Atlassian (NASDAQ:TEAM) Price Target Cut to $320.00 by Analysts at Morgan Stanley

Atlassian (NASDAQ:TEAM - Get Free Report) had its price target cut by analysts at Morgan Stanley from $370.00 to $320.00 in a report issued on Wednesday, Marketbeat reports. The brokerage presently has an "overweight" rating on the technology company's stock. Morgan Stanley's price objective indicates a potential upside of 65.94% from the stock's current price.

Other equities analysts have also recently issued reports about the company. StockNews.com cut Atlassian from a "buy" rating to a "hold" rating in a report on Monday, March 31st. JMP Securities reiterated a "market perform" rating on shares of Atlassian in a report on Friday, January 31st. Scotiabank upped their target price on shares of Atlassian from $250.00 to $330.00 and gave the stock a "sector perform" rating in a report on Friday, January 31st. Jefferies Financial Group cut their price target on Atlassian from $330.00 to $262.00 and set a "buy" rating for the company in a research note on Monday, April 7th. Finally, Piper Sandler increased their price objective on Atlassian from $310.00 to $365.00 and gave the stock an "overweight" rating in a research note on Friday, January 31st. Six investment analysts have rated the stock with a hold rating, nineteen have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, Atlassian presently has an average rating of "Moderate Buy" and a consensus price target of $297.73.

Atlassian Stock Down 4.9 %

TEAM traded down $9.91 during midday trading on Wednesday, hitting $192.84. The company had a trading volume of 2,297,312 shares, compared to its average volume of 2,050,287. The stock's 50 day moving average price is $239.67 and its 200 day moving average price is $243.31. Atlassian has a 52 week low of $135.29 and a 52 week high of $326.00. The company has a market capitalization of $50.52 billion, a price-to-earnings ratio of -143.91 and a beta of 1.07. The company has a quick ratio of 1.24, a current ratio of 1.24 and a debt-to-equity ratio of 0.81.

Atlassian (NASDAQ:TEAM - Get Free Report) last issued its earnings results on Thursday, January 30th. The technology company reported ($0.12) EPS for the quarter, missing analysts' consensus estimates of $0.73 by ($0.85). Atlassian had a negative net margin of 7.22% and a negative return on equity of 17.37%. On average, research analysts anticipate that Atlassian will post -0.34 earnings per share for the current fiscal year.

Insider Activity at Atlassian

In other news, President Anutthara Bharadwaj sold 1,520 shares of the firm's stock in a transaction that occurred on Friday, February 14th. The shares were sold at an average price of $312.58, for a total value of $475,121.60. Following the completion of the transaction, the president now directly owns 201,657 shares in the company, valued at approximately $63,033,945.06. This trade represents a 0.75 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Scott Farquhar sold 7,948 shares of the firm's stock in a transaction on Tuesday, January 21st. The shares were sold at an average price of $255.71, for a total transaction of $2,032,383.08. Following the completion of the transaction, the director now directly owns 381,504 shares of the company's stock, valued at approximately $97,554,387.84. The trade was a 2.04 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 261,513 shares of company stock worth $67,123,959. Corporate insiders own 38.55% of the company's stock.

Institutional Trading of Atlassian

Several institutional investors and hedge funds have recently modified their holdings of the business. Corebridge Financial Inc. increased its position in shares of Atlassian by 0.3% in the fourth quarter. Corebridge Financial Inc. now owns 10,499 shares of the technology company's stock worth $2,555,000 after purchasing an additional 35 shares during the last quarter. GeoWealth Management LLC lifted its stake in Atlassian by 26.8% during the fourth quarter. GeoWealth Management LLC now owns 180 shares of the technology company's stock worth $44,000 after purchasing an additional 38 shares during the last quarter. Assetmark Inc. boosted its stake in Atlassian by 30.6% in the fourth quarter. Assetmark Inc. now owns 175 shares of the technology company's stock worth $43,000 after buying an additional 41 shares in the last quarter. Allworth Financial LP raised its position in Atlassian by 3.1% in the 4th quarter. Allworth Financial LP now owns 1,548 shares of the technology company's stock worth $404,000 after purchasing an additional 47 shares during the period. Finally, True Wealth Design LLC lifted its stake in shares of Atlassian by 21.6% in the 4th quarter. True Wealth Design LLC now owns 282 shares of the technology company's stock valued at $69,000 after acquiring an additional 50 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.