Atlassian (NASDAQ:TEAM) Price Target Lowered to $250.00 at Oppenheimer

Atlassian (NASDAQ:TEAM) had its price target dropped by investment analysts at Oppenheimer from $300.00 to $250.00 in a research note issued to investors on Friday, Benzinga reports. The firm presently has an “outperform” rating on the technology company’s stock. Oppenheimer’s target price suggests a potential upside of 39.31% from the company’s previous close.

A number of other research analysts also recently commented on the company. William Blair restated an “outperform” rating on shares of Atlassian in a research note on Friday, February 2nd. Piper Sandler lowered their price target on Atlassian from $225.00 to $200.00 and set a “neutral” rating for the company in a research note on Friday. Barclays raised shares of Atlassian from an “equal weight” rating to an “overweight” rating and raised their price objective for the company from $235.00 to $275.00 in a research report on Thursday, April 11th. Robert W. Baird decreased their target price on shares of Atlassian from $270.00 to $230.00 and set an “outperform” rating for the company in a research report on Friday. Finally, StockNews.com downgraded shares of Atlassian from a “buy” rating to a “hold” rating in a report on Tuesday, March 19th. Eleven investment analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company’s stock. According to MarketBeat.com, Atlassian has an average rating of “Hold” and an average target price of $223.22.

Atlassian Stock Performance

Shares of TEAM opened at $179.45 on Friday. The company has a market capitalization of $46.55 billion, a PE ratio of -284.84 and a beta of 0.63. The company has a debt-to-equity ratio of 1.04, a quick ratio of 1.07 and a current ratio of 1.07. The company’s 50 day moving average price is $199.98 and its 200 day moving average price is $206.54. Atlassian has a 52 week low of $128.02 and a 52 week high of $258.69.

Atlassian (NASDAQ:TEAM) last issued its 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). Atlassian had a negative net margin of 3.90% and a negative return on equity of 15.54%. The company had revenue of $1.06 billion for the quarter, compared to analyst estimates of $1.02 billion. Research analysts expect that Atlassian will post -0.4 EPS for the current fiscal year.

Insider Buying and Selling at Atlassian

In related news, CEO Scott Farquhar sold 8,241 shares of the business’s stock in a transaction dated Wednesday, January 31st. The stock was sold at an average price of $251.76, for a total transaction of $2,074,754.16. Following the completion of the transaction, the chief executive officer now owns 329,640 shares of the company’s stock, valued at approximately $82,990,166.40. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other Atlassian news, President Anutthara Bharadwaj sold 760 shares of the stock in a transaction on Tuesday, April 23rd. The shares were sold at an average price of $200.00, for a total value of $152,000.00. Following the completion of the sale, the president now directly owns 161,850 shares of the company’s stock, valued at approximately $32,370,000. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CEO Scott Farquhar sold 8,241 shares of the business’s stock in a transaction dated Wednesday, January 31st. The stock was sold at an average price of $251.76, for a total transaction of $2,074,754.16. Following the transaction, the chief executive officer now owns 329,640 shares in the company, valued at approximately $82,990,166.40. The disclosure for this sale can be found here. Insiders sold 300,450 shares of company stock worth $61,721,553 over the last ninety days. Company insiders own 40.48% of the company’s stock.

Institutional Investors Weigh In On Atlassian

Several hedge funds have recently made changes to their positions in the stock. OFI Invest Asset Management acquired a new position in Atlassian in the 3rd quarter valued at approximately $26,000. Carmel Capital Partners LLC grew its holdings in shares of Atlassian by 28.5% during the 3rd quarter. Carmel Capital Partners LLC now owns 257 shares of the technology company’s stock worth $52,000 after purchasing an additional 57 shares in the last quarter. Livforsakringsbolaget Skandia Omsesidigt increased its position in shares of Atlassian by 271.0% during the fourth 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 period. EverSource Wealth Advisors LLC raised its stake in shares of Atlassian by 255.3% in the fourth 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 in the last quarter. Finally, Operose Advisors LLC bought a new position in Atlassian in the third quarter worth $99,000. Institutional investors own 93.03% of the company’s stock.

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.