Atlassian (NASDAQ:TEAM) Trading Down 5.9% on Analyst Downgrade

Atlassian Co. PLC (NASDAQ:TEAM) dropped 5.9% on Friday after KeyCorp lowered their price target on the stock from $201.00 to $196.00. KeyCorp currently has an overweight rating on the stock. Atlassian traded as low as $170.14 and last traded at $176.65, approximately 6,925,955 shares were traded during mid-day trading. An increase of 255% from the average daily volume of 1,949,120 shares. The stock had previously closed at $187.66.

Other research analysts also recently issued research reports about the company. Morgan Stanley increased their price target on Atlassian from $173.00 to $200.00 and gave the company an “overweight” rating in a report on Tuesday, July 14th. BidaskClub downgraded Atlassian from a “buy” rating to a “hold” rating in a report on Wednesday, July 15th. Citigroup initiated coverage on Atlassian in a report on Friday, May 15th. They issued a “buy” rating for the company. FBN Securities initiated coverage on Atlassian in a report on Friday, May 15th. They issued an “outperform” rating and a $220.00 price target for the company. Finally, Canaccord Genuity reissued a “buy” rating on shares of Atlassian in a report on Friday, May 1st. Six research analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the company. The company currently has a consensus rating of “Buy” and a consensus price target of $181.25.

Several institutional investors have recently made changes to their positions in TEAM. National Asset Management Inc. raised its position in shares of Atlassian by 139.1% during the 2nd quarter. National Asset Management Inc. now owns 4,799 shares of the technology company’s stock worth $866,000 after purchasing an additional 2,792 shares during the period. Comerica Bank raised its position in shares of Atlassian by 18.5% during the 2nd quarter. Comerica Bank now owns 5,177 shares of the technology company’s stock worth $990,000 after purchasing an additional 810 shares during the period. Dixon Hubard Feinour & Brown Inc. VA acquired a new stake in shares of Atlassian during the 2nd quarter worth approximately $229,000. Wilbanks Smith & Thomas Asset Management LLC acquired a new stake in shares of Atlassian during the 2nd quarter worth approximately $233,000. Finally, Sigma Planning Corp acquired a new stake in shares of Atlassian during the 2nd quarter worth approximately $270,000. Institutional investors and hedge funds own 93.16% of the company’s stock.

The business has a 50-day moving average price of $181.83 and a two-hundred day moving average price of $158.97. The firm has a market capitalization of $21.54 billion, a price-to-earnings ratio of -122.67, a PEG ratio of 36.05 and a beta of 1.02.

Atlassian (NASDAQ:TEAM) last announced its quarterly earnings results on Thursday, July 30th. The technology company reported $0.25 earnings per share for the quarter, topping analysts’ consensus estimates of ($0.07) by $0.32. The business had revenue of $430.48 million for the quarter, compared to analysts’ expectations of $408.86 million. Atlassian had a positive return on equity of 2.00% and a negative net margin of 21.72%. As a group, equities research analysts expect that Atlassian Co. PLC will post 0.23 EPS for the current year.

Atlassian Company Profile (NASDAQ:TEAM)

Atlassian Corporation Plc, through its subsidiaries, designs, develops, licenses, and maintains various software products worldwide. It provides project tracking, content creation and sharing, and service management products. The company's products include JIRA, a workflow management system that enables teams to plan, organize, track, and manage their work and projects; Confluence, a content collaboration platform that is used to create, share, organize, and discuss projects; and Trello, a Web-based project management application for capturing and adding structure to fluid, fast-forming work for teams.

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