BMO Capital Markets Has Lowered Expectations for Atlassian (NASDAQ:TEAM) Stock Price

Key Points

• BMO Capital Markets cut its price target on Atlassian from $105 to $95, while keeping an outperform rating. The new target still implies upside from the stock’s prior close.
• Analyst sentiment remains generally positive despite recent target reductions: Atlassian has an average rating of Moderate Buy and an average price target of $145.26.
• Atlassian recently beat quarterly expectations, reporting $1.75 EPS on $1.79 billion in revenue, with revenue up 31.7% year over year. However, insiders have sold shares recently, including the CRO and CFO.

Atlassian (NASDAQ:TEAM - Get Free Report) had its price objective dropped by BMO Capital Markets from $105.00 to $95.00 in a report released on Thursday. The firm currently has an "outperform" rating on the technology company's stock. BMO Capital Markets' price target indicates a potential upside of 16.49% from the company's previous close.

A number of other research analysts have also recently issued reports on TEAM. Piper Sandler dropped their target price on shares of Atlassian from $200.00 to $175.00 and set an "overweight" rating for the company in a report on Friday, May 1st. Morgan Stanley decreased their target price on Atlassian from $290.00 to $120.00 and set an "overweight" rating on the stock in a research report on Thursday, April 16th. Weiss Ratings reissued a "sell (e+)" rating on shares of Atlassian in a report on Monday, April 20th. TD Cowen raised their price target on Atlassian from $85.00 to $105.00 and gave the company a "hold" rating in a research report on Friday, May 1st. Finally, Truist Financial lifted their price target on Atlassian from $90.00 to $100.00 and gave the stock a "buy" rating in a research note on Friday, May 1st. One equities research analyst has rated the stock with a Strong Buy rating, twenty-one have issued a Buy rating, five have given a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, Atlassian has an average rating of "Moderate Buy" and an average price target of $145.26.

Atlassian Stock Performance

Shares of TEAM opened at $81.56 on Thursday. The firm has a market cap of $20.70 billion, a PE ratio of -98.26, a price-to-earnings-growth ratio of 4.61 and a beta of 1.07. The company's 50 day simple moving average is $84.69 and its 200-day simple moving average is $100.47. The company has a current ratio of 0.70, a quick ratio of 0.70 and a debt-to-equity ratio of 1.13. Atlassian has a 12-month low of $56.01 and a 12-month high of $222.59.

Atlassian (NASDAQ:TEAM - Get Free Report) last posted its quarterly earnings data on Thursday, April 30th. The technology company reported $1.75 EPS for the quarter, beating the consensus estimate of $1.33 by $0.42. Atlassian had a positive return on equity of 6.22% and a negative net margin of 3.50%.The firm had revenue of $1.79 billion during the quarter, compared to the consensus estimate of $1.70 billion. During the same period in the prior year, the business earned $0.97 EPS. The firm's revenue was up 31.7% compared to the same quarter last year. As a group, equities analysts predict that Atlassian will post 0.81 EPS for the current year.

Insider Buying and Selling at Atlassian

In other news, CRO Brian Duffy sold 3,000 shares of the firm's stock in a transaction dated Friday, June 12th. The stock was sold at an average price of $89.71, for a total value of $269,130.00. Following the transaction, the executive directly owned 227,691 shares in the company, valued at $20,426,159.61. This trade represents a 1.30% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CFO James Chuong sold 8,838 shares of the firm's stock in a transaction that occurred on Tuesday, May 19th. The shares were sold at an average price of $87.75, for a total transaction of $775,534.50. Following the completion of the transaction, the chief financial officer owned 288,272 shares in the company, valued at $25,295,868. The trade was a 2.97% decrease in their position. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders sold a total of 20,041 shares of company stock worth $1,801,069 over the last ninety days. Corporate insiders own 36.66% of the company's stock.

Institutional Trading of Atlassian

Several institutional investors and hedge funds have recently bought and sold shares of TEAM. MV Capital Management Inc. bought a new position in shares of Atlassian during the fourth quarter valued at approximately $25,000. Western Wealth Management LLC acquired a new stake in shares of Atlassian during the 1st quarter worth approximately $30,000. State of Wyoming lifted its holdings in shares of Atlassian by 65.7% in the 1st quarter. State of Wyoming now owns 449 shares of the technology company's stock worth $31,000 after purchasing an additional 178 shares during the last quarter. Board of the Pension Protection Fund acquired a new position in Atlassian during the 4th quarter valued at approximately $32,000. Finally, Basepoint Wealth LLC acquired a new position in Atlassian during the 4th quarter valued at approximately $32,000. Institutional investors and hedge funds own 94.45% of the company's stock.

Atlassian Company Profile

Atlassian Corporation Plc is a software company headquartered in Sydney, Australia, best known for developing collaboration, project management and software development tools. Founded in 2002 by Mike Cannon-Brookes and Scott Farquhar, Atlassian grew from a small engineering-focused team into a publicly traded company after its initial public offering in 2015. The company serves a global customer base that spans small teams to large enterprises across technology, financial services, government and other sectors.

Atlassian's product portfolio centers on tools designed to help teams plan, build and support software and business processes.

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