Atlassian (NASDAQ:TEAM) Given New $230.00 Price Target at Canaccord Genuity Group

Atlassian (NASDAQ:TEAM) had its price target lowered by Canaccord Genuity Group from $260.00 to $230.00 in a research report released on Friday, Benzinga reports. Canaccord Genuity Group currently has a buy rating on the technology company’s stock.

A number of other equities analysts also recently issued reports on the company. Barclays raised Atlassian from an equal weight rating to an overweight rating and increased their target price for the stock from $235.00 to $275.00 in a research note on Thursday, April 11th. Citigroup dropped their price objective on Atlassian from $280.00 to $265.00 and set a buy rating for the company in a research note on Friday, April 12th. Truist Financial raised their price objective on Atlassian from $180.00 to $220.00 and gave the company a hold rating in a research note on Tuesday, January 16th. StockNews.com downgraded Atlassian from a buy rating to a hold rating in a research note on Tuesday, March 19th. Finally, UBS Group dropped their price objective on Atlassian from $260.00 to $250.00 and set a neutral rating for the company in a research note on Friday, February 2nd. Eleven equities 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, Atlassian currently has an average rating of Hold and a consensus target price of $223.22.

Atlassian Price Performance

Shares of TEAM stock opened at $179.45 on Friday. The stock has a 50 day simple moving average of $199.98 and a 200-day simple moving average of $206.53. Atlassian has a 12-month low of $128.02 and a 12-month high of $258.69. The company has a debt-to-equity ratio of 1.04, a current ratio of 1.07 and a quick ratio of 1.07.

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 business had revenue of $1.06 billion for the quarter, compared to analysts’ expectations of $1.02 billion. Atlassian had a negative return on equity of 15.54% and a negative net margin of 3.90%. Equities research analysts expect that Atlassian will post -0.4 earnings per share for the current year.

Insider Transactions at Atlassian

In other news, CEO Scott Farquhar sold 8,241 shares of the firm’s stock in a transaction on Wednesday, January 31st. The stock was sold at an average price of $251.76, for a total transaction of $2,074,754.16. Following the sale, the chief executive officer now owns 329,640 shares in the company, valued at $82,990,166.40. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In related news, CEO Scott Farquhar sold 8,241 shares of Atlassian stock in a transaction on Wednesday, January 31st. The stock was sold at an average price of $251.76, for a total value of $2,074,754.16. Following the transaction, the chief executive officer now owns 329,640 shares in the company, valued at $82,990,166.40. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, President Anutthara Bharadwaj sold 4,139 shares of Atlassian stock in a transaction on Wednesday, February 14th. The shares were sold at an average price of $212.87, for a total value of $881,068.93. Following the completion of the transaction, the president now owns 167,535 shares in the company, valued at approximately $35,663,175.45. The disclosure for this sale can be found here. Insiders have sold 300,450 shares of company stock worth $61,721,553 over the last quarter. 40.48% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. BLB&B Advisors LLC purchased a new position in Atlassian in the first quarter valued at about $344,000. UMB Bank n.a. raised its position in Atlassian by 6.8% in the first quarter. UMB Bank n.a. now owns 1,112 shares of the technology company’s stock valued at $217,000 after purchasing an additional 71 shares during the period. Yousif Capital Management LLC raised its position in Atlassian by 11.3% in the first quarter. Yousif Capital Management LLC now owns 1,737 shares of the technology company’s stock valued at $339,000 after purchasing an additional 176 shares during the period. Mesirow Financial Investment Management Inc. purchased a new position in Atlassian in the first quarter valued at about $353,000. Finally, Verdence Capital Advisors LLC raised its position in Atlassian by 14.0% in the first quarter. Verdence Capital Advisors LLC now owns 1,403 shares of the technology company’s stock valued at $274,000 after purchasing an additional 172 shares during the period. Institutional investors and hedge funds 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.