Atlassian (NASDAQ:TEAM) PT Lowered to $230.00 at Oppenheimer

Atlassian (NASDAQ:TEAM) had its price target cut by Oppenheimer from $250.00 to $230.00 in a report released on Friday, Benzinga reports. They currently have an outperform rating on the technology company’s stock.

Several other research analysts have also commented on the company. Capital One Financial upgraded Atlassian from an equal weight rating to an overweight rating and set a $211.00 target price for the company in a research report on Thursday, July 11th. Citigroup lowered their target price on shares of Atlassian from $280.00 to $265.00 and set a buy rating for the company in a research note on Friday, April 12th. Canaccord Genuity Group reduced their price target on shares of 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 objective on shares of Atlassian from $245.00 to $225.00 and set an overweight rating for the company in a research report on Wednesday, July 17th. Finally, Wells Fargo & Company cut their target price on shares of Atlassian from $285.00 to $250.00 and set an overweight rating on the stock in a report on Friday, June 21st. Nine investment analysts have rated the stock with a hold rating and eleven have given a buy rating to the company’s stock. According to data from MarketBeat.com, Atlassian has a consensus rating of Moderate Buy and an average target price of $219.25.

Atlassian Stock Performance

Shares of NASDAQ:TEAM opened at $142.85 on Friday. The business’s 50-day simple moving average is $169.60 and its 200 day simple moving average is $191.11. The company has a market cap of $37.18 billion, a P/E ratio of -228.06 and a beta of 0.74. The company has a debt-to-equity ratio of 0.82, a quick ratio of 1.18 and a current ratio of 1.18. Atlassian has a one year low of $135.29 and a one year high of $258.69.

Atlassian (NASDAQ:TEAM) last announced its earnings results on Thursday, August 1st. The technology company reported $0.66 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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 for the quarter, compared to analyst estimates of $1.13 billion. During the same period in the previous year, the company earned ($0.21) earnings per share. The company’s revenue for the quarter was up 20.5% compared to the same quarter last year. On average, sell-side analysts forecast 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 the business’s stock in a transaction that occurred on Friday, May 10th. The stock was sold at an average price of $179.88, for a total value of $1,482,391.08. Following the completion of the transaction, the chief executive officer now directly owns 267,558 shares in the company, valued at approximately $48,128,333.04. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In related news, CEO Michael Cannon-Brookes sold 8,241 shares of the stock in a transaction on Friday, May 10th. The shares were sold at an average price of $179.88, for a total transaction of $1,482,391.08. Following the completion of the transaction, the chief executive officer now owns 267,558 shares in the company, valued at $48,128,333.04. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Scott Farquhar sold 7,948 shares of Atlassian stock in a transaction dated Monday, July 29th. The shares were sold at an average price of $178.96, for a total value of $1,422,374.08. Following the completion of the sale, the chief executive officer now directly owns 349,712 shares in the company, valued at approximately $62,584,459.52. The disclosure for this sale can be found here. Insiders sold a total of 274,992 shares of company stock worth $47,338,797 in the last quarter. Corporate insiders own 40.48% of the company’s stock.

Institutional Trading of Atlassian

Hedge funds have recently modified their holdings of the stock. Graypoint LLC increased its position in Atlassian by 2.4% during the 4th quarter. Graypoint LLC now owns 1,784 shares of the technology company’s stock worth $424,000 after buying an additional 42 shares during the period. First Trust Direct Indexing L.P. increased its position in Atlassian by 1.5% during the first quarter. First Trust Direct Indexing L.P. now owns 3,693 shares of the technology company’s stock worth $721,000 after acquiring an additional 55 shares during the period. UMB Bank n.a. raised its stake in Atlassian by 5.7% in the 4th quarter. UMB Bank n.a. now owns 1,041 shares of the technology company’s stock worth $248,000 after purchasing an additional 56 shares in the last quarter. Park National Corp OH boosted its holdings in Atlassian by 4.0% in the 1st quarter. Park National Corp OH now owns 1,497 shares of the technology company’s stock valued at $292,000 after purchasing an additional 58 shares during the period. Finally, Atria Wealth Solutions Inc. boosted its stake in shares of Atlassian by 3.2% in the fourth quarter. Atria Wealth Solutions Inc. now owns 1,885 shares of the technology company’s stock valued at $448,000 after buying an additional 59 shares during the period. Institutional investors and hedge funds own 93.03% 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.