Atlassian (NASDAQ:TEAM) Downgraded by StockNews.com to Hold

StockNews.com downgraded shares of Atlassian (NASDAQ:TEAMFree Report) from a buy rating to a hold rating in a research note released on Thursday morning.

Other research analysts have also issued research reports about the company. Barclays raised Atlassian from an equal weight rating to an overweight rating and boosted their price objective for the stock from $235.00 to $275.00 in a report on Thursday, April 11th. Canaccord Genuity Group cut their price objective on Atlassian from $260.00 to $230.00 and set a buy rating for the company in a report on Friday, April 26th. Truist Financial cut their target price on Atlassian from $220.00 to $200.00 and set a hold rating for the company in a research note on Friday, April 26th. The Goldman Sachs Group upped their target price on Atlassian from $188.00 to $215.00 and gave the stock a neutral rating in a research note on Friday, February 2nd. Finally, KeyCorp assumed coverage on Atlassian in a research note on Tuesday, March 19th. They issued a sector weight rating for the company. Eleven analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. According to MarketBeat, Atlassian presently has an average rating of Hold and an average price target of $223.22.

Check Out Our Latest Research Report on TEAM

Atlassian Trading Down 3.2 %

Shares of TEAM opened at $160.39 on Thursday. The business’s 50-day moving average price is $186.83 and its 200-day moving average price is $205.27. Atlassian has a twelve month low of $156.44 and a twelve month high of $258.69. The stock has a market cap of $41.75 billion, a PE ratio of -254.59 and a beta of 0.67. The company has a quick ratio of 1.18, a current ratio of 1.18 and a debt-to-equity ratio of 0.82.

Atlassian (NASDAQ:TEAMGet Free Report) last issued its quarterly earnings data on Thursday, April 25th. The technology company reported $0.89 EPS for the quarter, topping the consensus estimate of $0.62 by $0.27. Atlassian had a negative return on equity of 13.95% and a negative net margin of 3.90%. The company had revenue of $1.19 billion during the quarter, compared to analyst estimates of $1.10 billion. During the same quarter in the previous year, the firm earned ($0.40) earnings per share. Atlassian’s revenue was up 29.9% on a year-over-year basis. On average, equities analysts forecast that Atlassian will post -0.23 EPS for the current fiscal year.

Insider Activity at Atlassian

In related news, CEO Michael Cannon-Brookes sold 8,241 shares of the company’s stock in a transaction that occurred on Tuesday, May 28th. The stock was sold at an average price of $165.51, for a total transaction of $1,363,967.91. Following the completion of the transaction, the chief executive officer now owns 176,907 shares in the company, valued at $29,279,877.57. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. In other news, CTO Rajeev Bashyam Rajan sold 445 shares of the stock in a transaction on Thursday, May 23rd. The stock was sold at an average price of $175.90, for a total value of $78,275.50. Following the sale, the chief technology officer now directly owns 130,525 shares of the company’s stock, valued at $22,959,347.50. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CEO Michael Cannon-Brookes sold 8,241 shares of the stock in a transaction on Tuesday, May 28th. The stock was sold at an average price of $165.51, for a total value of $1,363,967.91. Following the completion of the sale, the chief executive officer now directly owns 176,907 shares in the company, valued at $29,279,877.57. The disclosure for this sale can be found here. Insiders sold a total of 284,126 shares of company stock worth $54,187,129 over the last quarter. 40.48% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Atlassian

Several institutional investors have recently modified their holdings of the business. Graypoint LLC boosted its position in shares of Atlassian by 2.4% during the fourth quarter. Graypoint LLC now owns 1,784 shares of the technology company’s stock valued at $424,000 after buying an additional 42 shares during the last quarter. Legacy Wealth Asset Management LLC boosted its position in shares of Atlassian by 1.4% during the fourth 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 during the last quarter. Park National Corp OH boosted its position in shares of Atlassian by 3.5% during the fourth 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 during the last quarter. First Trust Direct Indexing L.P. boosted its position in shares of Atlassian by 1.5% during the first 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 during the last quarter. Finally, UMB Bank n.a. boosted its position in Atlassian by 5.7% in the fourth quarter. UMB Bank n.a. now owns 1,041 shares of the technology company’s stock worth $248,000 after purchasing an additional 56 shares during the last quarter. 93.03% of the stock is owned by hedge funds and other institutional investors.

Atlassian Company Profile

(Get Free Report)

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.

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Analyst Recommendations for Atlassian (NASDAQ:TEAM)

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