Atlassian (NASDAQ:TEAM) Price Target Cut to $120.00 by Analysts at Wells Fargo & Company

Atlassian (NASDAQ:TEAM) had its price target lowered by investment analysts at Wells Fargo & Company from $155.00 to $120.00 in a report issued on Tuesday,Benzinga reports. The firm currently has an “overweight” rating on the technology company’s stock. Wells Fargo & Company‘s price objective would indicate a potential upside of 54.82% from the company’s previous close.

Several other brokerages have also recently weighed in on TEAM. Wolfe Research restated an “outperform” rating and set a $100.00 price objective on shares of Atlassian in a research note on Thursday. Zacks Research cut shares of Atlassian from a “hold” rating to a “strong sell” rating in a report on Wednesday, February 11th. Guggenheim reduced their price objective on Atlassian from $225.00 to $190.00 and set a “buy” rating for the company in a report on Friday, February 6th. Morgan Stanley decreased their target price on Atlassian from $320.00 to $290.00 and set an “overweight” rating for the company in a research report on Friday, February 6th. Finally, Piper Sandler restated an “overweight” rating and issued a $200.00 target price (down from $280.00) on shares of Atlassian in a research note on Friday, February 6th. Twenty-two analysts have rated the stock with a Buy rating, five have issued a Hold rating and two have issued a Sell rating to the company. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $180.48.

Atlassian Stock Up 1.8%

TEAM stock opened at $77.51 on Tuesday. The company has a market cap of $20.44 billion, a PE ratio of -104.88 and a beta of 0.94. The business has a 50-day simple moving average of $102.63 and a 200 day simple moving average of $140.03. The company has a quick ratio of 0.89, a current ratio of 0.89 and a debt-to-equity ratio of 0.62. Atlassian has a 52 week low of $67.85 and a 52 week high of $242.00.

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

Insider Buying and Selling at Atlassian

In related news, CEO Michael Cannon-Brookes sold 7,665 shares of the firm’s stock in a transaction dated Wednesday, December 31st. The stock was sold at an average price of $162.68, for a total value of $1,246,942.20. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director Scott Farquhar sold 7,665 shares of the company’s stock in a transaction that occurred on Monday, December 29th. The stock was sold at an average price of $163.66, for a total value of $1,254,453.90. Following the transaction, the director owned 7,665 shares in the company, valued at $1,254,453.90. This trade represents a 50.00% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last ninety days, insiders sold 327,943 shares of company stock worth $45,665,135. 36.66% of the stock is owned by insiders.

Hedge Funds Weigh In On Atlassian

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. MV Capital Management Inc. bought a new position in shares of Atlassian during the 4th quarter valued at $25,000. Physician Wealth Advisors Inc. lifted its holdings in Atlassian by 60.4% in the third quarter. Physician Wealth Advisors Inc. now owns 162 shares of the technology company’s stock valued at $26,000 after acquiring an additional 61 shares during the period. Atlantic Union Bankshares Corp boosted its position in Atlassian by 19,900.0% in the third quarter. Atlantic Union Bankshares Corp now owns 200 shares of the technology company’s stock worth $32,000 after purchasing an additional 199 shares during the last quarter. Board of the Pension Protection Fund bought a new stake in shares of Atlassian during the 4th quarter valued at about $32,000. Finally, Basepoint Wealth LLC bought a new stake in shares of Atlassian during the 4th quarter valued at about $32,000. Hedge funds and other institutional investors 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.