Atlassian (NASDAQ:TEAM) Given New $175.00 Price Target at TD Cowen

Atlassian (NASDAQ:TEAM) had its price objective lowered by TD Cowen from $205.00 to $175.00 in a research report released on Tuesday morning,Benzinga reports. The firm currently has a hold rating on the technology company’s stock.

A number of other research analysts have also recently weighed in on the stock. UBS Group dropped their price objective on shares of Atlassian from $215.00 to $185.00 and set a “neutral” rating for the company in a research note on Friday, October 24th. Canaccord Genuity Group reissued a “buy” rating and issued a $230.00 target price on shares of Atlassian in a research report on Wednesday, October 22nd. Jefferies Financial Group set a $262.00 price objective on Atlassian in a research note on Thursday, January 15th. Bank of America assumed coverage on Atlassian in a report on Tuesday, September 23rd. They issued a “neutral” rating and a $200.00 price target for the company. Finally, Wells Fargo & Company began coverage on Atlassian in a research note on Tuesday, September 30th. They issued an “overweight” rating and a $216.00 price target on the stock. One equities research analyst has rated the stock with a Strong Buy rating, twenty-one have issued a Buy rating, nine have given a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, Atlassian currently has a consensus rating of “Moderate Buy” and a consensus price target of $236.15.

Atlassian Trading Down 0.4%

NASDAQ TEAM opened at $118.06 on Tuesday. The firm’s fifty day moving average price is $152.24 and its 200 day moving average price is $165.25. Atlassian has a 12 month low of $115.53 and a 12 month high of $326.00. The company has a debt-to-equity ratio of 0.72, a current ratio of 1.26 and a quick ratio of 1.26. The company has a market capitalization of $31.06 billion, a price-to-earnings ratio of -166.28, a price-to-earnings-growth ratio of 18.36 and a beta of 0.88.

Atlassian (NASDAQ:TEAM) last released its quarterly earnings results on Thursday, October 30th. The technology company reported $1.04 EPS for the quarter, beating the consensus estimate of $0.83 by $0.21. The firm had revenue of $1.43 billion during the quarter, compared to the consensus estimate of $1.40 billion. Atlassian had a negative net margin of 3.38% and a negative return on equity of 7.11%. Atlassian’s revenue for the quarter was up 20.6% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.77 EPS. On average, sell-side analysts expect that Atlassian will post -0.34 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Atlassian news, CEO Michael Cannon-Brookes sold 7,665 shares of the business’s stock in a transaction on Friday, October 31st. The shares were sold at an average price of $167.61, for a total transaction of $1,284,730.65. Following the sale, the chief executive officer directly owned 314,265 shares of the company’s stock, valued at $52,673,956.65. The trade was a 2.38% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Scott Farquhar sold 7,665 shares of the company’s stock in a transaction on Friday, October 31st. The stock was sold at an average price of $167.61, for a total transaction of $1,284,730.65. Following the completion of the transaction, the director directly owned 314,265 shares in the company, valued at $52,673,956.65. This trade represents a 2.38% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold 551,049 shares of company stock worth $85,741,506 in the last three months. 36.66% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Atlassian

A number of institutional investors have recently added to or reduced their stakes in the company. Vanguard Group Inc. increased its holdings in shares of Atlassian by 6.0% in the third quarter. Vanguard Group Inc. now owns 18,479,561 shares of the technology company’s stock worth $2,951,186,000 after acquiring an additional 1,049,483 shares in the last quarter. Artisan Partners Limited Partnership grew its position in Atlassian by 66.3% in the second quarter. Artisan Partners Limited Partnership now owns 3,878,133 shares of the technology company’s stock valued at $787,610,000 after purchasing an additional 1,545,546 shares in the last quarter. State Street Corp increased its stake in Atlassian by 1.9% in the 3rd quarter. State Street Corp now owns 3,867,995 shares of the technology company’s stock valued at $617,719,000 after buying an additional 73,014 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its position in Atlassian by 18.7% during the 3rd quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 2,867,886 shares of the technology company’s stock worth $458,001,000 after buying an additional 451,706 shares in the last quarter. Finally, DNB Asset Management AS boosted its stake in shares of Atlassian by 266.6% during the 3rd quarter. DNB Asset Management AS now owns 2,806,888 shares of the technology company’s stock worth $448,260,000 after buying an additional 2,041,210 shares during the last quarter. 94.45% of the stock is owned by institutional investors and hedge funds.

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.