Atlassian (NASDAQ:TEAM) Lowered to Hold Rating by Wall Street Zen

Atlassian (NASDAQ:TEAM - Get Free Report) was downgraded by equities researchers at Wall Street Zen from a "buy" rating to a "hold" rating in a research report issued on Thursday.

A number of other research firms also recently weighed in on TEAM. UBS Group lowered their target price on Atlassian from $230.00 to $215.00 and set a "neutral" rating on the stock in a report on Friday, May 2nd. JMP Securities reissued a "market perform" rating on shares of Atlassian in a report on Friday, January 31st. Piper Sandler reissued an "overweight" rating and issued a $300.00 target price (down previously from $365.00) on shares of Atlassian in a report on Friday, May 2nd. Macquarie lowered their target price on Atlassian from $270.00 to $250.00 and set an "outperform" rating on the stock in a report on Friday, May 2nd. Finally, Raymond James reissued an "outperform" rating and issued a $300.00 target price (down previously from $330.00) on shares of Atlassian in a report on Friday, May 2nd. Five equities research analysts have rated the stock with a hold rating, nineteen have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus price target of $285.29.

Atlassian Stock Performance

Shares of NASDAQ:TEAM traded down $1.55 during midday trading on Thursday, reaching $206.82. 2,037,480 shares of the company's stock traded hands, compared to its average volume of 2,115,350. The company has a market cap of $54.29 billion, a price-to-earnings ratio of -154.34 and a beta of 1.06. 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 has a one year low of $135.29 and a one year high of $326.00. The stock has a 50 day moving average of $212.83 and a 200 day moving average of $247.02.

Atlassian (NASDAQ:TEAM - Get Free Report) last posted its 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. Atlassian had a negative return on equity of 17.37% and a negative net margin of 7.22%. The company had revenue of $1.36 billion for the quarter, compared to the consensus estimate of $1.35 billion. During the same quarter in the prior year, the company earned $0.89 earnings per share. Atlassian's revenue was up 14.1% on a year-over-year basis. As a group, equities research analysts anticipate that Atlassian will post -0.34 EPS for the current fiscal year.

Insider Buying and Selling

In other Atlassian news, President Anutthara Bharadwaj sold 7,674 shares of the firm's stock in a transaction that occurred on Wednesday, May 14th. The stock was sold at an average price of $225.51, for a total transaction of $1,730,563.74. Following the completion of the transaction, the president now owns 192,260 shares in the company, valued at $43,356,552.60. This trade represents a 3.84% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, Director Scott Farquhar sold 7,948 shares of the firm's stock in a transaction that occurred on Friday, May 23rd. The shares were sold at an average price of $206.57, for a total value of $1,641,818.36. Following the transaction, the director now owns 71,532 shares of the company's stock, valued at $14,776,365.24. This represents a 10.00% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 302,951 shares of company stock worth $67,006,971. 38.55% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Atlassian

Several institutional investors have recently added to or reduced their stakes in TEAM. JPMorgan Chase & Co. grew its holdings in Atlassian by 5.6% during the 3rd quarter. JPMorgan Chase & Co. now owns 2,478,358 shares of the technology company's stock valued at $393,588,000 after buying an additional 131,621 shares in the last quarter. Merit Financial Group LLC purchased a new position in shares of Atlassian in the 4th quarter worth approximately $726,000. HB Wealth Management LLC boosted its holdings in shares of Atlassian by 17.9% in the 4th quarter. HB Wealth Management LLC now owns 1,502 shares of the technology company's stock worth $366,000 after purchasing an additional 228 shares during the period. Harbor Investment Advisory LLC boosted its holdings in shares of Atlassian by 1,878.3% in the 4th quarter. Harbor Investment Advisory LLC now owns 1,187 shares of the technology company's stock worth $289,000 after purchasing an additional 1,127 shares during the period. Finally, Crossmark Global Holdings Inc. purchased a new position in shares of Atlassian in the 4th quarter worth approximately $262,000. 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.