Piper Sandler Cuts Atlassian (NASDAQ:TEAM) Price Target to $200.00

Atlassian (NASDAQ:TEAM) had its price target decreased by Piper Sandler from $225.00 to $200.00 in a research report report published on Friday, Benzinga reports. Piper Sandler currently has a neutral rating on the technology company’s stock.

Several other research firms have also commented on TEAM. Robert W. Baird decreased their price objective on shares of Atlassian from $270.00 to $230.00 and set an outperform rating on the stock in a research report on Friday. The Goldman Sachs Group increased their target price on Atlassian from $188.00 to $215.00 and gave the company a neutral rating in a report on Friday, February 2nd. Citigroup reduced their price objective on Atlassian from $280.00 to $265.00 and set a buy rating on the stock in a research report on Friday, April 12th. KeyCorp started coverage on shares of Atlassian in a report on Tuesday, March 19th. They issued a sector weight rating on the stock. Finally, Canaccord Genuity Group decreased their target price on shares of Atlassian from $260.00 to $230.00 and set a buy rating on the stock in a research report on Friday. Ten research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of Moderate Buy and an average target price of $223.22.

Atlassian Stock Down 1.3 %

Shares of NASDAQ TEAM opened at $177.07 on Friday. The company has a quick ratio of 1.07, a current ratio of 1.07 and a debt-to-equity ratio of 1.04. The firm has a 50-day moving average price of $199.36 and a 200 day moving average price of $206.52. Atlassian has a 52 week low of $128.02 and a 52 week high of $258.69. The stock has a market capitalization of $45.93 billion, a price-to-earnings ratio of -281.06 and a beta of 0.63.

Atlassian (NASDAQ:TEAM) last posted its quarterly earnings results on Thursday, April 25th. The technology company reported $0.89 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.62 by $0.27. Atlassian had a negative net margin of 3.90% and a negative return on equity of 15.54%. The company had revenue of $1.19 billion during the quarter, compared to the consensus estimate of $1.10 billion. During the same period last year, the firm earned ($0.40) EPS. The company’s revenue for the quarter was up 29.9% on a year-over-year basis. Equities research analysts anticipate that Atlassian will post -0.42 EPS for the current fiscal year.

Insider Buying and Selling

In other Atlassian news, CEO Michael Cannon-Brookes sold 8,241 shares of the stock in a transaction that occurred on Friday, April 26th. The stock was sold at an average price of $178.95, for a total transaction of $1,474,726.95. Following the transaction, the chief executive officer now owns 349,968 shares of the company’s stock, valued at approximately $62,626,773.60. The transaction was disclosed in a document filed with the SEC, which is available at this link. In other Atlassian news, CEO Michael Cannon-Brookes sold 8,241 shares of the stock in a transaction on Friday, April 26th. The shares were sold at an average price of $178.95, for a total transaction of $1,474,726.95. Following the sale, the chief executive officer now directly owns 349,968 shares of the company’s stock, valued at $62,626,773.60. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CAO Gene Liu sold 582 shares of Atlassian stock in a transaction dated Monday, March 11th. The shares were sold at an average price of $215.00, for a total transaction of $125,130.00. Following the completion of the transaction, the chief accounting officer now directly owns 45,865 shares of the company’s stock, valued at $9,860,975. The disclosure for this sale can be found here. Over the last three months, insiders sold 300,450 shares of company stock worth $61,106,939. Corporate insiders own 40.48% of the company’s stock.

Institutional Trading of Atlassian

Several hedge funds have recently made changes to their positions in the stock. OFI Invest Asset Management acquired a new stake in Atlassian in the third quarter worth $26,000. Carmel Capital Partners LLC lifted its position in Atlassian by 28.5% in the 3rd quarter. Carmel Capital Partners LLC now owns 257 shares of the technology company’s stock valued at $52,000 after purchasing an additional 57 shares during the last quarter. Livforsakringsbolaget Skandia Omsesidigt boosted its stake in Atlassian by 271.0% during the 4th quarter. Livforsakringsbolaget Skandia Omsesidigt now owns 371 shares of the technology company’s stock valued at $88,000 after purchasing an additional 271 shares during the period. EverSource Wealth Advisors LLC grew its position in Atlassian by 255.3% in the 4th quarter. EverSource Wealth Advisors LLC now owns 405 shares of the technology company’s stock worth $96,000 after purchasing an additional 291 shares during the last quarter. Finally, GAMMA Investing LLC acquired a new stake in shares of Atlassian in the fourth quarter valued at approximately $107,000. 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.