Atlassian (NASDAQ:TEAM) Rating Lowered to “Hold” at Zacks Research

Atlassian (NASDAQ:TEAM) was downgraded by investment analysts at Zacks Research from a “strong-buy” rating to a “hold” rating in a research note issued on Monday,Zacks.com reports.

TEAM has been the subject of a number of other research reports. Sanford C. Bernstein restated an “outperform” rating on shares of Atlassian in a report on Monday. Cantor Fitzgerald increased their target price on shares of Atlassian from $98.00 to $107.00 and gave the stock an “overweight” rating in a report on Friday, May 1st. KeyCorp decreased their price target on shares of Atlassian from $170.00 to $130.00 and set an “overweight” rating for the company in a research report on Wednesday, April 1st. Barclays boosted their price target on shares of Atlassian from $106.00 to $112.00 and gave the stock an “overweight” rating in a research note on Thursday, May 7th. Finally, Wolfe Research reaffirmed an “outperform” rating and set a $100.00 price objective on shares of Atlassian in a research report on Thursday, March 12th. Twenty-one research analysts have rated the stock with a Buy rating, six have assigned a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $145.26.

Atlassian Price Performance

TEAM opened at $77.79 on Monday. The stock’s 50-day moving average price is $85.67 and its 200 day moving average price is $98.12. Atlassian has a 12-month low of $56.01 and a 12-month high of $222.59. The firm has a market cap of $19.74 billion, a price-to-earnings ratio of -93.72, a PEG ratio of 4.49 and a beta of 1.07. The company has a current ratio of 0.70, a quick ratio of 0.70 and a debt-to-equity ratio of 1.13.

Atlassian (NASDAQ:TEAM) last released its earnings results on Thursday, April 30th. The technology company reported $1.75 earnings per share for the quarter, beating the consensus estimate of $1.33 by $0.42. The company had revenue of $1.79 billion during the quarter, compared to the consensus estimate of $1.70 billion. Atlassian had a positive return on equity of 6.22% and a negative net margin of 3.50%.Atlassian’s revenue was up 31.7% compared to the same quarter last year. During the same period in the previous year, the company posted $0.97 EPS. As a group, sell-side analysts expect that Atlassian will post 0.81 earnings per share for the current year.

Insider Activity at Atlassian

In other news, CFO James Chuong sold 8,838 shares of Atlassian stock in a transaction on Tuesday, May 19th. The shares were sold at an average price of $87.75, for a total transaction of $775,534.50. Following the completion of the sale, the chief financial officer directly owned 288,272 shares of the company’s stock, valued at approximately $25,295,868. The trade was a 2.97% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CRO Brian Duffy sold 3,000 shares of Atlassian stock in a transaction on Friday, June 12th. The stock was sold at an average price of $89.71, for a total transaction of $269,130.00. Following the sale, the executive directly owned 227,691 shares of the company’s stock, valued at approximately $20,426,159.61. This trade represents a 1.30% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 20,041 shares of company stock valued at $1,801,069 in the last quarter. 36.66% of the stock is currently owned by company insiders.

Institutional Trading of Atlassian

A number of hedge funds and other institutional investors have recently bought and sold shares of TEAM. MV Capital Management Inc. purchased a new position in shares of Atlassian in the 4th quarter valued at about $25,000. Geneos Wealth Management Inc. lifted its stake in Atlassian by 447.2% during the first quarter. Geneos Wealth Management Inc. now owns 197 shares of the technology company’s stock worth $42,000 after purchasing an additional 161 shares during the last quarter. Board of the Pension Protection Fund purchased a new stake in Atlassian during the fourth quarter worth approximately $32,000. Basepoint Wealth LLC acquired a new position in Atlassian in the fourth quarter valued at approximately $32,000. Finally, Garton & Associates Financial Advisors LLC acquired a new position in Atlassian in the fourth quarter valued at approximately $32,000. 94.45% of the stock is currently owned by institutional investors and hedge funds.

Atlassian Company Profile

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.