Bank of America Issues Pessimistic Forecast for Atlassian (NASDAQ:TEAM) Stock Price

Atlassian (NASDAQ:TEAM) had its price objective dropped by equities research analysts at Bank of America from $110.00 to $105.00 in a report released on Thursday,Benzinga reports. The brokerage presently has a “neutral” rating on the technology company’s stock. Bank of America‘s price target points to a potential upside of 12.55% from the stock’s previous close.

Several other research firms also recently issued reports on TEAM. BTIG Research reiterated a “buy” rating and issued a $130.00 price objective on shares of Atlassian in a report on Friday, July 10th. Truist Financial raised their target price on Atlassian from $90.00 to $100.00 and gave the company a “buy” rating in a report on Friday, May 1st. Morgan Stanley dropped their target price on Atlassian from $290.00 to $120.00 and set an “overweight” rating for the company in a research report on Thursday, April 16th. Canaccord Genuity Group cut their price target on shares of Atlassian from $185.00 to $150.00 and set a “buy” rating on the stock in a research note on Wednesday, April 15th. Finally, TD Cowen increased their price target on shares of Atlassian from $85.00 to $105.00 and gave the stock a “hold” rating in a research report on Friday, May 1st. Twenty-one analysts have rated the stock with a Buy rating, six have issued a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $138.50.

Atlassian Stock Performance

NASDAQ:TEAM opened at $93.29 on Thursday. Atlassian has a fifty-two week low of $56.01 and a fifty-two week high of $206.00. The company has a debt-to-equity ratio of 1.13, a quick ratio of 0.70 and a current ratio of 0.70. The company has a 50 day moving average price of $88.74 and a 200 day moving average price of $91.91. The stock has a market capitalization of $23.67 billion, a P/E ratio of -112.40, a PEG ratio of 5.70 and a beta of 1.11.

Atlassian (NASDAQ:TEAM) last announced its earnings results on Thursday, April 30th. The technology company reported $1.75 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.33 by $0.42. Atlassian had a positive return on equity of 6.22% and a negative net margin of 3.50%.The company had revenue of $1.79 billion for the quarter, compared to analyst estimates of $1.70 billion. During the same quarter in the previous year, the company earned $0.97 earnings per share. The firm’s quarterly revenue was up 31.7% compared to the same quarter last year. Equities research analysts forecast that Atlassian will post 0.81 EPS for the current year.

Insider Buying and Selling at Atlassian

In other news, CRO Brian Duffy sold 3,000 shares of Atlassian stock in a transaction dated Friday, June 12th. The stock was sold at an average price of $89.71, for a total value of $269,130.00. Following the completion of the transaction, the executive owned 227,691 shares in the company, valued at approximately $20,426,159.61. This trade represents a 1.30% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CFO James Chuong sold 8,838 shares of the business’s stock in a transaction dated Tuesday, May 19th. The stock was sold at an average price of $87.75, for a total value of $775,534.50. Following the transaction, the chief financial officer directly owned 288,272 shares of the company’s stock, valued at approximately $25,295,868. This represents a 2.97% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold a total of 20,041 shares of company stock valued at $1,801,069 over the last three months. 36.66% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in the company. AQR Capital Management LLC raised its position in shares of Atlassian by 291.4% during the 4th quarter. AQR Capital Management LLC now owns 7,749,694 shares of the technology company’s stock worth $1,256,535,000 after acquiring an additional 5,769,788 shares in the last quarter. Norges Bank acquired a new position in Atlassian in the fourth quarter valued at approximately $323,526,000. Morgan Stanley boosted its holdings in Atlassian by 52.4% in the fourth quarter. Morgan Stanley now owns 4,822,007 shares of the technology company’s stock valued at $781,841,000 after purchasing an additional 1,657,309 shares in the last quarter. Carmignac Gestion boosted its holdings in Atlassian by 115.8% in the first quarter. Carmignac Gestion now owns 2,603,770 shares of the technology company’s stock valued at $177,707,000 after purchasing an additional 1,397,402 shares in the last quarter. Finally, KBC Group NV increased its stake in Atlassian by 1,691.2% in the first quarter. KBC Group NV now owns 1,440,019 shares of the technology company’s stock valued at $98,281,000 after purchasing an additional 1,359,624 shares during the last quarter. Hedge funds and other 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.