BTIG Research Cuts Atlassian (NASDAQ:TEAM) Price Target to $110.00

Key Points

• BTIG Research cut its price target on Atlassian to $110 (from $140) while maintaining a buy rating, implying about 58.91% upside from the stock's current price.
• Analyst consensus remains generally positive with 19 Buys, 6 Holds and 1 Sell, giving Atlassian a MarketBeat consensus rating of Moderate Buy and a consensus price target of $152.22.
• Shares trade around $69.22; the company recently beat EPS and reported revenue up 23.3% year‑over‑year, but still shows a negative net margin and negative return on equity, and insiders sold roughly $9.24 million of stock last quarter.

Atlassian (NASDAQ:TEAM - Get Free Report) had its target price cut by investment analysts at BTIG Research from $140.00 to $110.00 in a research note issued on Tuesday,Benzinga reports. The firm currently has a "buy" rating on the technology company's stock. BTIG Research's price target indicates a potential upside of 58.91% from the stock's current price.

A number of other research firms have also issued reports on TEAM. Cantor Fitzgerald reiterated an "overweight" rating and set a $98.00 price objective on shares of Atlassian in a research note on Monday. BNP Paribas Exane initiated coverage on shares of Atlassian in a research note on Monday, March 16th. They set an "outperform" rating and a $95.00 price objective on the stock. UBS Group reiterated a "neutral" rating and set a $105.00 price objective on shares of Atlassian in a research note on Friday, February 6th. TD Cowen dropped their price objective on shares of Atlassian from $140.00 to $85.00 and set a "hold" rating on the stock in a research note on Thursday, April 16th. Finally, Citigroup downgraded shares of Atlassian from a "buy" rating to a "mixed" rating in a research report on Friday, April 17th. Nineteen analysts have rated the stock with a Buy rating, six have given a Hold rating and one has issued a Sell rating to the company's stock. According to MarketBeat.com, Atlassian has a consensus rating of "Moderate Buy" and a consensus price target of $152.22.

Atlassian Price Performance

Shares of NASDAQ TEAM opened at $69.22 on Tuesday. Atlassian has a 1-year low of $56.01 and a 1-year high of $242.00. The business has a 50-day moving average of $71.71 and a 200-day moving average of $119.33. The company has a debt-to-equity ratio of 0.62, a current ratio of 0.89 and a quick ratio of 0.89. The company has a market capitalization of $18.26 billion, a price-to-earnings ratio of -96.14 and a beta of 0.99.

Atlassian (NASDAQ:TEAM - Get Free Report) last posted its quarterly earnings data on Friday, February 6th. The technology company reported $1.22 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.12 by $0.10. The company had revenue of $1.59 billion for the quarter, compared to analyst estimates of $1.54 billion. Atlassian had a negative net margin of 3.29% and a negative return on equity of 6.33%. The business's quarterly revenue was up 23.3% on a year-over-year basis. During the same quarter last year, the firm posted $0.96 earnings per share. On average, equities analysts anticipate that Atlassian will post -0.01 EPS for the current fiscal year.

Insider Transactions at Atlassian

In related news, CRO Brian Duffy sold 1,222 shares of the firm's stock in a transaction that occurred on Thursday, February 19th. The stock was sold at an average price of $81.35, for a total value of $99,409.70. Following the sale, the executive directly owned 124,332 shares in the company, valued at $10,114,408.20. This trade represents a 0.97% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Scott Farquhar sold 7,665 shares of the company's stock in a transaction dated Friday, February 6th. The stock was sold at an average price of $94.81, for a total transaction of $726,718.65. Following the completion of the sale, the director directly owned 275,940 shares of the company's stock, valued at $26,161,871.40. The trade was a 2.70% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 82,663 shares of company stock worth $9,241,668 over the last quarter. Insiders own 36.66% of the company's stock.

Institutional Investors Weigh In On Atlassian

Several large investors have recently modified their holdings of TEAM. MV Capital Management Inc. purchased a new stake in Atlassian during the fourth quarter valued at about $25,000. Physician Wealth Advisors Inc. lifted its stake in Atlassian by 60.4% during the third quarter. Physician Wealth Advisors Inc. now owns 162 shares of the technology company's stock valued at $26,000 after buying an additional 61 shares in the last quarter. Atlantic Union Bankshares Corp lifted its stake in Atlassian by 19,900.0% during the third quarter. Atlantic Union Bankshares Corp now owns 200 shares of the technology company's stock valued at $32,000 after buying an additional 199 shares in the last quarter. Board of the Pension Protection Fund purchased a new stake in Atlassian during the fourth quarter valued at about $32,000. Finally, Basepoint Wealth LLC purchased a new stake in Atlassian during the fourth quarter valued at about $32,000. 94.45% of the stock is owned by institutional investors.

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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