Atlassian (NASDAQ:TEAM) Price Target Cut to $200.00 by Analysts at Piper Sandler

Atlassian (NASDAQ:TEAM) had its price target reduced by equities researchers at Piper Sandler from $225.00 to $200.00 in a report released on Friday, Benzinga reports. The brokerage presently has a “neutral” rating on the technology company’s stock. Piper Sandler’s price objective would suggest a potential upside of 11.45% from the stock’s previous close.

Other research analysts have also issued research reports about the stock. Mizuho decreased their price target on shares of Atlassian from $240.00 to $225.00 and set a “buy” rating on the stock in a research report on Friday. KeyCorp began coverage on shares of Atlassian in a research report on Tuesday, March 19th. They issued a “sector weight” rating on the stock. Canaccord Genuity Group decreased their price target on shares of Atlassian from $260.00 to $230.00 and set a “buy” rating on the stock in a research report on Friday. The Goldman Sachs Group lifted their price target on shares of Atlassian from $188.00 to $215.00 and gave the stock a “neutral” rating in a research report on Friday, February 2nd. Finally, Barclays upgraded shares of Atlassian from an “equal weight” rating to an “overweight” rating and lifted their price target for the stock from $235.00 to $275.00 in a research report on Thursday, April 11th. Eleven analysts have rated the stock with a hold rating and ten have issued a buy rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and an average target price of $223.22.

Atlassian Price Performance

Shares of NASDAQ:TEAM opened at $179.45 on Friday. Atlassian has a 12 month low of $128.02 and a 12 month high of $258.69. The stock has a market cap of $46.55 billion, a price-to-earnings ratio of -284.84 and a beta of 0.63. The stock’s 50 day moving average price is $199.98 and its 200 day moving average price is $206.54. 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 announced its earnings results on Thursday, February 1st. The technology company reported ($0.30) EPS for the quarter, missing the consensus estimate of ($0.06) by ($0.24). Atlassian had a negative return on equity of 15.54% and a negative net margin of 3.90%. The firm had revenue of $1.06 billion for the quarter, compared to the consensus estimate of $1.02 billion. Equities research analysts anticipate that Atlassian will post -0.4 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, President Anutthara Bharadwaj sold 4,139 shares of the business’s stock in a transaction on Wednesday, February 14th. The shares were sold at an average price of $212.87, for a total transaction of $881,068.93. Following the transaction, the president now directly owns 167,535 shares in the company, valued at approximately $35,663,175.45. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. In other news, President Anutthara Bharadwaj sold 4,139 shares of the business’s stock in a transaction on Wednesday, February 14th. The shares were sold at an average price of $212.87, for a total transaction of $881,068.93. Following the transaction, the president now directly owns 167,535 shares in the company, valued at approximately $35,663,175.45. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CAO Gene Liu sold 227 shares of the business’s stock in a transaction on Wednesday, February 14th. The shares were sold at an average price of $212.87, for a total transaction of $48,321.49. Following the transaction, the chief accounting officer now owns 47,066 shares in the company, valued at $10,018,939.42. The disclosure for this sale can be found here. In the last three months, insiders have sold 300,450 shares of company stock worth $61,721,553. Corporate insiders own 40.48% of the company’s stock.

Hedge Funds Weigh In On Atlassian

Several institutional investors and hedge funds have recently modified their holdings of the stock. OFI Invest Asset Management acquired a new stake in shares of Atlassian in the 3rd quarter valued at $26,000. Carmel Capital Partners LLC lifted its stake in shares of Atlassian by 28.5% in the 3rd quarter. Carmel Capital Partners LLC now owns 257 shares of the technology company’s stock valued at $52,000 after purchasing an additional 57 shares during the last quarter. Livforsakringsbolaget Skandia Omsesidigt lifted its stake in shares of Atlassian by 271.0% in the 4th quarter. Livforsakringsbolaget Skandia Omsesidigt now owns 371 shares of the technology company’s stock valued at $88,000 after purchasing an additional 271 shares during the last quarter. EverSource Wealth Advisors LLC lifted its stake in shares of Atlassian by 255.3% in the 4th quarter. EverSource Wealth Advisors LLC now owns 405 shares of the technology company’s stock valued at $96,000 after purchasing an additional 291 shares during the last quarter. Finally, Operose Advisors LLC acquired a new stake in shares of Atlassian in the 3rd quarter valued at $99,000. 93.03% of the stock is currently 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.