Atlassian (NASDAQ:TEAM) Rating Lowered to Equal Weight at Capital One Financial

Atlassian (NASDAQ:TEAM) was downgraded by research analysts at Capital One Financial from an “overweight” rating to an “equal weight” rating in a research note issued on Wednesday, MarketBeat Ratings reports. They presently have a $211.00 target price on the technology company’s stock. Capital One Financial‘s price objective points to a potential upside of 10.69% from the stock’s current price.

Several other research analysts have also recently issued reports on TEAM. Barclays cut their price target on shares of Atlassian from $350.00 to $260.00 and set an “overweight” rating for the company in a report on Monday, May 5th. Cantor Fitzgerald raised shares of Atlassian from a “neutral” rating to an “overweight” rating and dropped their target price for the company from $304.00 to $272.00 in a report on Wednesday, April 2nd. Raymond James Financial reaffirmed an “outperform” rating and issued a $300.00 target price (down from $330.00) on shares of Atlassian in a report on Friday, May 2nd. Wells Fargo & Company dropped their target price on shares of Atlassian from $330.00 to $315.00 and set an “overweight” rating for the company in a report on Friday, May 2nd. Finally, Wall Street Zen raised shares of Atlassian from a “hold” rating to a “buy” rating in a report on Sunday, June 22nd. Five research analysts have rated the stock with a hold rating, nineteen have given a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $279.81.

Atlassian Stock Performance

NASDAQ TEAM opened at $190.62 on Wednesday. The company has a debt-to-equity ratio of 0.72, a current ratio of 1.26 and a quick ratio of 1.26. Atlassian has a 1 year low of $135.29 and a 1 year high of $326.00. The company has a market capitalization of $50.04 billion, a PE ratio of -114.83 and a beta of 0.94. The company has a fifty day moving average of $206.58 and a two-hundred day moving average of $232.29.

Atlassian (NASDAQ:TEAM) last announced its earnings results on Thursday, May 1st. The technology company reported $0.97 earnings per share for the quarter, topping the consensus estimate of $0.93 by $0.04. The business had revenue of $1.36 billion during the quarter, compared to the consensus estimate of $1.35 billion. Atlassian had a negative net margin of 8.66% and a negative return on equity of 23.41%. The business’s quarterly revenue was up 14.1% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.89 earnings per share. As a group, analysts expect that Atlassian will post -0.34 earnings per share for the current year.

Insider Buying and Selling

In related news, CEO Michael Cannon-Brookes sold 7,665 shares of the firm’s stock in a transaction that occurred on Wednesday, July 16th. The shares were sold at an average price of $189.37, for a total transaction of $1,451,521.05. Following the sale, the chief executive officer owned 406,245 shares in the company, valued at approximately $76,930,615.65. This trade represents a 1.85% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Scott Farquhar sold 7,665 shares of the firm’s stock in a transaction that occurred on Wednesday, July 16th. The stock was sold at an average price of $189.37, for a total transaction of $1,451,521.05. Following the sale, the director owned 406,245 shares in the company, valued at approximately $76,930,615.65. This trade represents a 1.85% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 447,725 shares of company stock worth $93,163,341. 38.55% of the stock is owned by company insiders.

Hedge Funds Weigh In On Atlassian

Hedge funds have recently made changes to their positions in the stock. Clean Yield Group boosted its holdings in shares of Atlassian by 372.0% in the 1st quarter. Clean Yield Group now owns 118 shares of the technology company’s stock valued at $25,000 after purchasing an additional 93 shares during the last quarter. Murphy & Mullick Capital Management Corp acquired a new position in shares of Atlassian in the 4th quarter valued at $27,000. Colonial Trust Co SC boosted its holdings in shares of Atlassian by 100.0% in the 4th quarter. Colonial Trust Co SC now owns 138 shares of the technology company’s stock valued at $34,000 after purchasing an additional 69 shares during the last quarter. Smithfield Trust Co boosted its holdings in shares of Atlassian by 90.7% in the 1st quarter. Smithfield Trust Co now owns 164 shares of the technology company’s stock valued at $34,000 after purchasing an additional 78 shares during the last quarter. Finally, Summit Securities Group LLC acquired a new position in shares of Atlassian in the 4th quarter valued at $38,000. Institutional investors and hedge funds own 94.45% 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.