Barclays Has Lowered Expectations for Atlassian (NASDAQ:TEAM) Stock Price

Atlassian (NASDAQ:TEAM) had its price target decreased by equities researchers at Barclays from $244.00 to $215.00 in a research report issued to clients and investors on Friday,Benzinga reports. The brokerage presently has an “overweight” rating on the technology company’s stock. Barclays‘s target price suggests a potential upside of 27.93% from the stock’s current price.

Other equities research analysts have also issued reports about the stock. Mizuho lowered their price target on shares of Atlassian from $265.00 to $235.00 and set an “outperform” rating on the stock in a research note on Friday. Baird R W upgraded shares of Atlassian from a “hold” rating to a “strong-buy” rating in a research note on Monday, April 14th. Wall Street Zen upgraded shares of Atlassian from a “hold” rating to a “buy” rating in a research note on Sunday, June 22nd. Piper Sandler reiterated an “overweight” rating and issued a $300.00 price target (down from $365.00) on shares of Atlassian in a research note on Friday, May 2nd. Finally, UBS Group reiterated a “hold” rating on shares of Atlassian in a research note on Monday, July 7th. Five analysts have rated the stock with a hold rating, nineteen have given a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, Atlassian has a consensus rating of “Moderate Buy” and a consensus price target of $260.67.

Atlassian Trading Down 1.7%

Shares of NASDAQ:TEAM opened at $168.06 on Friday. Atlassian has a 12 month low of $137.27 and a 12 month high of $326.00. The company has a quick ratio of 1.26, a current ratio of 1.26 and a debt-to-equity ratio of 0.72. The company’s fifty day simple moving average is $199.40 and its 200 day simple moving average is $225.85. The firm has a market cap of $44.12 billion, a price-to-earnings ratio of -169.76 and a beta of 0.96.

Atlassian (NASDAQ:TEAM) last issued its quarterly earnings data on Thursday, August 7th. The technology company reported $0.98 EPS for the quarter, topping analysts’ consensus estimates of $0.83 by $0.15. Atlassian had a negative net margin of 4.92% and a negative return on equity of 15.19%. The business had revenue of $1.38 billion for the quarter, compared to analyst estimates of $1.36 billion. During the same period last year, the business posted $0.66 earnings per share. The firm’s quarterly revenue was up 22.3% on a year-over-year basis. As a group, research analysts forecast that Atlassian will post -0.34 EPS for the current fiscal year.

Insider Transactions at Atlassian

In other news, Director Scott Farquhar sold 7,948 shares of the company’s stock in a transaction that occurred on Monday, May 19th. The shares were sold at an average price of $214.92, for a total transaction of $1,708,184.16. Following the completion of the sale, the director owned 103,324 shares of the company’s stock, valued at approximately $22,206,394.08. This represents a 7.14% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CEO Michael Cannon-Brookes sold 7,948 shares of the company’s stock in a transaction that occurred on Monday, May 12th. The stock was sold at an average price of $222.47, for a total transaction of $1,768,191.56. Following the sale, the chief executive officer directly owned 143,064 shares of the company’s stock, valued at approximately $31,827,448.08. This trade represents a 5.26% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 522,111 shares of company stock worth $106,345,639. 38.55% of the stock is owned by company insiders.

Institutional Trading of Atlassian

Institutional investors and hedge funds have recently made changes to their positions in the company. Clean Yield Group lifted its holdings in shares of Atlassian by 372.0% during the 1st quarter. Clean Yield Group now owns 118 shares of the technology company’s stock worth $25,000 after acquiring an additional 93 shares during the period. Capco Asset Management LLC bought a new position in Atlassian in the 2nd quarter valued at approximately $25,000. Colonial Trust Co SC lifted its stake in 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 increased its position in shares of Atlassian by 90.7% during the first quarter. Smithfield Trust Co now owns 164 shares of the technology company’s stock worth $34,000 after buying an additional 78 shares during the period. Finally, GeoWealth Management LLC increased its position in shares of Atlassian by 26.8% during the fourth quarter. GeoWealth Management LLC now owns 180 shares of the technology company’s stock worth $44,000 after buying an additional 38 shares during the period. Institutional investors 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.