Atlassian (NASDAQ:TEAM) Price Target Lowered to $170.00 at Robert W. Baird

Atlassian (NASDAQ:TEAM) had its price target cut by stock analysts at Robert W. Baird from $230.00 to $170.00 in a research report issued on Monday,Benzinga reports. The firm currently has an “outperform” rating on the technology company’s stock. Robert W. Baird’s price objective indicates a potential upside of 29.03% from the stock’s previous close.

Other equities research analysts also recently issued reports about the stock. Cantor Fitzgerald reiterated an “overweight” rating and set a $240.00 price target on shares of Atlassian in a report on Friday, October 31st. Sanford C. Bernstein boosted their price target on Atlassian from $290.00 to $304.00 and gave the company an “outperform” rating in a report on Tuesday, November 18th. BTIG Research reissued a “buy” rating and set a $220.00 price target on shares of Atlassian in a research note on Tuesday, January 13th. Zacks Research raised Atlassian from a “strong sell” rating to a “hold” rating in a research report on Monday, November 3rd. Finally, Jefferies Financial Group set a $262.00 target price on Atlassian in a research report on Thursday, January 15th. Twenty-one research analysts have rated the stock with a Buy rating, eight have issued a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, Atlassian presently has a consensus rating of “Moderate Buy” and a consensus price target of $233.08.

Atlassian Trading Up 2.6%

Shares of Atlassian stock opened at $131.75 on Monday. The business has a 50 day moving average price of $150.71 and a 200 day moving average price of $163.33. The company has a market capitalization of $34.66 billion, a P/E ratio of -185.56, a P/E/G ratio of 20.40 and a beta of 0.88. The company has a debt-to-equity ratio of 0.72, a current ratio of 1.26 and a quick ratio of 1.26. Atlassian has a 1 year low of $115.53 and a 1 year high of $326.00.

Atlassian (NASDAQ:TEAM) last released its quarterly earnings results on Thursday, October 30th. The technology company reported $1.04 earnings per share for the quarter, topping analysts’ consensus estimates of $0.83 by $0.21. The company had revenue of $1.43 billion during the quarter, compared to analysts’ expectations of $1.40 billion. Atlassian had a negative return on equity of 7.11% and a negative net margin of 3.38%.The business’s revenue for the quarter was up 20.6% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.77 earnings per share. Sell-side analysts anticipate that Atlassian will post -0.34 EPS for the current fiscal year.

Insider Activity

In other news, Director Scott Farquhar sold 7,665 shares of the stock in a transaction on Friday, October 31st. The shares were sold at an average price of $167.61, for a total value of $1,284,730.65. Following the completion of the sale, the director owned 314,265 shares of the company’s stock, valued at $52,673,956.65. This represents a 2.38% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, President Anutthara Bharadwaj sold 9,847 shares of Atlassian stock in a transaction on Friday, November 14th. The shares were sold at an average price of $152.46, for a total transaction of $1,501,273.62. Following the transaction, the president owned 242,092 shares in the company, valued at $36,909,346.32. The trade was a 3.91% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 551,049 shares of company stock valued at $84,434,930 in the last three months. Corporate insiders own 36.66% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in TEAM. Farther Finance Advisors LLC boosted its holdings in Atlassian by 602.9% in the fourth quarter. Farther Finance Advisors LLC now owns 12,293 shares of the technology company’s stock valued at $1,993,000 after purchasing an additional 10,544 shares during the last quarter. Transcend Capital Advisors LLC raised its position in shares of Atlassian by 387.1% in the 4th quarter. Transcend Capital Advisors LLC now owns 6,162 shares of the technology company’s stock valued at $999,000 after purchasing an additional 4,897 shares in the last quarter. Baillie Gifford & Co. boosted its stake in shares of Atlassian by 3.9% during the 4th quarter. Baillie Gifford & Co. now owns 8,431,802 shares of the technology company’s stock valued at $1,367,132,000 after buying an additional 316,276 shares during the last quarter. Dara Capital US Inc. bought a new stake in shares of Atlassian in the fourth quarter worth $479,000. Finally, Robeco Institutional Asset Management B.V. raised its holdings in Atlassian by 2.4% in the fourth quarter. Robeco Institutional Asset Management B.V. now owns 60,190 shares of the technology company’s stock valued at $9,759,000 after acquiring an additional 1,384 shares in the last quarter. 94.45% of the stock is owned by hedge funds and other institutional investors.

Atlassian Company Profile

Atlassian Corporation Plc is a software company headquartered in Sydney, Australia, best known for developing collaboration, project management and software development tools. Founded in 2002 by Mike Cannon-Brookes and Scott Farquhar, Atlassian grew from a small engineering-focused team into a publicly traded company after its initial public offering in 2015. The company serves a global customer base that spans small teams to large enterprises across technology, financial services, government and other sectors.

Atlassian’s product portfolio centers on tools designed to help teams plan, build and support software and business processes.