Stephens Issues Pessimistic Forecast for Atlassian (NASDAQ:TEAM) Stock Price

Key Points

• Stephens has lowered Atlassian's price target from $221.00 to $202.00, maintaining an "equal weight" rating, which suggests a potential upside of 20.20% from its previous close.
• Other analysts, including Canaccord Genuity Group and Morgan Stanley, have also reduced their price targets, with a general consensus rating of "Moderate Buy" and a consensus price target of $259.76.
• Atlassian's stock has seen a 1.7% drop recently, and although earnings improved, analysts forecast a negative -0.34 EPS for the current year.

Atlassian (NASDAQ:TEAM - Get Free Report) had its price target decreased by equities researchers at Stephens from $221.00 to $202.00 in a note issued to investors on Monday,Benzinga reports. The firm currently has an "equal weight" rating on the technology company's stock. Stephens' target price would indicate a potential upside of 20.20% from the company's previous close.

A number of other equities analysts have also issued reports on TEAM. Canaccord Genuity Group decreased their price target on Atlassian from $255.00 to $230.00 and set a "buy" rating for the company in a research note on Friday. Truist Financial set a $230.00 price target on Atlassian in a research note on Friday. Morgan Stanley decreased their price target on Atlassian from $370.00 to $320.00 and set an "overweight" rating for the company in a research note on Wednesday, April 16th. Capital One Financial lowered Atlassian from an "overweight" rating to an "equal weight" rating and set a $211.00 price target for the company. in a research note on Wednesday, July 16th. Finally, BMO Capital Markets decreased their price target on Atlassian from $225.00 to $200.00 and set an "outperform" rating for the company in a research note on Friday. Five investment 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. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus price target of $259.76.

Atlassian Stock Down 1.7%

TEAM opened at $168.06 on Monday. Atlassian has a 12 month low of $137.27 and a 12 month high of $326.00. The company has a debt-to-equity ratio of 0.72, a current ratio of 1.26 and a quick ratio of 1.26. The stock has a market cap of $44.12 billion, a P/E ratio of -169.76 and a beta of 0.96. The stock's 50 day moving average price is $199.40 and its 200 day moving average price is $225.57.

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 (EPS) for the quarter, beating analysts' consensus estimates of $0.83 by $0.15. The firm had revenue of $1.38 billion during the quarter, compared to analyst estimates of $1.36 billion. Atlassian had a negative return on equity of 15.19% and a negative net margin of 4.92%. The firm's quarterly revenue was up 22.3% on a year-over-year basis. During the same period last year, the company posted $0.66 EPS. As a group, research analysts predict that Atlassian will post -0.34 earnings per share for the current year.

Insider Transactions at Atlassian

In other Atlassian news, CEO Michael Cannon-Brookes sold 7,948 shares of the business's stock in a transaction dated Friday, May 16th. The stock was sold at an average price of $221.41, for a total value of $1,759,766.68. Following the completion of the sale, the chief executive officer owned 111,272 shares of the company's stock, valued at $24,636,733.52. The trade was a 6.67% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Scott Farquhar sold 7,948 shares of the business's stock in a transaction dated Monday, May 19th. The stock was sold at an average price of $214.92, for a total value of $1,708,184.16. Following the completion of the sale, the director directly owned 103,324 shares of the company's stock, valued at $22,206,394.08. This represents a 7.14% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 514,163 shares of company stock worth $104,577,447 in the last quarter. 38.55% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Atlassian

Institutional investors have recently made changes to their positions in the business. Clean Yield Group increased its stake in Atlassian by 372.0% during the first quarter. Clean Yield Group now owns 118 shares of the technology company's stock valued at $25,000 after acquiring an additional 93 shares during the period. Capco Asset Management LLC bought a new stake in shares of Atlassian in the 2nd quarter valued at approximately $25,000. Colonial Trust Co SC grew its stake in shares of Atlassian by 100.0% in the 4th quarter. Colonial Trust Co SC now owns 138 shares of the technology company's stock valued at $34,000 after purchasing an additional 69 shares during the period. Smithfield Trust Co grew its stake in shares of Atlassian by 90.7% in the 1st quarter. Smithfield Trust Co now owns 164 shares of the technology company's stock valued at $34,000 after purchasing an additional 78 shares during the period. Finally, Geneos Wealth Management Inc. grew its stake in shares of Atlassian by 447.2% in the 1st quarter. Geneos Wealth Management Inc. now owns 197 shares of the technology company's stock valued at $42,000 after purchasing an additional 161 shares during the period. 94.45% of the stock is currently owned by institutional investors.

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.

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