Atlassian (NASDAQ:TEAM) Cut to Hold at Wall Street Zen

Wall Street Zen downgraded shares of Atlassian (NASDAQ:TEAM) from a buy rating to a hold rating in a report released on Thursday morning.

TEAM has been the subject of a number of other research reports. Robert W. Baird upgraded Atlassian from a “neutral” rating to an “outperform” rating and dropped their price objective for the company from $320.00 to $255.00 in a report on Monday, April 14th. William Blair reissued an “outperform” rating on shares of Atlassian in a research note on Friday, January 31st. Cantor Fitzgerald upgraded shares of Atlassian from a “neutral” rating to an “overweight” rating and cut their price target for the stock from $304.00 to $272.00 in a report on Wednesday, April 2nd. Morgan Stanley reduced their price target on shares of Atlassian from $370.00 to $320.00 and set an “overweight” rating on the stock in a research note on Wednesday, April 16th. Finally, Stephens lowered their price objective on shares of Atlassian from $255.00 to $221.00 and set an “equal weight” rating for the company in a research report on Friday, May 2nd. Five investment analysts have rated the stock with a hold rating, nineteen have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $285.29.

Atlassian Price Performance

Atlassian stock opened at $208.37 on Thursday. Atlassian has a 12-month low of $135.29 and a 12-month high of $326.00. The company has a current ratio of 1.24, a quick ratio of 1.24 and a debt-to-equity ratio of 0.81. The firm has a 50-day moving average price of $213.08 and a 200-day moving average price of $246.97. The firm has a market capitalization of $54.70 billion, a PE ratio of -155.50 and a beta of 1.06.

Atlassian (NASDAQ:TEAM) last announced its quarterly earnings data on Thursday, May 1st. The technology company reported $0.97 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.93 by $0.04. Atlassian had a negative net margin of 7.22% and a negative return on equity of 17.37%. The business had revenue of $1.36 billion during the quarter, compared to the consensus estimate of $1.35 billion. During the same quarter last year, the firm earned $0.89 earnings per share. The firm’s quarterly revenue was up 14.1% compared to the same quarter last year. As a group, equities research analysts forecast that Atlassian will post -0.34 EPS for the current year.

Insider Activity

In other news, CFO Joseph Leo Binz sold 3,027 shares of the firm’s stock in a transaction dated Wednesday, May 14th. The shares were sold at an average price of $225.51, for a total value of $682,618.77. Following the sale, the chief financial officer now directly owns 164,559 shares in the company, valued at approximately $37,109,700.09. This trade represents a 1.81% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Scott Farquhar sold 7,948 shares of Atlassian stock in a transaction that occurred on Monday, February 24th. The stock was sold at an average price of $283.26, for a total transaction of $2,251,350.48. Following the completion of the transaction, the director now directly owns 198,700 shares in the company, valued at approximately $56,283,762. The trade was a 3.85% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 287,055 shares of company stock worth $63,723,335. 38.55% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Atlassian

Several institutional investors have recently bought and sold shares of the company. Diker Management LLC acquired a new position in shares of Atlassian during the first quarter worth $849,000. Acadian Asset Management LLC increased its position in Atlassian by 68.9% during the 1st quarter. Acadian Asset Management LLC now owns 951,429 shares of the technology company’s stock valued at $201,875,000 after buying an additional 388,196 shares in the last quarter. Geneos Wealth Management Inc. raised its stake in Atlassian by 447.2% in the first quarter. Geneos Wealth Management Inc. now owns 197 shares of the technology company’s stock valued at $42,000 after buying an additional 161 shares during the last quarter. Belpointe Asset Management LLC raised its stake in Atlassian by 12.2% in the first quarter. Belpointe Asset Management LLC now owns 4,306 shares of the technology company’s stock valued at $914,000 after buying an additional 468 shares during the last quarter. Finally, Fortis Capital Advisors LLC boosted its holdings in Atlassian by 12.2% in the first quarter. Fortis Capital Advisors LLC now owns 4,306 shares of the technology company’s stock worth $914,000 after acquiring an additional 468 shares in the last quarter. 94.45% of the stock is currently owned by institutional investors and hedge funds.

Atlassian Company Profile

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.