Truist Financial Trims Atlassian (NASDAQ:TEAM) Target Price to $200.00

Atlassian (NASDAQ:TEAM) had its price objective decreased by analysts at Truist Financial from $220.00 to $200.00 in a research report issued on Friday, Benzinga reports. The firm currently has a “hold” rating on the technology company’s stock. Truist Financial’s price target points to a potential upside of 10.88% from the company’s current price.

Other analysts also recently issued research reports about the stock. Barclays raised shares of Atlassian from an “equal weight” rating to an “overweight” rating and raised their price objective for the stock from $235.00 to $275.00 in a research note on Thursday, April 11th. Citigroup decreased their price target on shares of Atlassian from $280.00 to $265.00 and set a “buy” rating for the company in a research note on Friday, April 12th. The Goldman Sachs Group lifted 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. Piper Sandler decreased their price target on shares of Atlassian from $225.00 to $200.00 and set a “neutral” rating for the company in a research note on Friday. Finally, Canaccord Genuity Group cut their price objective on shares of Atlassian from $260.00 to $230.00 and set a “buy” rating on the stock in a report on Friday. Ten research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $223.12.

Atlassian Trading Down 9.1 %

Shares of NASDAQ:TEAM traded down $18.03 during trading on Friday, reaching $180.38. The company’s stock had a trading volume of 3,094,798 shares, compared to its average volume of 1,705,668. The company has a current ratio of 1.07, a quick ratio of 1.07 and a debt-to-equity ratio of 1.04. Atlassian has a 12 month low of $128.02 and a 12 month high of $258.69. The firm’s 50 day simple moving average is $200.55 and its two-hundred day simple moving average is $206.69. The stock has a market capitalization of $46.79 billion, a PE ratio of -120.72 and a beta of 0.63.

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). The firm had revenue of $1.06 billion during the quarter, compared to the consensus estimate of $1.02 billion. Atlassian had a negative return on equity of 34.56% and a negative net margin of 9.87%. On average, research analysts predict that Atlassian will post -0.4 EPS for the current fiscal year.

Insider Activity at Atlassian

In related news, CAO Gene Liu sold 227 shares of the company’s stock in a transaction dated 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 sale, the chief accounting officer now owns 47,066 shares of the company’s stock, valued at approximately $10,018,939.42. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. In other news, CAO Gene Liu sold 227 shares of the stock in a transaction that occurred 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 completion of the sale, the chief accounting officer now owns 47,066 shares of the company’s stock, valued at approximately $10,018,939.42. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, CEO Scott Farquhar sold 8,241 shares of the stock in a transaction that occurred on Monday, January 29th. The stock was sold at an average price of $253.53, for a total transaction of $2,089,340.73. Following the transaction, the chief executive officer now directly owns 346,122 shares of the company’s stock, valued at approximately $87,752,310.66. The disclosure for this sale can be found here. In the last quarter, insiders sold 300,450 shares of company stock valued at $61,721,553. Corporate insiders own 40.48% of the company’s stock.

Institutional Investors Weigh In On Atlassian

Several institutional investors have recently modified their holdings of the company. Vanguard Group Inc. raised its stake in Atlassian by 3.4% during the 4th quarter. Vanguard Group Inc. now owns 15,355,652 shares of the technology company’s stock worth $3,652,495,000 after acquiring an additional 504,181 shares in the last quarter. Price T Rowe Associates Inc. MD increased its stake in Atlassian by 3.3% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 10,237,507 shares of the technology company’s stock valued at $2,435,095,000 after purchasing an additional 326,673 shares during the period. WCM Investment Management LLC increased its stake in Atlassian by 2.7% in the fourth quarter. WCM Investment Management LLC now owns 9,640,536 shares of the technology company’s stock valued at $2,325,490,000 after purchasing an additional 249,017 shares during the period. Baillie Gifford & Co. increased its stake in Atlassian by 20.7% in the fourth quarter. Baillie Gifford & Co. now owns 8,807,619 shares of the technology company’s stock valued at $2,094,980,000 after purchasing an additional 1,511,318 shares during the period. Finally, Artisan Partners Limited Partnership increased its stake in Atlassian by 1.1% in the third quarter. Artisan Partners Limited Partnership now owns 6,048,160 shares of the technology company’s stock valued at $1,218,765,000 after purchasing an additional 63,903 shares during the period. 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.