Atlassian (NASDAQ:TEAM) Price Target Lowered to $244.00 at Barclays

Atlassian (NASDAQ:TEAM - Get Free Report) had its price target reduced by equities research analysts at Barclays from $260.00 to $244.00 in a report released on Monday,Benzinga reports. The brokerage presently has an "overweight" rating on the technology company's stock. Barclays's price target indicates a potential upside of 25.22% from the stock's previous close.

Other analysts have also issued research reports about the company. Raymond James Financial reissued an "outperform" rating and set a $300.00 price target (down previously from $330.00) on shares of Atlassian in a report on Friday, May 2nd. Canaccord Genuity Group cut their price target on Atlassian from $300.00 to $255.00 and set a "buy" rating for the company in a report on Friday, May 2nd. Piper Sandler reissued an "overweight" rating and set a $300.00 price target (down previously from $365.00) on shares of Atlassian in a report on Friday, May 2nd. Jefferies Financial Group cut their price target on Atlassian from $330.00 to $262.00 and set a "buy" rating for the company in a report on Monday, April 7th. Finally, Stephens cut their price target on Atlassian from $255.00 to $221.00 and set an "equal weight" rating for the company in a report on Friday, May 2nd. Five analysts have rated the stock with a hold rating, nineteen have given a buy rating and one has given a strong buy rating to the company's stock. According to data from MarketBeat.com, Atlassian presently has a consensus rating of "Moderate Buy" and an average target price of $279.05.

Atlassian Stock Up 2.2%

TEAM stock opened at $194.86 on Monday. Atlassian has a twelve month low of $135.29 and a twelve month high of $326.00. 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 firm has a market cap of $51.15 billion, a PE ratio of -117.39 and a beta of 0.94. The business has a 50 day moving average of $206.33 and a 200 day moving average of $231.80.

Atlassian (NASDAQ:TEAM - Get Free Report) last announced its quarterly earnings results on Thursday, May 1st. The technology company reported $0.97 EPS for the quarter, topping analysts' consensus estimates of $0.93 by $0.04. Atlassian had a negative net margin of 8.66% and a negative return on equity of 23.41%. The firm had revenue of $1.36 billion during the quarter, compared to analyst estimates of $1.35 billion. During the same period in the previous year, the business posted $0.89 earnings per share. The business's revenue for the quarter was up 14.1% on a year-over-year basis. On average, research analysts forecast that Atlassian will post -0.34 EPS for the current fiscal year.

Insider Activity at Atlassian

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 owned 143,064 shares of the company's stock, valued at approximately $31,827,448.08. This trade represents a 5.26% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Scott Farquhar sold 7,948 shares of the stock in a transaction on Tuesday, May 6th. The shares were sold at an average price of $206.80, for a total value of $1,643,646.40. Following the sale, the director directly owned 174,856 shares in the company, valued at $36,160,220.80. This trade represents a 4.35% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 439,777 shares of company stock worth $91,633,351. 38.55% of the stock is owned by insiders.

Hedge Funds Weigh In On Atlassian

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. ASR Vermogensbeheer N.V. boosted its holdings in Atlassian by 11.2% during the second quarter. ASR Vermogensbeheer N.V. now owns 18,085 shares of the technology company's stock worth $3,673,000 after buying an additional 1,823 shares in the last quarter. Robeco Institutional Asset Management B.V. increased its stake in shares of Atlassian by 8.6% in the 2nd quarter. Robeco Institutional Asset Management B.V. now owns 56,419 shares of the technology company's stock valued at $11,458,000 after purchasing an additional 4,463 shares in the last quarter. Union Bancaire Privee UBP SA boosted its holdings in Atlassian by 1.6% in the 2nd quarter. Union Bancaire Privee UBP SA now owns 29,555 shares of the technology company's stock worth $6,002,000 after buying an additional 456 shares during the last quarter. Chicago Capital LLC boosted its holdings in Atlassian by 7.5% in the 2nd quarter. Chicago Capital LLC now owns 1,710 shares of the technology company's stock worth $347,000 after buying an additional 120 shares during the last quarter. Finally, One Wealth Advisors LLC lifted its holdings in Atlassian by 56.7% in the second quarter. One Wealth Advisors LLC now owns 4,436 shares of the technology company's stock valued at $901,000 after acquiring an additional 1,606 shares during the last quarter. Hedge funds and other institutional investors own 94.45% of the company's stock.

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.

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