Atlassian (NASDAQ:TEAM) Price Target Lowered to $160.00 at Truist Financial

Atlassian (NASDAQ:TEAM) had its price objective cut by Truist Financial from $200.00 to $160.00 in a report issued on Friday morning, Benzinga reports. They currently have a hold rating on the technology company’s stock.

A number of other equities analysts also recently commented on TEAM. TD Cowen lowered their target price on shares of Atlassian from $220.00 to $210.00 and set a hold rating for the company in a research note on Friday, April 26th. Wells Fargo & Company dropped their price objective on Atlassian from $285.00 to $250.00 and set an overweight rating on the stock in a report on Friday, June 21st. Canaccord Genuity Group cut their target price on Atlassian from $260.00 to $230.00 and set a buy rating on the stock in a research report on Friday, April 26th. Morgan Stanley lowered their price target on Atlassian from $245.00 to $225.00 and set an overweight rating for the company in a report on Wednesday, July 17th. Finally, StockNews.com cut shares of Atlassian from a buy rating to a hold rating in a report on Friday, July 12th. Nine research analysts have rated the stock with a hold rating and eleven have given a buy rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of Moderate Buy and an average price target of $219.25.

Atlassian Trading Down 17.1 %

NASDAQ:TEAM opened at $143.68 on Friday. Atlassian has a 12-month low of $141.21 and a 12-month high of $258.69. The firm has a market cap of $37.40 billion, a PE ratio of -228.06 and a beta of 0.74. The company has a current ratio of 1.18, a quick ratio of 1.18 and a debt-to-equity ratio of 0.82. The stock has a fifty day moving average price of $169.60 and a 200 day moving average price of $191.77.

Atlassian (NASDAQ:TEAM) last announced its quarterly earnings data on Thursday, August 1st. The technology company reported $0.66 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.59 by $0.07. Atlassian had a negative return on equity of 18.13% and a negative net margin of 6.89%. The business had revenue of $1.13 billion during the quarter, compared to analysts’ expectations of $1.13 billion. During the same quarter last year, the business posted ($0.21) EPS. The business’s quarterly revenue was up 20.5% compared to the same quarter last year. Sell-side analysts anticipate that Atlassian will post -0.23 earnings per share for the current fiscal year.

Insider Activity at Atlassian

In related news, CEO Michael Cannon-Brookes sold 8,241 shares of Atlassian stock in a transaction on Monday, May 6th. The shares were sold at an average price of $182.45, for a total value of $1,503,570.45. Following the transaction, the chief executive officer now directly owns 300,522 shares in the company, valued at approximately $54,830,238.90. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. In other Atlassian news, CEO Michael Cannon-Brookes sold 8,241 shares of the business’s stock in a transaction that occurred on Monday, May 6th. The stock was sold at an average price of $182.45, for a total transaction of $1,503,570.45. Following the transaction, the chief executive officer now owns 300,522 shares in the company, valued at approximately $54,830,238.90. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CAO Gene Liu sold 199 shares of the firm’s stock in a transaction that occurred on Tuesday, May 14th. The shares were sold at an average price of $184.25, for a total value of $36,665.75. Following the completion of the sale, the chief accounting officer now directly owns 45,666 shares of the company’s stock, valued at $8,413,960.50. The disclosure for this sale can be found here. Insiders have sold 275,285 shares of company stock worth $47,692,054 in the last quarter. Company insiders own 40.48% of the company’s stock.

Hedge Funds Weigh In On Atlassian

A number of large investors have recently made changes to their positions in TEAM. Arkadios Wealth Advisors purchased a new position in Atlassian in the fourth quarter valued at about $202,000. Vanguard Group Inc. boosted its position in Atlassian by 3.4% during the fourth quarter. Vanguard Group Inc. now owns 15,355,652 shares of the technology company’s stock worth $3,652,495,000 after purchasing an additional 504,181 shares in the last quarter. Diversified Trust Co increased its position in shares of Atlassian by 27.6% in the first quarter. Diversified Trust Co now owns 14,036 shares of the technology company’s stock valued at $2,739,000 after buying an additional 3,035 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. raised its stake in shares of Atlassian by 7.9% during the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 142,087 shares of the technology company’s stock worth $27,723,000 after buying an additional 10,434 shares during the last quarter. Finally, International Assets Investment Management LLC purchased a new stake in shares of Atlassian in the 4th quarter worth about $13,805,000. Hedge funds and other institutional investors own 93.03% of the company’s stock.

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.