Canaccord Genuity Group Lowers Atlassian (NASDAQ:TEAM) Price Target to $230.00

Key Points

• Canaccord Genuity Group has lowered its price target for Atlassian (NASDAQ:TEAM) from $255.00 to $230.00, while maintaining a "buy" rating, indicating a potential upside of 36.86% from the current price.
• Atlassian reported $0.98 EPS for the last quarter, exceeding the consensus estimate of $0.83, with a year-over-year revenue growth of 22.3%.
• Insiders, including CEO Michael Cannon-Brookes, sold shares valued at approximately $1.4 million in recent transactions, contributing to a total of 522,111 shares sold over the last ninety days.

Atlassian (NASDAQ:TEAM - Get Free Report) had its price target dropped by research analysts at Canaccord Genuity Group from $255.00 to $230.00 in a research note issued to investors on Friday,Benzinga reports. The firm presently has a "buy" rating on the technology company's stock. Canaccord Genuity Group's price target suggests a potential upside of 43.10% from the stock's previous close.

A number of other research firms have also recently issued reports on TEAM. Barclays cut their price objective on shares of Atlassian from $244.00 to $215.00 and set an "overweight" rating on the stock in a research report on Friday. UBS Group reissued a "hold" rating on shares of Atlassian in a research report on Monday, July 7th. Morgan Stanley dropped their price target on Atlassian from $370.00 to $320.00 and set an "overweight" rating on the stock in a research report on Wednesday, April 16th. Piper Sandler reiterated an "overweight" rating and issued a $300.00 price objective (down from $365.00) on shares of Atlassian in a research note on Friday, May 2nd. Finally, Cantor Fitzgerald reduced their price objective on shares of Atlassian from $256.00 to $240.00 and set an "overweight" rating for the company in a research note on Friday. Five analysts have rated the stock with a hold rating, nineteen have given a buy rating and one has issued a strong buy rating to the company's stock. Based on data from MarketBeat, Atlassian has a consensus rating of "Moderate Buy" and an average price target of $259.76.

Atlassian Trading Up 0.9%

NASDAQ TEAM traded up $1.44 on Friday, reaching $160.72. The company had a trading volume of 2,455,435 shares, compared to its average volume of 2,370,384. The firm has a market cap of $42.19 billion, a price-to-earnings ratio of -162.52 and a beta of 0.96. Atlassian has a fifty-two week low of $139.23 and a fifty-two week high of $326.00. The business has a 50 day moving average of $198.47 and a two-hundred day moving average of $224.83. The company has a debt-to-equity ratio of 0.72, a current ratio of 1.26 and a quick ratio of 1.26.

Atlassian (NASDAQ:TEAM - Get Free Report) last issued its quarterly earnings results on Thursday, August 7th. The technology company reported $0.98 earnings per share for the quarter, topping analysts' consensus estimates of $0.83 by $0.15. Atlassian had a negative return on equity of 15.19% and a negative net margin of 4.92%. The firm had revenue of $1.38 billion during the quarter, compared to the consensus estimate of $1.36 billion. During the same period last year, the business posted $0.66 EPS. The business's revenue was up 22.3% compared to the same quarter last year. Analysts forecast that Atlassian will post -0.34 EPS for the current year.

Insider Transactions at Atlassian

In other Atlassian news, CEO Michael Cannon-Brookes sold 7,665 shares of the firm's stock in a transaction dated Friday, August 8th. The shares were sold at an average price of $171.02, for a total value of $1,310,868.30. Following the completion of the sale, the chief executive officer directly owned 275,940 shares in the company, valued at $47,191,258.80. This trade represents a 2.70% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. Also, Director Scott Farquhar sold 7,665 shares of the firm's stock in a transaction that occurred on Friday, August 8th. The shares were sold at an average price of $171.03, for a total value of $1,310,944.95. Following the completion of the transaction, the director owned 275,940 shares of the company's stock, valued at approximately $47,194,018.20. The trade was a 2.70% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 529,493 shares of company stock valued at $107,199,260. 38.55% of the stock is currently owned by company insiders.

Institutional Trading of Atlassian

A number of institutional investors and hedge funds have recently modified their holdings of TEAM. Voya Investment Management LLC grew its position in Atlassian by 17,941.0% in the 4th quarter. Voya Investment Management LLC now owns 2,172,854 shares of the technology company's stock worth $528,693,000 after purchasing an additional 2,160,810 shares during the period. Artisan Partners Limited Partnership increased its holdings in shares of Atlassian by 66.3% in the second quarter. Artisan Partners Limited Partnership now owns 3,878,133 shares of the technology company's stock worth $787,610,000 after purchasing an additional 1,545,546 shares during the last quarter. Nuveen LLC bought a new stake in shares of Atlassian in the first quarter worth about $327,665,000. Durable Capital Partners LP lifted its holdings in shares of Atlassian by 499.7% in the 4th quarter. Durable Capital Partners LP now owns 1,575,546 shares of the technology company's stock valued at $383,456,000 after acquiring an additional 1,312,820 shares during the last quarter. Finally, BNP Paribas Financial Markets bought a new position in shares of Atlassian in the 4th quarter valued at about $298,327,000. 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.