Atlassian (NASDAQ:TEAM) Price Target Cut to $230.00 by Analysts at Canaccord Genuity Group

Atlassian (NASDAQ:TEAM) had its target price lowered by research analysts at Canaccord Genuity Group from $260.00 to $230.00 in a research note issued on Friday, Benzinga reports. The brokerage presently has a “buy” rating on the technology company’s stock. Canaccord Genuity Group’s price objective would suggest a potential upside of 28.17% from the company’s previous close.

A number of other equities analysts also recently issued reports on the company. Wells Fargo & Company upped their price target on Atlassian from $275.00 to $285.00 and gave the stock an “overweight” rating in a research report on Wednesday, January 24th. StockNews.com downgraded Atlassian from a “buy” rating to a “hold” rating in a research report on Tuesday, March 19th. The Goldman Sachs Group upped their price target on Atlassian from $188.00 to $215.00 and gave the stock a “neutral” rating in a research report on Friday, February 2nd. Truist Financial upped their target price on Atlassian from $180.00 to $220.00 and gave the company a “hold” rating in a research report on Tuesday, January 16th. Finally, Barclays raised Atlassian from an “equal weight” rating to an “overweight” rating and upped their target price for the company from $235.00 to $275.00 in a research report on Thursday, April 11th. Eleven research analysts have rated the stock with a hold rating and ten have issued a buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $223.22.

Atlassian Stock Down 9.6 %

Atlassian stock opened at $179.45 on Friday. The business has a fifty day moving average of $199.98 and a two-hundred day moving average of $206.54. The company has a quick ratio of 1.07, a current ratio of 1.07 and a debt-to-equity ratio of 1.04. The firm has a market cap of $46.55 billion, a P/E ratio of -284.84 and a beta of 0.63. Atlassian has a twelve month low of $128.02 and a twelve month high of $258.69.

Atlassian (NASDAQ:TEAM) last issued its quarterly earnings results on Thursday, February 1st. The technology company reported ($0.30) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.06) by ($0.24). The business had revenue of $1.06 billion for 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%. On average, analysts forecast that Atlassian will post -0.4 earnings per share for the current fiscal year.

Insider Transactions at Atlassian

In other news, CEO Scott Farquhar sold 8,241 shares of the stock in a transaction dated Wednesday, April 24th. The shares were sold at an average price of $199.71, for a total transaction of $1,645,810.11. Following the sale, the chief executive officer now directly owns 366,450 shares of the company’s stock, valued at approximately $73,183,729.50. 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 stock in a transaction dated Wednesday, February 14th. The shares were sold at an average price of $212.87, for a total transaction of $881,068.93. Following the sale, the president now directly owns 167,535 shares of the company’s stock, valued at approximately $35,663,175.45. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CEO Scott Farquhar sold 8,241 shares of the stock in a transaction dated Wednesday, April 24th. The stock was sold at an average price of $199.71, for a total transaction of $1,645,810.11. Following the sale, the chief executive officer now directly owns 366,450 shares in the company, valued at $73,183,729.50. The disclosure for this sale can be found here. Insiders have sold a total of 300,450 shares of company stock valued at $61,721,553 in the last ninety days. 40.48% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Atlassian

Several hedge funds have recently modified their holdings of the company. Graypoint LLC lifted its stake in Atlassian by 2.4% in the 4th quarter. Graypoint LLC now owns 1,784 shares of the technology company’s stock valued at $424,000 after buying an additional 42 shares in the last quarter. Legacy Wealth Asset Management LLC lifted its stake in Atlassian by 1.4% in the 4th quarter. Legacy Wealth Asset Management LLC now owns 3,095 shares of the technology company’s stock valued at $736,000 after buying an additional 43 shares in the last quarter. Park National Corp OH lifted its stake in Atlassian by 3.5% in the 4th quarter. Park National Corp OH now owns 1,439 shares of the technology company’s stock valued at $342,000 after buying an additional 48 shares in the last quarter. First Trust Direct Indexing L.P. lifted its stake in Atlassian by 1.5% in the 1st quarter. First Trust Direct Indexing L.P. now owns 3,693 shares of the technology company’s stock valued at $721,000 after buying an additional 55 shares in the last quarter. Finally, UMB Bank n.a. lifted its stake in Atlassian by 5.7% in the 4th quarter. UMB Bank n.a. now owns 1,041 shares of the technology company’s stock valued at $248,000 after buying an additional 56 shares in the last quarter. 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.