Atlassian (NASDAQ:TEAM) Given New $85.00 Price Target at TD Cowen

Atlassian (NASDAQ:TEAM) had its target price decreased by TD Cowen from $140.00 to $85.00 in a report released on Thursday morning,Benzinga reports. TD Cowen currently has a hold rating on the technology company’s stock.

TEAM has been the subject of several other reports. Wells Fargo & Company cut their target price on shares of Atlassian from $155.00 to $120.00 and set an “overweight” rating for the company in a research note on Tuesday, March 17th. Guggenheim set a $115.00 target price on shares of Atlassian in a research note on Thursday, April 9th. UBS Group reaffirmed a “neutral” rating and set a $105.00 target price on shares of Atlassian in a research note on Friday, February 6th. Robert W. Baird set a $140.00 target price on shares of Atlassian in a research note on Friday, February 6th. Finally, KeyCorp cut their target price on shares of Atlassian from $170.00 to $130.00 and set an “overweight” rating for the company in a research note on Wednesday, April 1st. Twenty analysts have rated the stock with a Buy rating, six have assigned a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $159.37.

Atlassian Stock Up 4.1%

Shares of TEAM stock opened at $68.73 on Thursday. The company has a market capitalization of $18.13 billion, a price-to-earnings ratio of -95.46 and a beta of 0.99. Atlassian has a one year low of $56.01 and a one year high of $242.00. The company’s fifty day moving average price is $74.29 and its 200-day moving average price is $123.80. The company has a debt-to-equity ratio of 0.62, a current ratio of 0.89 and a quick ratio of 0.89.

Atlassian (NASDAQ:TEAM) last posted its earnings results on Friday, February 6th. The technology company reported $1.22 earnings per share for the quarter, beating the consensus estimate of $1.12 by $0.10. The company had revenue of $1.59 billion during the quarter, compared to analysts’ expectations of $1.54 billion. Atlassian had a negative net margin of 3.29% and a negative return on equity of 6.33%. Atlassian’s quarterly revenue was up 23.3% on a year-over-year basis. During the same period last year, the company posted $0.96 earnings per share. Sell-side analysts expect that Atlassian will post -0.34 EPS for the current fiscal year.

Insiders Place Their Bets

In other Atlassian news, CEO Michael Cannon-Brookes sold 7,665 shares of Atlassian stock in a transaction on Friday, January 30th. The shares were sold at an average price of $119.15, for a total value of $913,284.75. Following the completion of the transaction, the chief executive officer directly owned 314,265 shares of the company’s stock, valued at $37,444,674.75. This trade represents a 2.38% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Also, Director Scott Farquhar sold 7,665 shares of Atlassian stock in a transaction on Monday, February 2nd. The stock was sold at an average price of $116.40, for a total transaction of $892,206.00. Following the completion of the transaction, the director directly owned 298,935 shares of the company’s stock, valued at $34,796,034. The trade was a 2.50% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 128,653 shares of company stock valued at $15,085,924 over the last three months. Corporate insiders own 36.66% of the company’s stock.

Institutional Investors Weigh In On Atlassian

Several institutional investors have recently made changes to their positions in the company. SG Americas Securities LLC lifted its holdings in shares of Atlassian by 1,516.7% in the 1st quarter. SG Americas Securities LLC now owns 905,629 shares of the technology company’s stock worth $61,809,000 after acquiring an additional 849,613 shares during the last quarter. BI Asset Management Fondsmaeglerselskab A S lifted its holdings in shares of Atlassian by 22.6% in the 1st quarter. BI Asset Management Fondsmaeglerselskab A S now owns 13,081 shares of the technology company’s stock worth $893,000 after acquiring an additional 2,414 shares during the last quarter. Rockefeller Capital Management L.P. lifted its holdings in shares of Atlassian by 29.1% in the 4th quarter. Rockefeller Capital Management L.P. now owns 8,056 shares of the technology company’s stock worth $1,306,000 after acquiring an additional 1,818 shares during the last quarter. DUTCH ASSET Corp bought a new stake in shares of Atlassian in the 4th quarter worth about $448,000. Finally, Larry Mathis Financial Planning LLC bought a new stake in shares of Atlassian in the 4th quarter worth about $364,000. Institutional investors own 94.45% of the company’s stock.

About Atlassian

Atlassian Corporation Plc is a software company headquartered in Sydney, Australia, best known for developing collaboration, project management and software development tools. Founded in 2002 by Mike Cannon-Brookes and Scott Farquhar, Atlassian grew from a small engineering-focused team into a publicly traded company after its initial public offering in 2015. The company serves a global customer base that spans small teams to large enterprises across technology, financial services, government and other sectors.

Atlassian’s product portfolio centers on tools designed to help teams plan, build and support software and business processes.