Atlassian (NASDAQ:TEAM) Price Target Cut to $225.00

Atlassian (NASDAQ:TEAM) had its price objective lowered by Mizuho from $240.00 to $225.00 in a research report report published on Friday morning, Benzinga reports. The brokerage currently has a buy rating on the technology company’s stock.

A number of other research analysts have also weighed in on TEAM. KeyCorp began coverage on shares of Atlassian in a research note on Tuesday, March 19th. They issued a sector weight rating on the stock. StockNews.com downgraded Atlassian from a buy rating to a hold rating in a research report on Tuesday, March 19th. Wells Fargo & Company upped their target price on Atlassian from $275.00 to $285.00 and gave the company an overweight rating in a report on Wednesday, January 24th. William Blair reiterated an outperform rating on shares of Atlassian in a report on Friday, February 2nd. Finally, UBS Group cut their price objective on shares of Atlassian from $260.00 to $250.00 and set a neutral rating for the company in a research report on Friday, February 2nd. Eleven research analysts have rated the stock with a hold rating and ten have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of Hold and an average target price of $223.22.

Atlassian Stock Down 9.6 %

Shares of TEAM opened at $179.45 on Friday. The stock has a 50 day moving average price of $199.98 and a 200 day moving average price of $206.53. Atlassian has a one year low of $128.02 and a one year high of $258.69. 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 (NASDAQ:TEAM) last released its earnings results on Thursday, February 1st. The technology company reported ($0.30) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.06) by ($0.24). The business had revenue of $1.06 billion for the quarter, compared to analysts’ expectations of $1.02 billion. Atlassian had a negative return on equity of 15.54% and a negative net margin of 3.90%. As a group, analysts forecast that Atlassian will post -0.4 EPS for the current fiscal year.

Insider Transactions at Atlassian

In related news, CEO Scott Farquhar sold 8,241 shares of Atlassian stock in a transaction on Wednesday, January 31st. The stock was sold at an average price of $251.76, for a total value of $2,074,754.16. Following the completion of the transaction, the chief executive officer now directly owns 329,640 shares in the company, valued at $82,990,166.40. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. In related news, CEO Scott Farquhar sold 8,241 shares of the company’s stock in a transaction that occurred on Wednesday, January 31st. The shares were sold at an average price of $251.76, for a total transaction of $2,074,754.16. Following the sale, the chief executive officer now directly owns 329,640 shares in the company, valued at $82,990,166.40. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, President Anutthara Bharadwaj sold 4,139 shares of Atlassian stock in a transaction that occurred on Wednesday, February 14th. The stock was sold at an average price of $212.87, for a total transaction of $881,068.93. Following the completion of the transaction, the president now owns 167,535 shares of the company’s stock, valued at approximately $35,663,175.45. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 300,450 shares of company stock valued at $61,721,553. 40.48% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Atlassian

Several large investors have recently bought and sold shares of the business. BLB&B Advisors LLC purchased a new position in shares of Atlassian in the 1st quarter valued at about $344,000. UMB Bank n.a. boosted its holdings in Atlassian by 6.8% in the first quarter. UMB Bank n.a. now owns 1,112 shares of the technology company’s stock valued at $217,000 after purchasing an additional 71 shares in the last quarter. Yousif Capital Management LLC increased its stake in Atlassian by 11.3% in the first quarter. Yousif Capital Management LLC now owns 1,737 shares of the technology company’s stock valued at $339,000 after purchasing an additional 176 shares during the last quarter. Mesirow Financial Investment Management Inc. purchased a new position in Atlassian in the first quarter valued at approximately $353,000. Finally, Verdence Capital Advisors LLC raised its holdings in Atlassian by 14.0% during the first quarter. Verdence Capital Advisors LLC now owns 1,403 shares of the technology company’s stock worth $274,000 after purchasing an additional 172 shares in the last quarter. Hedge funds and other institutional investors own 93.03% of the company’s stock.

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.