Canaccord Genuity Group Issues Pessimistic Forecast for Atlassian (NASDAQ:TEAM) Stock Price

Atlassian (NASDAQ:TEAM) had its price objective cut by stock analysts at Canaccord Genuity Group from $255.00 to $230.00 in a research note issued to investors on Friday,Benzinga reports. The firm currently has a “buy” rating on the technology company’s stock. Canaccord Genuity Group’s price objective would indicate a potential upside of 36.86% from the stock’s previous close.

A number of other brokerages have also recently issued reports on TEAM. Macquarie cut their price objective on shares of Atlassian from $270.00 to $250.00 and set an “outperform” rating for the company in a research note on Friday, May 2nd. Oppenheimer cut their price objective on shares of Atlassian from $300.00 to $275.00 and set an “outperform” rating for the company in a research note on Monday, July 21st. KeyCorp lowered their price target on shares of Atlassian from $275.00 to $250.00 and set an “overweight” rating for the company in a report on Thursday, July 17th. Piper Sandler reiterated an “overweight” rating and set a $300.00 price target (down from $365.00) on shares of Atlassian in a report on Friday, May 2nd. Finally, Wall Street Zen upgraded shares of Atlassian from a “hold” rating to a “buy” rating in a report on Sunday, June 22nd. Five analysts have rated the stock with a hold rating, nineteen have issued a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $260.67.

Atlassian Price Performance

TEAM stock opened at $168.06 on Friday. 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 one year low of $137.27 and a one year high of $326.00. The stock has a market cap of $44.12 billion, a PE ratio of -169.76 and a beta of 0.96. The firm has a 50 day simple moving average of $199.40 and a two-hundred day simple moving average of $225.85.

Atlassian (NASDAQ:TEAM) last announced its quarterly earnings data on Thursday, August 7th. The technology company reported $0.98 earnings per share (EPS) for the quarter, beating 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 company had revenue of $1.38 billion during the quarter, compared to analysts’ expectations of $1.36 billion. During the same quarter in the prior year, the company earned $0.66 EPS. The firm’s revenue was up 22.3% on a year-over-year basis. On average, analysts predict that Atlassian will post -0.34 EPS for the current fiscal year.

Insider Activity

In related news, CEO Michael Cannon-Brookes sold 7,948 shares of the stock in a transaction dated Monday, May 12th. The shares were 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 represents a 5.26% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Scott Farquhar sold 7,948 shares of the stock in a transaction dated 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 sale, the director directly owned 103,324 shares in the company, valued at $22,206,394.08. This trade represents a 7.14% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 522,111 shares of company stock valued at $106,345,639. 38.55% of the stock is owned by company insiders.

Institutional Trading of Atlassian

A number of institutional investors have recently made changes to their positions in TEAM. Wells Fargo & Company MN boosted its holdings in shares of Atlassian by 12.1% during the 4th quarter. Wells Fargo & Company MN now owns 114,909 shares of the technology company’s stock valued at $27,967,000 after acquiring an additional 12,426 shares during the last quarter. Federated Hermes Inc. boosted its holdings in shares of Atlassian by 99.8% in the fourth quarter. Federated Hermes Inc. now owns 1,998 shares of the technology company’s stock worth $486,000 after buying an additional 998 shares during the last quarter. Cerity Partners LLC boosted its holdings in shares of Atlassian by 17.4% in the fourth quarter. Cerity Partners LLC now owns 21,148 shares of the technology company’s stock worth $5,147,000 after buying an additional 3,131 shares during the last quarter. Bank of Montreal Can boosted its holdings in shares of Atlassian by 79.5% in the fourth quarter. Bank of Montreal Can now owns 151,222 shares of the technology company’s stock worth $36,804,000 after buying an additional 66,960 shares during the last quarter. Finally, Bank of Nova Scotia boosted its holdings in shares of Atlassian by 574.9% in the fourth quarter. Bank of Nova Scotia now owns 54,576 shares of the technology company’s stock worth $13,283,000 after buying an additional 46,489 shares during the last quarter. Hedge funds and other institutional investors own 94.45% of the company’s stock.

Atlassian Company Profile

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.