Atlassian (NASDAQ:TEAM) Given New $202.00 Price Target at Stephens

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 objective lowered by stock analysts at Stephens from $221.00 to $202.00 in a note issued to investors on Monday,Benzinga reports. The firm presently has an "equal weight" rating on the technology company's stock. Stephens' price objective would suggest a potential upside of 19.85% from the company's previous close.

Several other research analysts have also recently issued reports on TEAM. Wells Fargo & Company dropped their price objective on Atlassian from $330.00 to $315.00 and set an "overweight" rating on the stock in a research note on Friday, May 2nd. Robert W. Baird raised Atlassian from a "neutral" rating to an "outperform" rating and dropped their target price for the company from $320.00 to $255.00 in a research report on Monday, April 14th. UBS Group reiterated a "hold" rating on shares of Atlassian in a report on Monday, July 7th. Mizuho decreased their price objective on Atlassian from $265.00 to $235.00 and set an "outperform" rating for the company in a report on Friday, August 8th. Finally, Macquarie decreased their price objective on Atlassian from $270.00 to $250.00 and set an "outperform" rating for the company in a report on Friday, May 2nd. Five research 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 company. Based on data from MarketBeat, Atlassian presently has an average rating of "Moderate Buy" and an average target price of $259.76.

Atlassian Stock Up 2.5%

Shares of Atlassian stock traded up $4.15 on Monday, reaching $168.54. The company's stock had a trading volume of 1,363,183 shares, compared to its average volume of 2,400,035. The company has a market capitalization of $44.24 billion, a price-to-earnings ratio of -170.24 and a beta of 0.96. The firm's fifty day simple moving average is $195.39 and its two-hundred day simple moving average is $223.24. Atlassian has a 52 week low of $145.88 and a 52 week high of $326.00. The company has a quick ratio of 1.26, a current ratio of 1.26 and a debt-to-equity ratio of 0.72.

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

Insider Buying and Selling at Atlassian

In other news, Director Scott Farquhar sold 7,948 shares of Atlassian stock in a transaction that occurred on Tuesday, May 27th. The shares were sold at an average price of $210.81, for a total value of $1,675,517.88. Following the sale, the director directly owned 63,584 shares in the company, valued at $13,404,143.04. This trade represents a 11.11% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Michael Cannon-Brookes sold 7,948 shares of Atlassian stock in a transaction that occurred on Thursday, May 29th. The shares were sold at an average price of $205.73, for a total transaction of $1,635,142.04. Following the completion of the sale, the chief executive officer owned 47,688 shares in the company, valued at $9,810,852.24. This trade represents a 14.29% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 501,789 shares of company stock valued at $100,067,558. Corporate insiders own 38.55% of the company's stock.

Institutional Trading of Atlassian

A number of hedge funds and other institutional investors have recently made changes to their positions in TEAM. Farther Finance Advisors LLC raised its stake in Atlassian by 37.7% in the first quarter. Farther Finance Advisors LLC now owns 369 shares of the technology company's stock valued at $80,000 after purchasing an additional 101 shares in the last quarter. Cambridge Investment Research Advisors Inc. raised its stake in Atlassian by 42.2% in the first quarter. Cambridge Investment Research Advisors Inc. now owns 4,240 shares of the technology company's stock valued at $900,000 after purchasing an additional 1,259 shares in the last quarter. Principal Financial Group Inc. raised its stake in Atlassian by 350.1% in the first quarter. Principal Financial Group Inc. now owns 51,900 shares of the technology company's stock valued at $11,014,000 after purchasing an additional 40,369 shares in the last quarter. Allspring Global Investments Holdings LLC raised its stake in Atlassian by 47,387.5% in the first quarter. Allspring Global Investments Holdings LLC now owns 3,799 shares of the technology company's stock valued at $822,000 after purchasing an additional 3,791 shares in the last quarter. Finally, Amalgamated Bank raised its stake in Atlassian by 6.1% in the first quarter. Amalgamated Bank now owns 11,360 shares of the technology company's stock valued at $2,411,000 after purchasing an additional 650 shares in the last quarter. 94.45% of the stock is currently owned by institutional investors and hedge funds.

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.