake in shares of Atlassian by 24.1% in the 1st quarter. Voya Investment Management LLC now owns 2,695,889 shares of the technology company's stock worth $571,894,000 after purchasing an additional 523,035 shares during the period. Finally, Geode Capital Management LLC boosted its holdings in shares of Atlassian by 1.9% in the second quarter. Geode Capital Management LLC now owns 2,356,798 shares of the technology company's stock worth $476,800,000 after buying an additional 43,899 shares during 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.