Atlassian (NASDAQ:TEAM) Rating Lowered to “Hold” at Wall Street Zen

Atlassian (NASDAQ:TEAM) was downgraded by investment analysts at Wall Street Zen from a “buy” rating to a “hold” rating in a research report issued to clients and investors on Sunday.

Several other equities research analysts have also issued reports on the company. BMO Capital Markets set a $130.00 price objective on Atlassian and gave the company an “outperform” rating in a research note on Friday, February 6th. Barclays cut their target price on Atlassian from $215.00 to $165.00 and set an “overweight” rating on the stock in a research report on Friday, February 6th. Guggenheim decreased their price target on Atlassian from $225.00 to $190.00 and set a “buy” rating on the stock in a report on Friday, February 6th. Zacks Research downgraded Atlassian from a “hold” rating to a “strong sell” rating in a research report on Wednesday, February 11th. Finally, TD Cowen dropped their price objective on shares of Atlassian from $205.00 to $175.00 and set a “hold” rating for the company in a research note on Tuesday, January 20th. Twenty-two equities research analysts have rated the stock with a Buy rating, five have given a Hold rating and two have given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $181.78.

Atlassian Stock Performance

Shares of NASDAQ:TEAM opened at $76.17 on Friday. The firm has a fifty day simple moving average of $102.63 and a two-hundred day simple moving average of $140.03. Atlassian has a 52 week low of $67.85 and a 52 week high of $242.00. The company has a quick ratio of 0.89, a current ratio of 0.89 and a debt-to-equity ratio of 0.62. The stock has a market capitalization of $20.09 billion, a P/E ratio of -105.79 and a beta of 0.94.

Atlassian (NASDAQ:TEAM) last announced its earnings results on Thursday, February 5th. The technology company reported $1.22 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.12 by $0.10. The firm had revenue of $1.59 billion for the quarter, compared to analysts’ expectations of $1.54 billion. Atlassian had a negative net margin of 3.29% and a negative return on equity of 6.33%. The business’s revenue was up 23.3% compared to the same quarter last year. During the same period in the prior year, the company earned $0.96 EPS. On average, analysts expect that Atlassian will post -0.34 earnings per share for the current fiscal year.

Insider Transactions at Atlassian

In other news, Director Scott Farquhar sold 7,665 shares of the business’s stock in a transaction dated Monday, December 29th. The shares were sold at an average price of $163.66, for a total value of $1,254,453.90. Following the completion of the sale, the director owned 7,665 shares in the company, valued at approximately $1,254,453.90. The trade was a 50.00% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Michael Cannon-Brookes sold 7,665 shares of the company’s stock in a transaction that occurred on Wednesday, December 31st. The stock was sold at an average price of $162.68, for a total transaction of $1,246,942.20. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 327,943 shares of company stock worth $45,665,135 in the last three months. Insiders own 36.66% of the company’s stock.

Institutional Trading of Atlassian

A number of institutional investors have recently made changes to their positions in TEAM. Physician Wealth Advisors Inc. grew its holdings in shares of Atlassian by 60.4% during the third quarter. Physician Wealth Advisors Inc. now owns 162 shares of the technology company’s stock valued at $26,000 after buying an additional 61 shares during the last quarter. GAMMA Investing LLC increased its position in shares of Atlassian by 12.0% in the 4th quarter. GAMMA Investing LLC now owns 615 shares of the technology company’s stock valued at $100,000 after acquiring an additional 66 shares during the period. Snowden Capital Advisors LLC raised its stake in Atlassian by 1.6% in the 2nd quarter. Snowden Capital Advisors LLC now owns 4,464 shares of the technology company’s stock worth $907,000 after acquiring an additional 71 shares during the last quarter. Financial Perspectives Inc raised its stake in Atlassian by 11.7% in the 4th quarter. Financial Perspectives Inc now owns 718 shares of the technology company’s stock worth $116,000 after acquiring an additional 75 shares during the last quarter. Finally, Cetera Investment Advisers lifted its position in Atlassian by 0.3% during the 2nd quarter. Cetera Investment Advisers now owns 24,808 shares of the technology company’s stock worth $5,038,000 after acquiring an additional 79 shares during the period. Institutional investors and hedge funds own 94.45% of the company’s stock.

About Atlassian

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.