Atlassian (NASDAQ:TEAM) Given New $120.00 Price Target at Wells Fargo & Company

Atlassian (NASDAQ:TEAM) had its price target lowered by Wells Fargo & Company from $155.00 to $120.00 in a research report released on Tuesday morning,Benzinga reports. The brokerage currently has an overweight rating on the technology company’s stock.

A number of other analysts have also recently weighed in on the stock. KeyCorp cut their price objective on shares of Atlassian from $210.00 to $170.00 and set an “overweight” rating on the stock in a report on Friday, February 6th. Canaccord Genuity Group set a $185.00 target price on shares of Atlassian in a report on Friday, February 6th. Piper Sandler reaffirmed an “overweight” rating and set a $200.00 price target (down from $280.00) on shares of Atlassian in a report on Friday, February 6th. TD Cowen lowered their target price on shares of Atlassian from $205.00 to $175.00 and set a “hold” rating on the stock in a report on Tuesday, January 20th. Finally, Cantor Fitzgerald dropped their price target on shares of Atlassian from $240.00 to $146.00 and set an “overweight” rating on the stock in a research note on Wednesday, February 4th. Twenty-two equities research analysts have rated the stock with a Buy rating, five have issued a Hold rating and two have assigned a Sell rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $180.48.

Atlassian Stock Down 1.7%

Shares of NASDAQ TEAM opened at $74.91 on Tuesday. The business has a 50-day moving average of $100.96 and a two-hundred day moving average of $139.31. The company has a market capitalization of $19.76 billion, a price-to-earnings ratio of -104.04 and a beta of 0.94. Atlassian has a 1 year low of $67.85 and a 1 year high of $242.00. 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 released its quarterly earnings data on Thursday, February 5th. The technology company reported $1.22 EPS for the quarter, beating analysts’ consensus estimates of $1.12 by $0.10. The business had revenue of $1.59 billion for the quarter, compared to the consensus estimate of $1.54 billion. Atlassian had a negative return on equity of 6.33% and a negative net margin of 3.29%.The business’s revenue for the quarter was up 23.3% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.96 EPS. On average, analysts forecast that Atlassian will post -0.34 earnings per share for the current fiscal year.

Insider Transactions at Atlassian

In other Atlassian news, CEO Michael Cannon-Brookes sold 7,665 shares of Atlassian stock in a transaction on Friday, January 2nd. The shares were sold at an average price of $156.15, for a total value of $1,196,889.75. Following the transaction, the chief executive officer owned 459,900 shares in the company, valued at $71,813,385. This trade represents a 1.64% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Scott Farquhar sold 7,665 shares of Atlassian stock in a transaction on Wednesday, December 31st. The shares were sold at an average price of $162.68, for a total value of $1,246,942.20. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders have sold 312,613 shares of company stock valued at $43,163,892. 36.66% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Atlassian

A number of large investors have recently modified their holdings of the company. Physician Wealth Advisors Inc. lifted its stake in shares of Atlassian by 60.4% in the 3rd quarter. Physician Wealth Advisors Inc. now owns 162 shares of the technology company’s stock valued at $26,000 after purchasing an additional 61 shares in the last quarter. GAMMA Investing LLC raised its holdings in Atlassian by 12.0% in the fourth quarter. GAMMA Investing LLC now owns 615 shares of the technology company’s stock valued at $100,000 after buying an additional 66 shares during the period. Snowden Capital Advisors LLC lifted its position in Atlassian by 1.6% during the second quarter. Snowden Capital Advisors LLC now owns 4,464 shares of the technology company’s stock valued at $907,000 after buying an additional 71 shares in the last quarter. Financial Perspectives Inc grew its stake in Atlassian by 11.7% during the fourth quarter. Financial Perspectives Inc now owns 718 shares of the technology company’s stock worth $116,000 after buying an additional 75 shares during the period. Finally, Cetera Investment Advisers increased its position in shares of Atlassian by 0.3% in the second quarter. Cetera Investment Advisers now owns 24,808 shares of the technology company’s stock worth $5,038,000 after acquiring an additional 79 shares in the last quarter. 94.45% of the stock is currently owned by hedge funds and other institutional investors.

Atlassian News Summary

Here are the key news stories impacting Atlassian this week:

• Positive Sentiment: Wells Fargo cut its price target to $120 but kept an “overweight” rating, emphasizing continued analyst conviction and signaling meaningful upside from current levels. Read More.
• Positive Sentiment: BNP Paribas Exane initiated coverage with an “outperform” rating and a $95 price target, another buy-side endorsement that could cushion selling pressure. (Coverage note reported by market services.)
• Positive Sentiment: Management says the 10% workforce reduction will fund AI investments and refocus resources on growth initiatives — a strategic cost/reinvestment move that can improve margins long term if execution succeeds. Read More.
• Neutral Sentiment: Atlassian publicly defended the dismissal of an engineer who criticised CEO Mike Cannon‑Brookes, saying it had the right to fire the employee — this is a company response that may limit legal/business uncertainty but doesn’t resolve reputational risk. Read More.
• Neutral Sentiment: Reported short-interest data for mid‑March is effectively non-informative/zero in the feed, so short-selling dynamics are not a clear driver of today’s move. (Data appears unreliable.)
• Negative Sentiment: Multiple outlets report an ex‑Atlassian engineer is fighting the dismissal and alleging improper/illegal firing after criticising the CEO — this raises governance and reputational risks that can hurt sentiment and attract regulatory or legal costs. Read More. Read More.
• Negative Sentiment: Layoffs — Atlassian cut ~10% of its workforce (~1,600 jobs). Coverage warns of cultural disruption and a “chaos tsunami” for the workforce; such execution and morale risks can pressure near-term productivity and revenue even if cost savings help margins later. Read More. Read More.

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.