Atlassian (NASDAQ:TEAM) Price Target Cut to $210.00

Atlassian (NASDAQ:TEAM) had its price target cut by TD Cowen from $220.00 to $210.00 in a research note released on Friday morning, Benzinga reports. They currently have a hold rating on the technology company’s stock.

Other equities research analysts also recently issued research reports about the stock. UBS Group reduced their price objective on shares of Atlassian from $260.00 to $250.00 and set a neutral rating for the company in a report on Friday, February 2nd. Citigroup cut their price target on shares of Atlassian from $280.00 to $265.00 and set a buy rating for the company in a report on Friday, April 12th. Wells Fargo & Company upped their price target on shares of Atlassian from $275.00 to $285.00 and gave the company an overweight rating in a report on Wednesday, January 24th. Canaccord Genuity Group cut their price target on shares of Atlassian from $260.00 to $230.00 and set a buy rating for the company in a report on Friday. Finally, Mizuho cut their price target on shares of Atlassian from $240.00 to $225.00 and set a buy rating for the company in a report on Friday. Eleven research analysts have rated the stock with a hold rating and ten have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of Hold and an average price target of $223.22.

Atlassian Trading Down 9.6 %

Shares of TEAM opened at $179.45 on Friday. Atlassian has a 1 year low of $128.02 and a 1 year 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. The firm has a fifty day moving average of $199.98 and a 200-day moving average of $206.53.

Atlassian (NASDAQ:TEAM) last posted its quarterly earnings data on Thursday, February 1st. The technology company reported ($0.30) earnings per share for the quarter, missing the consensus estimate of ($0.06) by ($0.24). The company had revenue of $1.06 billion during the quarter, compared to analyst estimates of $1.02 billion. Atlassian had a negative return on equity of 15.54% and a negative net margin of 3.90%. Equities analysts forecast that Atlassian will post -0.4 earnings per share for the current year.

Insider Buying and Selling at Atlassian

In other Atlassian news, CEO Scott Farquhar sold 8,241 shares of the company’s stock in a transaction dated Wednesday, January 31st. The shares were sold at an average price of $251.76, for a total transaction of $2,074,754.16. Following the completion of the sale, the chief executive officer now directly owns 329,640 shares of the company’s stock, valued at $82,990,166.40. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. In other news, CAO Gene Liu sold 582 shares of the stock in a transaction that occurred on Monday, March 11th. The shares were sold at an average price of $215.00, for a total value of $125,130.00. Following the completion of the sale, the chief accounting officer now directly owns 45,865 shares of the company’s stock, valued at $9,860,975. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Scott Farquhar sold 8,241 shares of the stock in a transaction that occurred 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 completion of the sale, the chief executive officer now directly owns 329,640 shares of the company’s stock, valued at $82,990,166.40. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 300,450 shares of company stock valued at $61,721,553. 40.48% of the stock is currently owned by corporate insiders.

Institutional Trading of Atlassian

Hedge funds have recently made changes to their positions in the stock. OFI Invest Asset Management purchased a new stake in shares of Atlassian in the third quarter worth approximately $26,000. Carmel Capital Partners LLC raised its position in Atlassian by 28.5% during the third quarter. Carmel Capital Partners LLC now owns 257 shares of the technology company’s stock valued at $52,000 after acquiring an additional 57 shares in the last quarter. Livforsakringsbolaget Skandia Omsesidigt raised its position in Atlassian by 271.0% during the fourth quarter. Livforsakringsbolaget Skandia Omsesidigt now owns 371 shares of the technology company’s stock valued at $88,000 after acquiring an additional 271 shares in the last quarter. EverSource Wealth Advisors LLC raised its position in Atlassian by 255.3% during the fourth quarter. EverSource Wealth Advisors LLC now owns 405 shares of the technology company’s stock valued at $96,000 after acquiring an additional 291 shares in the last quarter. Finally, GAMMA Investing LLC bought a new position in Atlassian during the fourth quarter valued at approximately $107,000. 93.03% of the stock is owned by hedge funds and other institutional investors.

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.