Oppenheimer Trims Atlassian (NASDAQ:TEAM) Target Price to $250.00

Atlassian (NASDAQ:TEAM) had its target price reduced by equities research analysts at Oppenheimer from $300.00 to $250.00 in a note issued to investors on Friday, Benzinga reports. The brokerage currently has an “outperform” rating on the technology company’s stock. Oppenheimer’s price target indicates a potential upside of 39.74% from the company’s current price.

A number of other analysts have also weighed in on TEAM. Piper Sandler lowered their price objective on shares of Atlassian from $225.00 to $200.00 and set a “neutral” rating for the company in a research note on Friday. Robert W. Baird lowered their price objective on shares of Atlassian from $270.00 to $230.00 and set an “outperform” rating for the company in a research note on Friday. Barclays raised shares of Atlassian from an “equal weight” rating to an “overweight” rating and upped their price objective for the stock from $235.00 to $275.00 in a research note on Thursday, April 11th. StockNews.com lowered shares of Atlassian from a “buy” rating to a “hold” rating in a research note on Tuesday, March 19th. Finally, TD Cowen lowered their price objective on shares of Atlassian from $220.00 to $210.00 and set a “hold” rating for the company in a research note on Friday. Eleven research analysts have rated the stock with a hold rating and ten have issued a buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $223.22.

Atlassian Trading Down 9.8 %

Shares of TEAM traded down $19.51 during trading hours on Friday, reaching $178.90. 4,199,079 shares of the company traded hands, compared to its average volume of 1,718,436. The firm has a market cap of $46.41 billion, a price-to-earnings ratio of -120.13 and a beta of 0.63. Atlassian has a 12-month low of $128.02 and a 12-month high of $258.69. The company has a current ratio of 1.07, a quick ratio of 1.07 and a debt-to-equity ratio of 1.04. The stock’s fifty day moving average price is $200.55 and its 200 day moving average price is $206.69.

Atlassian (NASDAQ:TEAM) last issued its earnings results on Thursday, February 1st. The technology company reported ($0.30) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.06) by ($0.24). The company had revenue of $1.06 billion for the quarter, compared to analysts’ expectations of $1.02 billion. Atlassian had a negative net margin of 9.87% and a negative return on equity of 34.56%. Sell-side analysts forecast that Atlassian will post -0.4 earnings per share for the current year.

Insider Activity

In other news, CEO Michael Cannon-Brookes sold 8,241 shares of the stock in a transaction that occurred on Friday, April 19th. The stock was sold at an average price of $191.53, for a total transaction of $1,578,398.73. Following the transaction, the chief executive officer now owns 391,173 shares in the company, valued at approximately $74,921,364.69. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In other Atlassian news, CTO Rajeev Bashyam Rajan sold 872 shares of the firm’s stock in a transaction on Wednesday, February 14th. The stock was sold at an average price of $212.87, for a total value of $185,622.64. Following the transaction, the chief technology officer now owns 142,103 shares in the company, valued at approximately $30,249,465.61. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Michael Cannon-Brookes sold 8,241 shares of the firm’s stock in a transaction on Friday, April 19th. The stock was sold at an average price of $191.53, for a total value of $1,578,398.73. Following the completion of the sale, the chief executive officer now directly owns 391,173 shares of the company’s stock, valued at $74,921,364.69. The disclosure for this sale can be found here. Insiders have sold 300,450 shares of company stock worth $61,721,553 in the last quarter. Corporate insiders own 40.48% of the company’s stock.

Institutional Trading of Atlassian

Hedge funds and other institutional investors have recently modified their holdings of the stock. OFI Invest Asset Management acquired a new stake in shares of Atlassian during the 3rd quarter worth about $26,000. Carmel Capital Partners LLC increased its position in shares of Atlassian by 28.5% during the 3rd quarter. Carmel Capital Partners LLC now owns 257 shares of the technology company’s stock worth $52,000 after purchasing an additional 57 shares during the last quarter. Livforsakringsbolaget Skandia Omsesidigt increased its position in shares of Atlassian by 271.0% during the 4th quarter. Livforsakringsbolaget Skandia Omsesidigt now owns 371 shares of the technology company’s stock worth $88,000 after purchasing an additional 271 shares during the last quarter. EverSource Wealth Advisors LLC increased its position in shares of Atlassian by 255.3% during the 4th quarter. EverSource Wealth Advisors LLC now owns 405 shares of the technology company’s stock worth $96,000 after purchasing an additional 291 shares during the last quarter. Finally, Operose Advisors LLC acquired a new stake in shares of Atlassian during the 3rd quarter worth about $99,000. 93.03% 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.