Atlassian (NASDAQ:TEAM) Price Target Cut to $265.00 by Analysts at Citigroup

Atlassian (NASDAQ:TEAM) had its price objective reduced by Citigroup from $280.00 to $265.00 in a research report sent to investors on Friday morning, Benzinga reports. Citigroup currently has a buy rating on the technology company’s stock.

Several other analysts have also recently issued reports on the stock. Truist Financial upped their price objective on shares of Atlassian from $180.00 to $220.00 and gave the company a hold rating in a research note on Tuesday, January 16th. The Goldman Sachs Group increased their price target on shares of Atlassian from $188.00 to $215.00 and gave the company a neutral rating in a research note on Friday, February 2nd. Capital One Financial assumed coverage on shares of Atlassian in a research note on Monday, December 18th. They issued an equal weight rating and a $238.00 price target for the company. Mizuho upped their price objective on shares of Atlassian from $240.00 to $265.00 and gave the stock a buy rating in a report on Tuesday, January 16th. Finally, UBS Group decreased their price objective on shares of Atlassian from $260.00 to $250.00 and set a neutral rating on the stock in a report on Friday, February 2nd. Ten research analysts have rated the stock with a hold rating and nine have issued a buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of Hold and an average target price of $224.25.

Atlassian Stock Down 7.1 %

Shares of NASDAQ TEAM opened at $191.84 on Friday. The company’s 50-day simple moving average is $203.83 and its 200-day simple moving average is $206.83. Atlassian has a 52-week low of $128.02 and a 52-week high of $258.69. The firm has a market cap of $49.76 billion, a price-to-earnings ratio of -128.75 and a beta of 0.63. The company has a quick ratio of 1.07, a current ratio of 1.07 and a debt-to-equity ratio of 1.04.

Atlassian (NASDAQ:TEAM) last announced its quarterly earnings data on Thursday, February 1st. The technology company reported ($0.30) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.06) by ($0.24). Atlassian had a negative net margin of 9.87% and a negative return on equity of 34.56%. The business had revenue of $1.06 billion for the quarter, compared to analysts’ expectations of $1.02 billion. Equities analysts predict that Atlassian will post -0.4 EPS for the current fiscal year.

Insider Activity

In other news, CAO Gene Liu sold 227 shares of the firm’s stock in a transaction on Wednesday, February 14th. The shares were sold at an average price of $212.87, for a total value of $48,321.49. Following the sale, the chief accounting officer now directly owns 47,066 shares in the company, valued at approximately $10,018,939.42. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In related news, CEO Michael Cannon-Brookes sold 8,241 shares of the stock in a transaction on Thursday, January 18th. The shares were sold at an average price of $238.95, for a total value of $1,969,186.95. Following the transaction, the chief executive officer now directly owns 403,809 shares of the company’s stock, valued at approximately $96,490,160.55. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, CAO Gene Liu sold 227 shares of the stock in a transaction on Wednesday, February 14th. The shares were sold at an average price of $212.87, for a total transaction of $48,321.49. Following the completion of the transaction, the chief accounting officer now directly owns 47,066 shares in the company, valued at $10,018,939.42. The disclosure for this sale can be found here. In the last three months, insiders have sold 293,159 shares of company stock worth $62,026,607. 40.48% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of TEAM. OFI Invest Asset Management purchased a new stake in shares of Atlassian during the third quarter worth about $26,000. Meeder Asset Management Inc. lifted its position in Atlassian by 151.5% during the fourth quarter. Meeder Asset Management Inc. now owns 244 shares of the technology company’s stock valued at $31,000 after buying an additional 147 shares in the last quarter. Tyler Stone Wealth Management acquired a new position in Atlassian during the second quarter valued at approximately $34,000. Quarry LP acquired a new position in Atlassian during the second quarter valued at approximately $44,000. Finally, Harbour Investments Inc. lifted its position in Atlassian by 148.8% during the fourth quarter. Harbour Investments Inc. now owns 199 shares of the technology company’s stock valued at $47,000 after buying an additional 119 shares in the last quarter. 93.03% of the stock is owned by hedge funds and other institutional investors.

About Atlassian

Atlassian Corporation, through its subsidiaries, designs, develops, licenses, and maintains various software products worldwide. Its product portfolio includes Jira Software and Jira Work Management, a project management system that connects technical and business teams so they can better plan, organize, track and manage their work and projects; Confluence, a connected workspace that organizes knowledge across all teams to move work forward; and Trello, a collaboration and organization product that captures and adds structure to fluid and fast-forming work for teams.