Atlassian (NASDAQ:TEAM) Rating Lowered to Hold at Wall Street Zen

Atlassian (NASDAQ:TEAM - Get Free Report) was downgraded by research analysts at Wall Street Zen from a "buy" rating to a "hold" rating in a research note issued to investors on Saturday.

Several other research firms also recently issued reports on TEAM. BMO Capital Markets cut their price objective on shares of Atlassian from $295.00 to $245.00 and set an "outperform" rating on the stock in a report on Friday, May 2nd. Stephens cut their price objective on shares of Atlassian from $255.00 to $221.00 and set an "equal weight" rating on the stock in a report on Friday, May 2nd. UBS Group cut their price objective on shares of Atlassian from $230.00 to $215.00 and set a "neutral" rating on the stock in a report on Friday, May 2nd. KeyCorp cut their price objective on shares of Atlassian from $365.00 to $275.00 and set an "overweight" rating on the stock in a report on Thursday, April 10th. Finally, Raymond James reiterated an "outperform" rating and issued a $300.00 price target (down previously from $330.00) on shares of Atlassian in a report on Friday, May 2nd. Five research analysts have rated the stock with a hold rating, nineteen have given a buy rating and one has assigned a strong buy rating to the company's stock. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus price target of $282.19.

Atlassian Stock Down 1.3%

Shares of TEAM stock traded down $2.50 during mid-day trading on Friday, hitting $196.82. 1,899,963 shares of the stock traded hands, compared to its average volume of 2,120,414. The stock has a market cap of $51.67 billion, a P/E ratio of -146.88 and a beta of 0.96. The stock's fifty day moving average is $210.45 and its two-hundred day moving average is $243.37. Atlassian has a 52-week low of $135.29 and a 52-week high of $326.00. The company has a debt-to-equity ratio of 0.81, a current ratio of 1.24 and a quick ratio of 1.24.

Atlassian (NASDAQ:TEAM - Get Free Report) last posted its quarterly earnings data on Thursday, May 1st. The technology company reported $0.97 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.93 by $0.04. Atlassian had a negative net margin of 7.22% and a negative return on equity of 17.37%. The firm had revenue of $1.36 billion for the quarter, compared to the consensus estimate of $1.35 billion. During the same quarter in the prior year, the company posted $0.89 earnings per share. The company's revenue for the quarter was up 14.1% compared to the same quarter last year. Equities analysts predict that Atlassian will post -0.34 EPS for the current year.

Insider Transactions at Atlassian

In related news, Director Scott Farquhar sold 7,665 shares of the firm's stock in a transaction dated Thursday, June 12th. The stock was sold at an average price of $199.55, for a total transaction of $1,529,550.75. Following the completion of the sale, the director now directly owns 84,315 shares of the company's stock, valued at approximately $16,825,058.25. This trade represents a 8.33% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Michael Cannon-Brookes sold 7,948 shares of the firm's stock in a transaction dated Tuesday, March 18th. The stock was sold at an average price of $216.90, for a total value of $1,723,921.20. Following the sale, the chief executive officer now directly owns 71,532 shares of the company's stock, valued at $15,515,290.80. The trade was a 10.00% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 351,759 shares of company stock worth $74,833,479 in the last quarter. Company insiders own 38.55% of the company's stock.

Hedge Funds Weigh In On Atlassian

Several institutional investors have recently bought and sold shares of the company. Corebridge Financial Inc. grew its position in Atlassian by 0.3% in the 4th quarter. Corebridge Financial Inc. now owns 10,499 shares of the technology company's stock valued at $2,555,000 after acquiring an additional 35 shares in the last quarter. GeoWealth Management LLC grew its position in Atlassian by 26.8% in the 4th quarter. GeoWealth Management LLC now owns 180 shares of the technology company's stock valued at $44,000 after acquiring an additional 38 shares in the last quarter. Assetmark Inc. grew its position in Atlassian by 30.6% in the 4th quarter. Assetmark Inc. now owns 175 shares of the technology company's stock valued at $43,000 after acquiring an additional 41 shares in the last quarter. Allworth Financial LP grew 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 valued at $404,000 after acquiring an additional 47 shares in the last quarter. Finally, State of Wyoming grew its position in Atlassian by 20.3% in the 1st quarter. State of Wyoming now owns 278 shares of the technology company's stock valued at $59,000 after acquiring an additional 47 shares in the last quarter. 94.45% of the stock is owned by institutional investors and hedge funds.

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.