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

Atlassian (NASDAQ:TEAM) had its target price decreased by Truist Financial from $220.00 to $200.00 in a research note published on Friday morning, Benzinga reports. Truist Financial currently has a hold rating on the technology company’s stock.

A number of other brokerages have also recently commented on TEAM. UBS Group lowered their target price on Atlassian from $260.00 to $250.00 and set a neutral rating for the company in a report on Friday, February 2nd. KeyCorp assumed coverage on Atlassian in a report on Tuesday, March 19th. They set a sector weight rating for the company. William Blair restated an outperform rating on shares of Atlassian in a report on Friday, February 2nd. StockNews.com cut Atlassian from a buy rating to a hold rating in a report on Tuesday, March 19th. Finally, Piper Sandler decreased their price objective on Atlassian from $225.00 to $200.00 and set a neutral rating for the company in a research note on Friday. Eleven 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 company presently has an average rating of Hold and an average target price of $223.22.

Atlassian Stock Down 9.6 %

Shares of NASDAQ:TEAM opened at $179.45 on Friday. The business has a 50-day moving average price of $199.98 and a 200 day moving average price of $206.53. The company has a debt-to-equity ratio of 1.04, a current ratio of 1.07 and a quick ratio of 1.07. Atlassian has a 12-month low of $128.02 and a 12-month high of $258.69.

Atlassian (NASDAQ:TEAM) last issued its quarterly earnings data 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). Atlassian had a negative return on equity of 15.54% and a negative net margin of 3.90%. The business had revenue of $1.06 billion for the quarter, compared to analyst estimates of $1.02 billion. As a group, analysts expect that Atlassian will post -0.4 EPS for the current year.

Insider Buying and Selling

In related news, CEO Scott Farquhar sold 8,241 shares of the business’s stock in a transaction that occurred on Wednesday, April 24th. The stock was sold at an average price of $199.71, for a total transaction of $1,645,810.11. Following the completion of the sale, the chief executive officer now owns 366,450 shares in the company, valued at $73,183,729.50. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. In other Atlassian news, CEO Scott Farquhar sold 8,241 shares of Atlassian stock in a transaction that occurred on Wednesday, April 24th. The stock was sold at an average price of $199.71, for a total transaction of $1,645,810.11. Following the transaction, the chief executive officer now owns 366,450 shares of the company’s stock, valued at $73,183,729.50. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, CAO Gene Liu sold 227 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 value of $48,321.49. Following the transaction, the chief accounting officer now directly owns 47,066 shares in the company, valued at approximately $10,018,939.42. The disclosure for this sale can be found here. Insiders sold a total of 300,450 shares of company stock worth $61,721,553 over the last 90 days. 40.48% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in the company. Vanguard Group Inc. increased its holdings in shares of Atlassian by 3.4% in the fourth quarter. Vanguard Group Inc. now owns 15,355,652 shares of the technology company’s stock valued at $3,652,495,000 after purchasing an additional 504,181 shares during the period. Price T Rowe Associates Inc. MD increased its holdings in shares of 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 holdings in shares of 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 holdings in shares of 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 holdings in shares of 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. Institutional investors and hedge funds own 93.03% of the company’s stock.

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.