Atlassian (NASDAQ:TEAM) Price Target Lowered to $275.00 at Oppenheimer

Atlassian (NASDAQ:TEAM - Get Free Report) had its price target cut by research analysts at Oppenheimer from $300.00 to $275.00 in a report issued on Monday,Benzinga reports. The firm currently has an "outperform" rating on the technology company's stock. Oppenheimer's price objective would indicate a potential upside of 41.30% from the stock's current price.

TEAM has been the subject of a number of other reports. Macquarie lowered their price target on Atlassian from $270.00 to $250.00 and set an "outperform" rating for the company in a research report on Friday, May 2nd. Stephens lowered their price objective on Atlassian from $255.00 to $221.00 and set an "equal weight" rating on the stock in a research note on Friday, May 2nd. KeyCorp reduced their target price on Atlassian from $275.00 to $250.00 and set an "overweight" rating for the company in a report on Thursday. Wall Street Zen raised Atlassian from a "hold" rating to a "buy" rating in a report on Sunday, June 22nd. Finally, Jefferies Financial Group reduced their target price on Atlassian from $330.00 to $262.00 and set a "buy" rating for the company in a report on Monday, April 7th. Five analysts have rated the stock with a hold rating, nineteen have given a buy rating and one has assigned a strong buy rating to the company's stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $274.05.

Atlassian Trading Down 0.1%

NASDAQ:TEAM traded down $0.24 on Monday, reaching $194.62. The stock had a trading volume of 938,805 shares, compared to its average volume of 2,200,587. Atlassian has a 12-month low of $135.29 and a 12-month high of $326.00. The firm's fifty day moving average is $206.33 and its two-hundred day moving average is $231.80. The company has a debt-to-equity ratio of 0.72, a current ratio of 1.26 and a quick ratio of 1.26. The company has a market cap of $51.09 billion, a price-to-earnings ratio of -117.40 and a beta of 0.94.

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

Insider Buying and Selling

In other Atlassian news, CEO Michael Cannon-Brookes sold 7,665 shares of the firm's stock in a transaction on Wednesday, July 16th. The stock was sold at an average price of $189.37, for a total transaction of $1,451,521.05. Following the completion of the sale, the chief executive officer owned 406,245 shares of the company's stock, valued at $76,930,615.65. This trade represents a 1.85% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Scott Farquhar sold 7,665 shares of the business's stock in a transaction dated Wednesday, July 16th. The shares were sold at an average price of $189.37, for a total value of $1,451,521.05. Following the completion of the transaction, the director directly owned 406,245 shares of the company's stock, valued at approximately $76,930,615.65. This trade represents a 1.85% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 439,777 shares of company stock valued at $91,633,351 in the last quarter. Corporate insiders own 38.55% of the company's stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of the business. Vanguard Group Inc. boosted its position in Atlassian by 3.5% in the first quarter. Vanguard Group Inc. now owns 16,993,537 shares of the technology company's stock worth $3,606,198,000 after purchasing an additional 580,583 shares during the last quarter. Baillie Gifford & Co. boosted 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 acquiring an additional 573,696 shares during the last quarter. JPMorgan Chase & Co. raised its holdings in Atlassian by 72.9% during the 4th quarter. JPMorgan Chase & Co. now owns 4,284,400 shares of the technology company's stock valued at $1,042,737,000 after buying an additional 1,806,042 shares during the period. Massachusetts Financial Services Co. MA grew its position in Atlassian by 21.8% in 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 acquiring an additional 616,071 shares during the last quarter. Finally, Voya Investment Management LLC lifted its stake in shares of Atlassian by 24.1% during 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 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.

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